FG subsidising electricity cost with trillions, INEC sets date for Ekiti guber election | 5 Things That Should Matter Today

Appeal Court dismisses Jegede’s petition against Akeredolu

The Court of Appeal in Akure has dismissed the petition filed by Eyitayo Jegede, candidate of the People’s Democratic Party (PDP) in the October 2020 Ondo Governorship election, against the election of Governor Rotimi Akeredolu of the ruling All Progressive Congress (APC).

Reading the lead judgment, Justice Theresa Ngolika Orji-Abadua, who led the five-man panel while delivering the judgement via Zoom said the case filed by Jegede lacks merit.

The five-man panel upheld the judgement of the tribunal which validated the reelection of Governor Akeredolu.

While reacting to the judgement, Akeredolu said the judgement is yet another opportunity for Jegede, to join him in the greater task of taking the state to loftier and higher heights. – Nigerian Tribune reports

FG borrowed N1.3tn in four years to subsidise power – World Bank

The Federal Government has borrowed a total of N1.3tn since 2017 to ensure that generation companies and gas suppliers received enough payments to continue generating electricity, the World Bank has said, in its ‘Resilience through Reforms’ report.

According to the report, the power sector in Nigeria will cost the Federal Government an additional N3.08tn through 2023, if current performance levels and low tariffs persist.

The report said, “To ensure that GENCOs and gas suppliers receive enough payments to continue generating electricity, since 2017 the FGN has borrowed a total of N1.3tn ($4.2bn).

“In 2019, total FGN support reached N524bn ($1.7bn), 0.4 per cent of GDP – higher than the N428bn budget for health and just 20 per cent less than the N650bn budgeted for education.”

It added that the Transmission Company of Nigeria was still strictly government-owned. – Punch reports

Atuche, former Bank PHB MD, gets six years imprisonment over N25.7bn fraud

The former Managing Director of Bank PHB, Francis Atuche, standing trial for allegedly stealing the sum of N25.7 billion belonging to the bank, was on Wednesday, June 16, found guilty of theft and sentenced to six years imprisonment.

His former Chief Financial Officer, Ugo Anyanwu, standing trial alongside him, was also sentenced to four years imprisonment by Justice Lateefat Okunnu of the Lagos State High Court in Ikeja.

Atuche’s wife, Elizabeth, also standing trial with him, was however discharged as the prosecution failed to prove any case against her. – Nigerian Tribune reports

Presidency accuses PDP governors of seeking more cash to blow

The Presidency has accused the governors belonging to the Peoples Democratic Party (PDP) governors of seeking more money “for their own profligate political ends.”

It accused them of asking the Nigerian National Petroleum Corporation (NNPC) to “break the bank” to enable them make more cash available.

“Similar profligacy and contradiction are in full view with their call to the Central Bank to appreciate the value of the Naira. This would damage exports – including oil revenues on which NNPC depends – as well as damage small businesses and employment,” Presidential media aide, Garba Shehu said.

These are the highlights of the Presidency’s reaction to the alarm raised by PDP governors in a communique after their forum meeting held in Uyo, the Akwa Ibom State capital, on Monday. – The Nation reports

INEC picks date for Ekiti governorship election

The Independent National Electoral Commission (INEC) on Wednesday, June 16th, released the timetable for the 2022 Ekiti governorship election.

According to the timetable, the Ekiti Governorship election will be held on June 18, 2022. – Punch reports

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