01 Apr

Daily Watch – Power hits zero, NNPC angles for new plants within refineries

  • Nigeria’s power generation collapsed completely on Thursday at exactly 12.58pm to zero megawatt and this persisted for about three hours. Data from the country’s System Operator showed that around 1pm on Thursday, no power generation company in Nigeria produced a single megawatt of electricity. As a result of the complete collapse, no electricity distribution company received load allocation beginning from when the collapse was recorded up till around 3pm. The supply of electricity was restored around 3pm.
  • The NNPC has announced that it has opened bids for the co-location of new plants within its existing refineries. COO, Refineries, NNPC, Anibo Kragha, said the bidding was a demonstration of the determination of the government and the NNPC to increase the nation’s crude oil refining capacity from 445,000 barrels per day to 650,000bpd. According to him, a technical evaluation committee has been set up to study the bids and will announce the winners as soon as possible. GM, Supply Chain Management, NNPC, Sophia Mbakwe, said that all the rules of public procurement as spelt out in the Bureau for Public Procurement Act would be strictly adhered to. The process was witnessed by representatives of the Nigerian Extractive Industry Transparency Initiative and the Bureau for Public Procurement.
  • Nigeria is planning to borrow $1.1 billion (N218.89 billion) through short-dated Treasury bills on April 7. The CBN said it would sell N55.40 billion of three-month paper, N33.49 billion of six-month bill, and N130 billion of one-year debt, using the Dutch auction system. According to the CBN’s issuing calendar for treasury bills, the same amount of bills on offer will also be due for repayment the day of the auction. The FG, through the CBN, issues treasury bills as part of a borrowing plan to finance part of the government budget deficit, help manage liquidity in the banking system, and curb inflationary growth.