OVER 25 MILLION PHONES STOLEN IN ONE YEAR- FG. (PHOTO).

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 Over 25 million phones stolen in one year – FG The Crime Experience and Security Perception Survey report of the National Bureau of Statistics, a Federal Government agency, shows that Nigeria recorded 25.35 million phone theft cases between May 2023 and April 2024. According to the report, this was the most common type of crime within the period under review. The report read, “The number of crimes experienced by individuals in Nigeria was analysed over a period of time. The results show that theft of phones (25,354,417) was the most common crime experienced by individuals, followed by consumer fraud (12,107,210) and assault (8,453,258). However, hijacking of cars (333,349) was the least crime experienced by individuals within the reference period.” It also noted that most phone theft cases occurred either at home or in a public place, and about 90 per cent of such cases were reported to the police. Despite the high rate of the incident being reported, only about 11.7 per cent of t...
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FG SECURES $500M WORLD BANK LOAN TO FUND DISCOS. (PHOTO).

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 FG secures $500m World Bank loan to fund Discos

 

The federal government has secured a $500  million loan from the World Bank to fund electricity Distribution Companies (DisCos).


According to the Bureau of Public Enterprises,  in a statement in Abuja, yesterday, the loan would fill financing gaps in the distribution segment, considered as the  most problematic in the industry.


“This funding supports the Nigerian Distribution Sector  Recovery Program (DISREP) aimed at improving the financial and technical performance of the DisCos.


“The DISREP is designed to enhance the financial and technical operations of the DisCos through capital investment and  the financing of key components of their Performance Improvement Plans (PIPs), which have been approved by the Nigerian Electricity Regulatory Commission (NERC),” the Bureau said in the statement signed by Amina Othman, Head, Public Communications.  


It added that the $500 million DISREP loan  offered  concessional financing with more favorable terms than commercial bank loans.  


It is expected that DisCos would invest the funds “in critical distribution infrastructure; Improve ATC&C losses; increase power supply reliability; achieve financial sustainability in the power sector; and enhance transparency and accountability. Significant progress has been made in the preparation of the DISREP Programme”, BPE explained.


According to the privatisation agency, key areas of improvement include: bulk procurement of customer/retail meters and meter data management systems; implementation of a Data Aggregation Platform (DAP); strengthening governance and transparency within the DisCos; and programme components.


The DISREP loan, particularly the Investment Project Financing (IPF) component is expected to significantly benefit the Nigerian Electricity Supply Industry (NESI)  by closing the metering gap, reduce Aggregate Technical, Collection, and Commercial (ATC&C)  losses; improve remittances and liquidity for the DisCos; enhance the reliability of power supply; as well as increase transparency and accountability within the DisCos.

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