The Osun State Governor, Ademola Adeleke, through the ‘Imole Osun Cash Grant Scheme’, has disbursed the sum of N588,105,000.00 to  19,720 residents of Osun State.

The Governor was represented by the Osun State Head of Service, Mr. Ayanleye Aina, in the unveiling ceremony of the grant scheme. At the flag-off of the ‘grant scheme’ in Osogbo, the Governor, through the Head of Service, Mr Ayanleye Aina, said the scheme conforms with his administration’s efforts to abate the effects of hardship on the people. He also said that an additional 60,000 residents in the identified poor segment of the Osun population, would receive ‘Automated Teller Machine’ (ATM) cards from their different bank accounts to facilitate their access to the grants.

He went further to say that the beneficiaries were drawn from the ‘State Social Register for Poor and Vulnerable Households in the State Operation Coordinating Unit, National Social Safety Net Project in the Ministry of Economic Planning, Budget and Development’.

On the grant scheme, a statement issued by the Spokesperson to the Governor, Olawale Rasheed, quoting the Governor, further read in parts, “During our electioneering campaign, we promised that we shall not abandon Osun residents, at any time.”

“We assure that we shall institutionalize an all-inclusive and well-coordinated ‘Social Protection Policy’ to provide a life support system for the poor and vulnerable. This support system shall aim to reduce the income gap between the ‘haves’ and the ‘have-nots’ in our dear state.”

“In pursuance of the promise we made to Osun people, the State Government of Osun, under my watch, in collaboration with the Federal Government of Nigeria, through the State Operation Coordinating Unit, National Social Safety Net Project, supervised by the Ministry of Economic Planning, Budget and Development, has correspondingly launched this disbursement to the indigent people of Osun State.”
“Each beneficiary would be supported with the sum of between N25,000:00 and N30,000:00. Among the 19,720 beneficiaries, 10,390 of them with existing bank accounts, have got access to withdraw and utilize their money.”

“Also, I have approved that the remaining 9,330 beneficiaries should be given debit cards, as they are poor people without account numbers, and with this distribution, it becomes an achievement that is in alignment with the financial inclusion policy of the Federal Government.”

The Minister of Power, Bayo Adelabu, has said Nigeria cannot continue to subsidise electricity, adding that the nation must begin to move towards a cost-effective tariff model.

The minister said this in a briefing in Abuja on Wednesday, where he stated that only N450 billion was budgeted for subsidy this year, but the ministry needs over N2 trillion for subsidy.

Adelabu also said, in the briefing, that the problem of lack of electricity in Nigeria had been worsened by the debts owed the Generation Companies (Gencos).

He described the issues as multiple technical operational problems across all segments in the value chain, but made complicated by lack of sustaining liquidity and infrastructure funding, as well as structural misalignment.

“The simple technical operational issues are: shortage of gas supplies and aging dilapidated generation machineries causing below optimal capacity utilisation,” he said.

He also listed inadequate power evacuation capacity at Genco locations, coupled with unstable and fragile transmission lines, devoid of automated frequency controls, lacking in fail-over or back-up capacity with frequent human disturbances through vandalism and theft.

Others, he said, are: Aging weak distribution infrastructures (lines and transformers) coupled with huge meter gaps causing unbearably large technical and collection losses.

“These are issues that look so simple on the surface and should ordinarily require little efforts to fix over time. However, it’s been quite difficult to get these problems fixed over the years due to the complications wrapping the entire value chain end to end.

“The major complications are: The persistent liquidity issues coming from inappropriate tariff regime, poor collections and inadequate funding of government subsidies leading to huge debts owed to the transmission, generation and gas supply companies.

“This has restricted investments required for sustaining supply flow, capacity expansion and infrastructural improvements. It has also not only discouraged lending to the sector by financial institutions as the sectoral activities are not bankable, but has also made the sector unattractive to new investors,” he said.

The second complication, he maintained, is the value chain structural issues bordering on operations and control of generation, transmission and distribution segments.

According to him, there has been an inability of the Nigerian electricity supply industry to adhere to market rules and to enforce market discipline. This, he said, has led to each segment in the value chain operating on a best endeavour principle.

Adelabu said the third complication is the lack of clear and unambiguous definition of the concept of electricity as a nation.

On the roadmap for stabilising the sector in preparation for turnaround, he said there was a need for settlement of existing sectoral outstanding debt obligations to the gas supply and power generation companies, using partly cash payment and guaranteed debt instruments.

“Settlement of existing sectoral outstanding debt obligations to the gas supply and power generation companies using partly cash payment and guaranteed debt instruments. N1.3 trillion is current debts to the Gencos and $1.3 billion legacy debts to the Gencos,” he added.

On ongoing activities in the ministry and its agencies to improve power supply, he said they include augmentation of the hydro plants and thermal plants.

The recent completion of the 700MW Zungeru Hydro Electricity Power Plant in Niger State.

He also highlighted the financing of the required infrastructure to enable complete evacuation of the 40MW Kashimbila Hydro Power Plant in Taraba state using the Promissory Note facility at the Debt Management office (DMO).

In addition, he mentioned the resuscitation of abandoned 26 small and medium size Hydro plants across the country with solar hybridisation, negotiations to settle the huge outstanding debts obligations to the Gencos using cash injection and guaranteed debt instruments.

Speaking on frequent grid collapses, he said this was caused by shortage of gas, ageing machines in the grid value chain, low capacity to evacuate generated power, and destruction of power stations in some parts of the North-East geopolitical zone of the country.

He said the Transmission Company of Nigeria has over 100 abandoned projects due to variations on contract figures as a result of the fluctuations of the FX, hence the company will not award any new contracts till all such projects are completed.

The minister also said over N50 billion had been earmarked in the 2024 budget to build mini grids to supply power to remote areas, adding that electricity Distribution Companies (DisCos) should sit, and anyone found wanting will have their licences withdrawn.

The minister also said he has reached out to the National Security Adviser (NSA), Nuhu Ribadu, to help provide security for power infrastructure.

Recently, power supply has been fluctuating, sometimes to as low as 2,000mw, as the roughly 24 thermal power plants continue to shut down due to inadequate gas supply.

Typically, operators sell gas in dollars to power plants since most segments of their investments are priced in the US dollar, but Gencos have recently found it difficult to pay since they get their own payments in naira which had been badly devalued in recent months.

Upon that, they have complained of underpayments recently, with their association saying last year that the federal government owed them over N1 trillion.

Although Nigeria has a huge proven gas reserves of 206 trillion cubic feet, it has not been able to take advantage of it due to very low investment in the sector, due in part to the price regulation of $2.18 per million British Thermal Units (MMBtu) for gas-to-power charges.

President Bola Ahmed Tinubu has revealed two major things his administration will do for every Nigerian in 2024 and beyond.

Speaking during his New Year broadcast to Nigerians on Monday, Tinubu said his administration will work to give every Nigerian ‘equal opportunity to strive and to thrive’ in 2024.

He promised that his administration will make sure that any Nigerian that works hard and diligent enough will have a chance to get ahead in life.

Tinubu said, “Fellow Nigerians, my major ambition in government as a Senator in the aborted Third Republic, as Governor of Lagos State for eight years and now as the President of this blessed country is to build a fair and equitable society and close the widening inequality.

“I must add that because God did not create us with equal talents and strengths, I cannot guarantee that we will have equal outcomes when we work hard.

“But my government, in this new year 2024 and beyond, will work to give every Nigerian equal opportunity to strive and to thrive.”