Nigeria raised N176bn in treasury bills on lower yields.

Nigeria raised N176bn in treasury bills on lower yields: Nigeria has raised N176bn (US$488m) worth of treasury bills at an auction on Wednesday, traders said. The government has been working to lower its borrowing costs, particularly as inflation fell for the 12th time in a row on Wednesday. (Source: Reuters)

FG hands over Apapa road design to Dangote, raises trailer park cost to N9.55bn: The Federal Executive Council (FEC) Wednesday said it has completed the design for the reconstruction of a major part of Apapa-Oworonshoki expressway in Lagos meant to be concessioned to Dangote Group and consequently handed it to the company. The council also approved the augmentation of the contract cost for the construction of trailer and truck park on Tin Can Island in Lagos from the initial N8.66bn to N9.55bn (US$27m). (Source: Thisday)

US launches US$5.5m support programme for political parties: The United States Agency for International Development (USAID) has launched a US$5.5m support programme aimed at helping political parties to adopt better governance practices and improve the quality of political discourse. (Source: Thisday)

TCN increases power transmission with 200MVA transformers: The Transmission Company of Nigeria says it has increased its power evacuation capacity through the installation of two 100 Mega Volt Amp transformers at the Katampe and Apo transmission substations in the Federal Capital Territory. This is expected to improve power supply in Abuja and neighbouring states. (Source: Punch)

Shell, GE seal service pact on 650MW Afam VI plant: General Electric’s (GE) Power Services business has signed a Multi-Year Service Agreement (MYA) with Shell Petroleum Development Company (SPDC) for the 650 megawatt (MW) Afam VI combined cycle power plant in Rivers State. The service agreement is expected to improve electricity availability, reliability and output from the plant for 200,000 Nigerian homes while decreasing its operational costs. (Source: The Nation)

Eko Disco gets technical equipment from Power Africa: Eko Electricity Distribution Company (Disco) said it has received some technical equipment from Power Africa, a United States government-led initiative coordinated by the United States Agency for International Development, to double electricity access in sub-Saharan Africa. (Source: Punch)

Anchor Borrowers’ scheme: CBN disburses N55bn to farmers: In the last two years of the implementation of the Anchor Borrowers’ Programme (ABP), a total of N55bn (US$152.7m) has been disbursed by the Central Bank of Nigeria (CBN) to over 250,000 farmers under the scheme. The ABP was launched in Kebbi State on November 17, 2015 by President Muhammadu Buhari. (Source: Punch)

Consumption tax – LIRS plans automated collection from hotels, others: The Lagos Internal Revenue Service (LIRS) will commence automated collection of consumption tax from hotels, restaurants, nightclubs and event centres in Lagos State. The agency said it introduced the Electronic Revenue Assurance System to elicit automatic compliance with the extant Hotel Occupancy and Restaurant Consumption Tax Law of Lagos State as amended. (Source: Punch)

Lagos-Ibadan rail will commence operations in January 2019 – FG: The federal government (FG) on Wednesday announced that despite the challenges facing the construction of the Lagos-Ibadan rail project, the facility will be put to use by January 2019. The government said it has carefully considered measures to holistically tackle the challenges of obstruction caused by water, gas and sewage pipes. (Source: Punch)

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