The PUNCH: As part of the measures to tackle incessant power outages in the country, President Bola Tinubu has approved the gradual payments of power sector debts estimated at over N3.3tn. Consequently, about N1.3tn owed power generating companies by the Federal Government will be paid via cash injections and promissory notes, while about $1.3bn (N1.994tn using the current official closing rate) owed to gas companies will be paid via cash and future royalties.
Vanguard: The Federal Government yesterday admitted that most of the electricity Distribution Companies, DisCos, in Nigeria are technically insolvent and unable to pay for invoices sent to them from the electricity market and invest in network expansion projects.
ThisDay: Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, yesterday, clarified that the federal government had no intention of illegally tapping into the N20 trillion pension funds for infrastructure development.
The Nation: There is a firm safeguard for pension funds which makes it impossible for anybody to tamper with them, the Federal Government has assured Nigerians. “There are rules and well laid out limitations about what pension fund assets can be invested in and what it cannot be invested in,” Finance and Coordinating Minister of the Economy Mr Wale Edun said.
Daily Trust: Food production in Nigeria is declining because many commercial farms are now moribund due to security challenges in many parts of the country, Daily Trust findings have revealed. Some of the farms are visible along major highways across the country, such as the Abuja-Kaduna expressway, Abuja-Keffi-Jos expressway, Abuja-Lokoja highway, Zaria–Funtua-Gusau road, and a host of others.
