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    Security features of the new naira notes revealed by the CBN

    JUST IN: CBN orders banks to begin payment of new notes over the counter

    Atiku heads to Europe on ‘business trip’

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    • Nigeria
    • Africa
    • World
  • Economy
    • All
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    • Economic Data
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    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    FG explains why Nigeria’s total debt will rise to N77 trillion by the end of May 2023

    U.S unemployment fell to a five-decade low

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    Update: Central Bank of Nigeria instructs banks to close accounts related to Crypto

    JUST IN: CBN limits weekly cash withdrawal to N100k

    Law to legalize crypto as a payment method passed in Brazil

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    Non-oil sector contributes 93.67% to Nigeria’s GDP in Q2 2022

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    Buhari to unveil new naira notes Wednesday — no longer Dec 15

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    • Economic Data
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    Nigeria’s GDP grows 5.01% YoY in real terms in Q2 2021

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    The Local bourse Closed The Week Bearish… As the NGX-ASI fell by 0.18%.

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Reps query $33mn monthly payment for Electricity

Saturday, 20 August 2022, 5:11 am
in News, Nigeria
1
BREAKING: Darkness as unions shut down TCN stations across Lagos
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The House of Representatives Committee on Finance on Friday queried a contract between the Federal Government and an investor, leading to a monthly payment of $33 million to the Azura power station located in Edo State, whether power is evacuated or not.

The lawmakers were concerned that the details of the agreement are shady and questioned why the Nigerian Bulk Electricity Trading Company (NBET) would sign such an agreement without the approval of the Federal Executive Council.

The agreement became effective in 2018 and would last for 20 years.

NBET is responsible for purchasing electricity from power generating companies and resell it to distribution companies.

The committee was shocked by the agreement which requires such huge amount of money to be paid whether the power is evacuated or not.

The House also frowned at the claims by the Managing Director of the agency, Nnemeka Eweluka that the agency does not require the approval of the Federal Executive Council before signing the power purchase agreement with Azura.

The committee queried how the agency is “committing Nigeria to pay $33 million a month without evacuating the power.

The committee also accused the MD of expunging portions of the agreement that required the opinion of the Minister of Justice before any agreement is signed because the Attorney General had said that the agreement is not in the interest of Nigeria.

When asked if Nigeria can exit such an agreement, Eweluka responded, “when you’re asking an investor to build, to invest $1 million in your country, why would you exit?” Then he added ” there are grounds for termination, there are grounds for termination of an agreement.”

The lawmakers requested for the records of all power evacuated from the Azura Power Station since 2018, when the agreement became effective.

Ifunanya Ikueze
Ifunanya Ikueze

Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.

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  1. Nemelum says:
    6 months ago

    We are dead in this country

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