BusinessDay

Five things to know to start your Tuesday

Nigeria’s energy transition plan requires $1.9trn till 2060—Osinbajo

Yemi Osinbajo, the Vice President of Nigeria, said on Monday that Nigeria’s Energy Transition Plan (ETP) would require funding of about 1.9 trillion U.S. dollars up to 2060.

Osinbajo, represented by the Minister of Power, Abubakar Aliyu, said this in Abuja while declaring open the ECOWAS Sustainable Energy Forum(ESEF)2022.

“For the sake of emphasis, it is relevant to note that Nigeria’s Energy Transition Plan (ETP) would require funding of about USD1.9 trillion up to 2060.

The vice president added that around $410 billion of the $1.9 trillion is above usual spending, which requires an additional $10 billion per annum to achieve its target.

“The realisation of this goal depends on the implementation of our nation’s Energy Transition Plan (ETP), which was recently launched by this administration.”

“Nigeria’s Energy Transition Plan is a prime example of the needed evolution of policies to deliver both the growth in energy consumption necessary for development and the climate response required for the preservation of our planet.

“Our Energy Transition Plan seeks to tackle the dual crises of energy poverty and climate change and deliver universal energy access (SDG7) by 2030 and net-zero by 2060,” he said.

He added that the energy transition plan is a clear indication of the country’s commitment to sustainability and renewables as proposed in the Electricity Vision 30:30:30, which aims to provide 30 Gigawatts (GW) of electricity by the year 2030 “with renewable energy contributing at least 30 per cent to the energy mix.”

Read also: Osinbajo decries lack of synergy between fiscal, monetary policies

INEC to track campaign finances, tackle vote buying—Official

The Independent National Electoral Commission (INEC) says it will work with relevant stakeholders to track campaign finances, vote buying and other anomalies before, during and after the general elections.

Hauwa Kangiwa, INEC Administrative Secretary in Sokoto State, said this at a stakeholders meeting on Monday in Sokoto.

According to NAN, she assured that all updates and arrangements, identifications and invitations will be done to carry all collaborating agencies along.

The administrative secretary, however, disclosed that a total of

124,963 Permanent Voter Cards (PVCs) were yet to be claimed in the state.

She explained that 86,446 of the unclaimed PVCs were from 2019; 25,380 for those registered in 2021 and 13,137 for those that transferred their voting centres.

Environmetal pollution: FG holds international oil companies accountable, vows to sanction defaulters

The Federal Government on Monday said it is set to institute an environmental task force on oil pollution and vowed to hold International Oil Companies (IOCs) accountable for massive pollution of the environment.

Mohammed Abdullahi, the Minister of Environment, said this at the 12th National Regulatory Dialogue on Implementation of National Environmental Regulations, organised by the National Environmental Standards and Regulations Enforcement Agency (NESREA), in Abuja.

According to NAN, Abdullahi said that the essence of the dialogue was to address certain gaps and produce a sufficient regulatory framework that would deal with emerging and ongoing environmental challenges.

“The federal government is conscious of the state of environmental degradation in the country and is making a strong effort to address the situation.

“The federal government is also making efforts toward effective management, conservation, and protection of the biological resources in our environment for sustainable development.

“Accordingly, the federal government will henceforth hold the international oil companies accountable for the massive pollution of our environment and its ecosystem,” he said.

South Korea begins probe into deadly Halloween crush

On Monday, South Korean investigators combed through footage from more than 50 state and private closed-circuit TV cameras, as well as social media, to figure out how a surge of Halloween partygoers trapped in narrow alleys killed so many.

Reuters reported that as the country began a week of mourning, the death toll climbed to 154. Another 149 people were injured, 33 of them in serious condition. At least 26 citizens from 14 countries were among the dead.

South Korean President Yoon Suk-yeol called for a thorough investigation, and authorities said they were focused on reconstructing the lead-up to the surge and looking at whether anyone may have been responsible for triggering the crush.

“We are analysing CCTVs to find out the exact cause of the accident,” Police chief investigator Nam Gu-jun told reporters.

“We will continue questioning more witnesses, including nearby shop employees,” he said.

Fed expected to again raise rates by 75 basis points then ‘lay the ground for a step down’

The Federal Reserve is expected to raise its interest rates by 75 basis points for the fourth meeting in a row on Wednesday. An outcome which is expected to be a product of its two days Federal Open Market Committee (FOMC) meeting.

According to Yahoo Finance, markets expect the central bank to abandon its hawkish stance to lower inflation and slow down the pace of rate hikes unless data continues to show stubbornly high inflation.

“We do expect Chair Jerome Powell to… use the post-FOMC press conference to lay the ground for a step down in the pace of rate hikes,” Michael Pearce, senior US economist at Capital Economics, wrote in a note to clients. “He could do so by acknowledging the slowdown in the real economy already underway and emphasizing the lags between slowing economic activity and weakening price pressures.”

Some officials felt at the September meeting that the central bank could slow the pace of rate hikes at some point and assess the impact of previous rate hikes on inflation, according to minutes from the meeting.