Following the perennial power outages currently being experienced across the country; findings have shown that 20 gas power plants are currently under-performing, leading to power generation dropping below 2,000MW. Nigeria has 23 power generating plants with 11,165MW capacity connected to the national grid. These plants are managed by generation companies (GenCos), independent power providers, and Niger Delta Holding Company. Out of the 23, two are hydro plants. Independent investigations by The PUNCH showed that the gas plants are currently either generating below expectations, shut down due to lack of gas, or undergoing maintenance. Investigations further showed that the affected plants…

Nigeria has shelved plans to raise about $950 million selling overseas bonds, owing to unfavorable market conditions during the time-frame approved for the fund raising, Finance Minister Zainab Ahmed said. Ahmed said in April that the government planned to sell as early as May its second external debt this year to help plug fiscal deficits. The planned $950 million bond sale would account for the balance of $6.1 billion overseas borrowing planned for 2021, after it raised the second tranche of $1.25 billion in March. “We were not able to do that because the market pricing was not good and…

Federal and Oyo State governments have been called upon to beef up security in Oke-Ogun area of Oyo State by equipping security agencies more and enforcing anti-open grazing law promulgated in 2020. The call was contained in a communique issued by Oke Ogun Council of Elders (OCE) and signed by its spokesman, Jare Ajayi, after its mid-year meeting held in Ibadan, under the chairmanship of its President and former Minister of State for Agriculture and Water Resources, Bamidele Dada. Present at the meeting include S. A. Oyedemi, Layi Egunjobi, Doja Oladele, Tunde Adigun, Funke Ladigbolu, Amusa Adebisi, A. Shittu, Wole…

A high-ranking Russian official issued a warning to the international community, saying that the Four Horsemen of the Apocalypse from the book of Revelation in the bible's New Testament have already started their trip as Russia's invasion of Ukraine crossed 100 days. Russian Security Council Deputy Chairman Dmitry Medvedev said in a recent interview that "one can believe that the horsemen of the Apocalypse are already on their way and all hope is in Almighty God," the Russian-state run news agency TASSreported. Medvedev added that things have already been set in motion, "however, one can still try to tone down…