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Coronation Research Daily Insights
(Source: Coronation Research, Date: 22-May-2024)

WEDNESDAY, 22 MAY 2024

Interest Rate | Rural Electrification | Diesel Price | Power | Telecommunication



Good Morning,

Here are your top 5 news items for the day.

Interest Rate


CBN Raises Interest Rate to 26.25% "" The Sun

In an effort to combat persistent inflation and stabilize the Nigerian economy, the Central Bank of Nigeria (CBN) has increased the Monetary Policy Rate (MPR) to 26.25% from 24.75% This decision was announced by CBN Governor, Olayemi Cardoso, at a press briefing held in Abuja on Tuesday following the 295th Monetary Policy Committee (MPC) meeting. Cardoso said, ...The committee's decisions are as follows: to raise the MPR by 150 basis points to 26.25 per cent from 24.75 per cent. (2) Retain Asymmetric Corridor around the MPR to +100 to -300 points. Read more here
 

Rural Electrification


Tinubu okays $750m for rural electrification "" Punch

The Federal Government has approved a $750m World Bank funding for the construction of 1,200 mini-grids in rural communities across Nigeria. The Managing Director/Chief Executive Officer of the Rural Electrification Agency, Abba Aliyu, disclosed this Tuesday while addressing newsmen at the Alliance for Rural Electrification Energy Access Forum held in Lagos. According to Aliyu, President Bola Tinubu approved the fund for the Distributed Access through Renewable Energy Scale-up project, which aimed at providing energy access to Nigerians in rural communities. Read more here

Diesel Price


Naira slide pushes Dangote diesel to N1,100/litre "" Punch

The price of Automotive Gas Oil, popularly called diesel, produced by the Dangote Petroleum Refinery has increased from N940/litre to N1,100/litre due to the crash of the naira against the United States dollar, it was gathered on Tuesday. Recall that on April 24, 2024, The PUNCH reported that the Dangote refinery announced a further reduction in the prices of diesel and aviation fuel to N940/litre and N980/litre respectively. Earlier, precisely on April 17, The PUNCH reported that the Dangote refinery listened to the calls of oil marketers regarding a reduction in the price of diesel.. Read more here
 

Power


Discos Generated N294bn As FG Paid N253.7bn Subsidy In Q4 2023 "" Daily Trust

The 11 electricity distribution companies (DisCos) collected the sum of N294.95bn revenue out of the N399.69bn billed to their customers in the fourth quarter of 2023, a report by the Nigerian Electricity Regulatory Commission (NERC) has shown. The report stated that the revenue collected by the DisCos translated to a collection efficiency of 73.79 per cent. It indicated that when compared to the total revenue collected by all DisCos in the previous quarter, N267.61bn out of the N349.55bn billed to customers, it was a 2.77 per cent reduction of 76.56 percent collection efficiency. Read  more here


Telecommunication


NCC to Review Three Regulatory Instruments "" This Day

The Nigerian Communication Commission (NCC) has decided to review three regulatory instruments which include the telecoms networks interconnection regulations; guidelines on procedures for granting approvals to disconnect telecoms operators and guidelines for disputes resolution. NCC's Executive Vice Chairman, Dr. Aminu Maida, who disclosed this at the opening of a public inquiry on three subsidiary regulations of the Commission, yesterday, in Abuja, said the review was critical to the growth of the telecoms industry. He pointed out that the review was in a bid.. Read more here.

 

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