Aso Villa Reads for 15/8/17

Every day, we bring you the best stories the media is reporting about the Government of Nigeria.

The Transmission Company of Nigeria (TCN) has secured $1.55 billion from multilateral corporations to finance transmission expansion projects in Nigeria. Voice of Nigeria reports that the Managing Director of TCN, Mr Usman Mohammed revealed that “TCN had approached multilateral donors to raise significant finance to execute its numerous projects in the country” and “sourcing of fund was also designed to realize TCN’s ambition of increasing transmission capacity by 20,000 megawatts in few years”.
According to Vanguard Minister of Science and Technology, Dr. Ogbonnaya Onu revealed that the “Federal Government will establish an International Reference Biosources Centre for treatment of Lassa fever in Abuja.” While inaugurating the committee for the establishment of the center in his office, he “promised that the ministry would provide what was needed to strengthen the relationship between the research institutes and organized private sector to actualize the plan.”

“The Federal Government of Nigeria has approved N39 billion loan to Electricity Distribution Companies (DISCOs) for the supply of meters, Minister of Power, Works and Housing, Mr Babatunde Fashola, has disclosed”, reported by Premium Times The report continues: “ He said the gesture was part of power sector recovery programme of the government aimed at ensuring uninterrupted power generation and distribution. He added that it was also aimed at ensuring that every consumer of electricity is provided with a meter”.

Business Day has got some good news on the decline of fraud-related incidences in banks. It reports that the “Nigerian banking industry recorded a decline in the rate of successful fraud incidences and extent of amount in losses in 2016, compared with 2015. According to them, the role of Nigerian Deposit Insurance Corporation (NDIC) in mitigating corruption in Nigerian banks has been invaluable as “the reported cases of frauds, forgeries and outright theft involving bank staff recorded a huge decline of 48.12 percent from N18.02 billion in 2015 to N8.68 billion in 2016, while the actual losses to the nation’s banking industry dropped by 24.29 percent from N3.17 billion in 2015 to N2.40 billion in 2016.” It adds that “the level of attempted cases of frauds and forgeries declined by N0.329 billion or 11.94 percent from N2.756 billion in March 2017 to N2.427 billion in June 2017”.

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