25th October, 2021

FG, Lagos partner to boost housing sector: The Federal Government and the Lagos State Government have collaborated on how to revitalise the national economy through accelerated and inclusive housing development.
Complete 700MW Zuguru plant by December, FG orders contractors: The Federal Government has directed the contractors handling the 700-megawatt Zungeru hydroelectric power project to ensure the completion of the facility before December 28, 2021.
Grid Challenges Limits Usage Of 13,000MW Electricity — Minister: The Minister of Power, Engr. Abubakar D. Aliyu has said the challenges in distribution and the transmission value chain have led to the underutilisation of the 13,000 megawatts (MW) of electricity generation capacity.
Power Stakeholders Seek Increased Funding for Renewable Energy Devt: Worried over the neglect of renewable energy, stakeholders in the power sector have called on economic managers to prioritise investment into the nation’s renewable energy space.
2022 budget: Zungeru hydro-power plant gets N44bn, Mambilla N250m: Federal Government has allocated the sum of N43. 065 billion for the Zungeru Hydro Power Plant in the 2022 Appropriation Bill, currently before the National Assembly.
Fairmoney Receives Investment Grade Rating from GCR: MyCredit Investments Limited also known as FairMoney Nigeria has been assigned an investment grade issuer rating (BBB/A3/Stable) from Global Credit Ratings (GCR).
GCR revises Leadway Assurance Company Limited’s financial strength rating to AA(NG) on criteria change; Outlook Stable: GCR Ratings (“GCR”) has revised Leadway Assurance Company Limited’s national scale financial strength rating (formerly claims paying ability) to AA(NG) from AA-(NG)..
GCR extends ‘Review Extension’ on Geregu Power Plc’s national scale Issuer ratings: GCR Ratings (“GCR”) has extended the ‘Review Extension’ on Geregu Power Plc’s national scale long-term and short-term Issuer ratings of A(NG) and A1(NG) respectively.
Pension funds invested in banks rise to N2.05tn – PenCom: The total amount of pension funds invested in banks by Pension Fund Administrators rose to N2.05tn at the end of July from N1.48tn in January. The National Pension Commission disclosed this in its report, titled ‘Unaudited report on pension funds industry portfolio for the period ended 31 July 2021’.
FG scraps DPR, PPPRA, PEF, sacks CEOs, inaugurates new agencies: The Department of Petroleum Resources, the Petroleum Products Pricing Regulatory Agency and the Petroleum Equalisation Fund are all officially scrapped and do not exist anymore, the Federal Government said on Monday.
Nigeria spends $3 bn servicing commercial loans in four years: Nigeria spent $3 bn in four years on servicing commercial loans, including Eurobonds and Diaspora bonds, according to an analysis of data on actual external debt service payments from the Debt Management Office.
Gencos lose N1.66 trillion over non-payment for unused power: Power generation companies in Nigeria have said they suffered a loss of N1.66 trillion in seven years as a result of non-payment for deemed capacity.