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Saturday, 18 May 2024 04:35

FG halts transfer of electricity regulatory oversight to states

Adebayo Adelabu, the Minister of Power, announced the federal government's decision to suspend the transfer of regulatory authority over electricity to state governments. This was revealed during the 8th Africa Energy Market Place (AEMP) conference held in Abuja on Friday. Earlier in April, the Nigerian Electricity Regulatory Commission (NERC) had transferred oversight of the electricity markets in Ondo, Ekiti, and Enugu to the states' electricity regulatory bureaus (OSERB). However, Adelabu stated that the suspension was necessary to ensure state governments and power sector stakeholders fully understand the requirements for operating an electricity market. Adelabu emphasized that a thorough understanding of…

Friday, 17 May 2024 04:32

N1.2trn available in the FAAC account for April. This is how it was shared among FG, states, LGs

The Federation Account Allocation Committee (FAAC) announced that the federal, state, and local governments shared N1.2 trillion for April, 2024. This information was disclosed in a communiqué released at the conclusion of the May 2024 FAAC meeting by Bawa Mokwa, Director of Press and Public Relations in the Office of the Accountant-General of the Federation (OAGF), on Thursday. The allocation for April represents an increase of N85 billion compared to the N1.12 trillion distributed in March. The breakdown of the N1.2 trillion includes N284 billion in distributable statutory revenue, N466 billion in distributable value-added tax (VAT) revenue, N18 billion from…

Friday, 17 May 2024 04:31

36 State Assembly Speakers endorse state police creation

The speakers of Nigeria’s 36 state houses of assembly have endorsed the national assembly's efforts to establish state police. This decision was outlined in a communiqué released after the Conference of Speakers of State Legislatures met in Abuja on Thursday. The communiqué was signed by Adebo Ogundoyin, Speaker of the Oyo House of Assembly and Chairman of the Conference. The speakers believe that state policing would address the growing insecurity in the country. "To achieve this, the Conference appeals to the National Assembly, Presidency, and other relevant stakeholders to leverage the ongoing constitution review exercise," the communiqué stated. Both chambers…

Friday, 17 May 2024 04:30

Labour opposes FG’s plans to spend N20 trillion Pension Fund for these reasons

The Organised Labour has expressed strong disapproval of the Federal Government’s plan to use the N19.66 trillion pension funds for infrastructure development. This stance was detailed in a joint letter from the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) addressed to the Minister of Finance on Thursday in Abuja. The letter, signed by NLC President Joe Ajaero and TUC Deputy President Tommy Etim-Okon, was titled “Leave our Pension Fund Alone: Do not Tamper with Workers’ Funds.” The Labour leaders stated that the announcement has caused significant anxiety among Nigerian workers, who are the primary contributors to these…

Friday, 17 May 2024 04:29

Students loan portal to open May 24, FG announces

The Nigerian Education Loan Fund (NELFUND) has announced that its student loan application portal will officially open on May 24, 2024. Akintunde Sawyerr, Managing Director of NELFUND, made this announcement in a statement on Thursday, marking a significant step toward making education more accessible and inclusive for all Nigerian students. "Through the portal, students can now access loans to pursue their academic aspirations without financial constraints," Sawyerr stated. The announcement, signed by Nasir Ayitogo, the Fund’s Media and Public Relations Lead, emphasized that the portal offers a user-friendly interface for students to conveniently submit their loan applications. "We encourage all…

Thursday, 16 May 2024 04:48

Like Buhari, Tinubu seeks to utilize N20trn pension fund for infrastructure projects

The federal government has announced a strategic plan to utilize the N20 trillion pension fund, alongside other domestic resources, for infrastructure development in Nigeria. This initiative was disclosed by Wale Edun, the coordinating minister for the economy and finance, after a federal executive council (FEC) meeting chaired by President Bola Tinubu. Edun emphasized the government's focus on leveraging domestic financial resources, particularly pension and life insurance funds, to foster national growth. He highlighted the potential to channel over N20 trillion available domestically into critical sectors like housing and long-term mortgage provision. As part of the plan, the government aims to…

Thursday, 16 May 2024 04:46

‘It’s an insult’, Labour fumes over FG’s offer of N48k as new national minimum wage

On Wednesday, organized labour representatives walked out of a minimum wage committee meeting with the Federal Government in protest over the proposed new wage of N48,000. The labour unions, including the Nigeria Labour Congress (NLC) and the Trade Union Congress of Nigeria (TUC), had initially demanded a new minimum wage of N615,000 and set a deadline of May 31 for the government to finalize the negotiations. The Tripartite Committee on New National Minimum Wage resumed negotiations on Wednesday. Sources from Vanguard reported that representatives of the NLC and TUC were furious over the government's offer. Theophilus Ndubuaku, one of the…

Thursday, 16 May 2024 04:44

Nigeria's inflation hit 33.69% in April, marking 15 consecutive months of increase - NBS

Nigeria has experienced 15 consecutive months of rising inflation, with the rate reaching 33.69% in April, according to the latest consumer price index report from the National Bureau of Statistics (NBS) released on Wednesday. This represents a 0.49% increase from the March inflation rate of 33.2%. On a month-on-month basis, April 2024's headline inflation rate was 2.29%, 0.73% lower than the 3.02% recorded in March 2024. This indicates that the rate of increase in the average price level in April was slower than in March. The food inflation rate in April 2024 soared to 40.53% year-on-year, a significant rise of…

Thursday, 16 May 2024 04:43

Tinubu seeks Senate’s approval to reimburse 2 state govts for building local airports

President Bola Tinubu has requested the Senate's approval for the reimbursement of over N15 billion to the Kebbi State Government for the construction of Sir Ahmadu Bello International Airport in Birnin Kebbi and N9 billion to the Nasarawa State Government for the construction of Lafia Cargo Airport. The request was outlined in a letter read by Senate President Godswill Akpabio during Tuesday’s plenary session. In his letter, President Tinubu explained that the federal government had assumed control and ownership of the two airports, necessitating reimbursement to the state governments. The president cited the 1999 Constitution, which places aviation, including airports…

Wednesday, 15 May 2024 04:55

Nigeria secures UN’s approval to expand maritime territory by 5 times the size of Lagos state. Here’s what that means

President Bola Tinubu has officially received the report from the High Powered Presidential Committee (HPPC) on Nigeria’s Extended Continental Shelf Project. He commended the committee’s experts for their diligent efforts over the years to extend Nigeria’s maritime boundaries under the United Nations Convention on the Law of the Sea (UNCLOS), 1982. At a presentation in Abuja, marine scientist Larry Awosika and Committee Secretary Aliyu Omar delivered technical details about the project. Since Nigeria's initial submission to the United Nations Commission on the Limits of the Continental Shelf (CLCS) in 2009, the team has worked tirelessly to gain approval for extending…

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Wednesday, 15 May 2024 04:50

US sharply hikes tariffs on an array of Chinese imports

U.S. President Joe Biden on Tuesday unveiled a bundle of steep tariff increases on an array of Chinese imports including electric vehicle (EV) batteries, computer chips and medical products, risking an election-year standoff with Beijing in a bid to woo voters who give his economic policies low marks. China immediately vowed retaliation. Its commerce ministry said Beijing was opposed to the U.S. tariff hikes and would take measures to defend its interests, urging the United States to cancel the measures. Biden will keep tariffs put in place by his Republican predecessor Donald Trump while ratcheting up others, including a quadrupling…

Tuesday, 14 May 2024 04:32

Labour unions picket DisCos, NERC’s offices nationwide over electricity tariff hike

The Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) spearheaded protests against the recent electricity tariff hike, targeting distribution companies (DISCOs) across the country on Monday. Organized labour mobilized members to oppose the increase in electricity tariff for customers categorized under Band A. Approved by the Nigerian Electricity Regulatory Commission (NERC) on April 3, the tariff surged from N66 to N225 per kilowatt for this classification. The demonstrations saw the blockade of key DISCOs' headquarters including the Ibadan Electricity Distribution Company (IBEDC), the Jos Electricity Distribution Company (JEDC), and the Benin Electricity Distribution Company (BEDC). Additionally, protests were…

Tuesday, 14 May 2024 04:29

Tinubu directs federal ministries, depts, agencies to purchase only CNG-powered vehicles

President Bola Tinubu has instructed all ministries, departments, and agencies (MDAs) to transition to vehicles powered by compressed natural gas (CNG) as part of his administration's energy reform agenda. Addressing members of the federal executive council (FEC) at the State House, Tinubu emphasized the importance of energy security, utility enhancement, and reduction of fuel costs. Tinubu asserted that his administration is resolute in driving the adoption of CNG nationwide, stressing the need for proactive leadership from public officials to set a precedent for the populace. He emphasized that all procurement requests for traditional petrol-dependent vehicles should be declined in favor…

Monday, 13 May 2024 04:45

Labour announces nationwide shutdown of NERC, DisCos offices over tariff hike

Organized labour declared its intention to close Nigerian Electricity Regulatory Commission (NERC) and Distribution Companies (DisCos) offices across the nation until the Federal Government reverses the recent electricity tariff hike. The tariff, soaring from N65/kWh to N225/kWh for Band A users, drew vehement opposition from labour unions. Despite a slight reduction approved by the Federal Government, labour demands a complete rollback. The Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) had issued warnings to NERC, demanding swift action by May 12th. Labour also condemned what it perceives as unfair categorization of electricity consumers. In an official statement, NLC's head…

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