The federal government is planning an almost 300% increase in electricity tariffs in the coming weeks in a bid to attract investment into the sector according to reports from Bloomberg.  

According to the reports, unofficial sources state that electricity firms may hike tariffs for those in urban areas to N200 per kWh, up from N68. Those in urban centres represent just 15% of the population but reportedly consume around 40% of the nation’s power the anonymous source said.  

Special Adviser to the President on Information and Strategy, Bayo Onanuga told Bloomberg that NERC would announce a price increase soon and the government cannot speak on the matter for now.  

• He stated, “The regulator will make any pronouncements based on its discussion with the distribution and generating companies. The presidency cannot say anything at this stage” 

What you should know 

Nigeria operates a fixed tariff system where the federal government sets the price of electricity through the Nigeria Electricity Regulatory Commission (NERC). For 2024, the federal government projected to spend around N1.67 trillion on electricity subsidy- an increase of 170% from the figure spent in 2023.  

• According to the NERC’s guidelines, electricity distribution companies were to halt the subsidy regime in the power sector from the beginning of 2025. The IMF had earlier warned that subsidy on fuel and electricity tariffs could cost Nigeria up to 3% of GDP in 2024.  
• President Bola Tinubu on assumption had earlier removed the decades-old fuel subsidy. However, there are feelers that the federal government has returned to the practice rationalised by the increase in global crude oil prices together with the depreciation of the naira in recent times.  
• Just yesterday, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) increased the price of domestic natural gas used in generating about 70% of electricity to $2.42 MMBtu from $2.18.  
• Minister of Power, Bayo Adelabu had earlier hinted at plans to sell gas to power plants across the country in naira occasioned by the dearth of foreign exchange in the country. 

Nairametrics

Dangote oil refinery started supplying petroleum products to the local market on Tuesday, a company executive and fuel marketing associations said, a major step in the country's quest for energy independence.

The refinery, Africa's largest, was built on a peninsula on the outskirts of the commercial capital Lagos at a cost of $20 billion by the continent's richest man Aliko Dangote and was completed after several years of delays.

It can refine up to 650,000 barrels per day (bpd) and will be the largest in Africa and Europe when it reaches full capacity this or next year.

Dangote's group executive, Devakumar Edwin, confirmed shipping of diesel and jet fuel into the local market.

"We have substantial quantities. Products are being evacuated both by sea and road. Ships are lining up one after another to load diesel and aviation jet fuel," Edwin told Reuters.

"Ships load a minimum of 26 million litres, though we try to push for 37 million litres vessels, for ease of operations."

Local oil marketers agreed a price of N1,225 ($0.96) per litre of diesel following a bulk purchase agreement, before putting their mark-up, said Abubakar Maigandi, head of the Independent Petroleum Marketers Association of Nigeria.

The association's members control about 150,000 retail stations across Nigeria, Maigandi said.

Another marketers' group, the Depots and Petroleum Products Marketers Association of Nigeria said its members were seeking letters of credit to buy petroleum products from Dangote.

"Our members are discussing with banks and these talks have reached advanced stages, when we have our letters of credit, we will begin lifting products," Femi Adewole, the association's executive secretary said.

The Dangote refinery is touted as the turning point to end Nigeria's reliance on imported petroleum products. Nigeria is Africa's most populous nation and its top oil producer, yet it imports almost all its fuel due to lack of refining capacity.

Reuters

Federal Inland Revenue Service (FIRS) has stated that it would never denigrate Jesus Christ as it apologized to Christians for posting on its social media platforms a flier bearing the headline, “Jesus paid your debts, not your taxes.”

A statement signed by Dare Adekanmbi, Special Adviser, Media to the FIRS chairman, Zacch Adedeji conveyed the Service’s “unreserved apologies for this misinterpretation.”

The FIRS spokesperson’s statement reads in full: “Our attention has been drawn to a statement by the Christian Association of Nigeria (CAN) about a flier posted on our social media platforms with the headline ‘Jesus paid your debts, not your taxes.’ As a responsible agency of government, we would like to say we did not put out the flier purposely to denigrate Jesus Christ or detract from the huge sacrifice He made for humanity. We are acutely aware that the essence of the Easter period is to celebrate this huge sacrifice.

“The message was our way of uniquely engaging taxpayers and to remind them of the need to prioritise payment of their taxes as a civic obligation. Yes, we would say the message ruffled feathers in some circles. The unintended meaning/insinuation being read into the post was not what we were out to communicate as an agency.

“Good a thing, this much is acknowledged by CAN in its statement wherein it said ‘We recognise that the intended message may have been to creatively engage taxpayers…’ We wish to offer our unreserved apologies for this misinterpretation.

“FIRS, as a responsible agency, has no religion and will not bring down any religion or offend the sensibilities of adherents of various faiths in the country. Our goal is to assess, collect and account for revenue for the wellbeing of the Federation. We believe it is an investment in the progress of the country when citizens pay their taxes. Once again, we wish to apologise to CAN and Christians who felt offended at the unintended consequence of our message on Easter Sunday,” Adekanmbi stated.

Christian Association of Nigeria (CAN) had earlier on Tuesday in Abuja called on the FIRS to retract its Easter message and offer a public apology.

The National Director, National Issues and Social Welfare (CAN), Abimbola Ayuba, a retired commodore, in a statement, said the FIRS’ Easter message threatened Nigeria’s unity and undermined respect among diverse religious groups.

The FIRS message was “Jesus paid your debt, not your taxes”.

CAN, while reacting to it, described the message as “offensive and derogatory” to the Christian faith.

“The Easter message by FIRS does not only threaten Nigeria’s delicate unity but also undermines efforts of many Nigerians working towards fostering mutual respect among diverse religious groups.

“As a nation that prides itself on religious harmony and peaceful coexistence, we are deeply concerned by the recurrence of provocative messages around religious holidays.

“This year, a public institution, which should be the bastion of exemplary conduct, has been implicated in disseminating content that is widely regarded as offensive and derogatory to the Christian faith.

“Such messages not only threaten the delicate fabric of our national unity but also undermine the efforts of countless Nigerians working towards fostering mutual respect among diverse religious groups,” CAN stated.

PT

A truck conveying food items was looted by some residents of Ondo state amid the current hardship ravaging the country.

The driver of the truck was overpowered after his vehicle developed a mechanical fault at the popular cultural centre junction on Ondo express road.

Remnants of the food items were observed on the roadside when our reporter visited the scene.

The fully loaded truck was said to be conveying food items, particularly grains in some cartoons branded in President Bola Tinubu’s name.

Several witnesses who confirmed the development to our reporter revealed that those who attacked the truck and also looted its contents included petty traders, artisans, drivers and commercial motorcyclists.

“How they got to know the content still surprised me. The truck developed a mechanical fault and before we knew it the residents forced it open.

“They began to bring out the items in the packs which are rice and garri branded in Tinubu’s blue colour, name and logo,” one the witness said.

A social commentator, Ibidapo Adelusi, has condemned the action of the residents, saying the police should go after the perpetrators.

“We know there’s hunger and hardship in the land but this is a crime against fellow human. The police should not hesitate to fish out these thieves,” he said.

When contacted, the Police Public Relations Officer in the state, Funmilayo Odunlami-Omisanya, said no official complaints was lodged at the station over the incident.

Looting of the truck happened hours after a similar incident in Kebbi State.

Daily Trust

ISREALI REPORTS

All female hostages in Gaza being sexually abused, freed hostage says

Many of the people at the session broke into tears and sobs while they and others were speaking.

Every Israeli woman who is being held captive by Hamas in Gaza is being sexually abused, freed hostage Mia Regev said during an emergency debate in the Knesset's Committee on the Status of Women and Gender Equality on the situation of the women hostages.

Regev, who was freed during the hostage deal between Israel and Hamas in November, said that it was "unbelievable" that the Knesset was planning on going on recess on April 8 for over five weeks.

"Every day, there is an emergency and every minute counts. What will the women do there? What will the rest of the captives do there?" Regev said.

Yaffa Ohad, the aunt of the captive Noa Argamani, said that recent reports of both Amit Soussana, who described to the New York Times how her captor sexually attacked her at gunpoint, and of a Hamas captive who described in an interrogation how he raped an Israeli woman in a Kibbutz on October 7, have broken the families' spirit. Ohad warned that time was running out, not just for the captives.

** IDF to create joint HQ for Gaza aid after killing of World Food Kitchen workers

Around half a day after the IDF’s disastrous mistaken killing of seven World Food Kitchen workers in central Gaza, the military has said that its COGAT and Southern Command branches are establishing a joint command center for handling humanitarian aid distribution.

The IDF said that such a command center was in the planning stages before the accidental air strikes on three WFK trucks, possibly by multiple IDF drones, but is being accelerated following the episode.

It is expected to start operating tonight, and the IDF expects that this will improve coordination between the battle and humanitarian coordination arms. However, the military said this coordination was significant even before the incident.

In addition, the IDF said that – given the sensitive nature of the incident globally - it is rushing to publicly produce details about what went wrong, which officials made mistakes, and how the mistakes developed as early as Tuesday night, but in any case within a mere matter of days.

** IDF: A short while ago, an IAF aircraft struck the terrorist cell in the area of Wadi Hamoul that fired launches toward the Western Galilee area.

Throughout the day, IDF artillery struck to remove threats in a number of areas, including Rmeish and Maisat.

** IDF: The Chief of the General Staff was presented with the preliminary debrief into the WCK incident

“I want to be very clear—the strike was not carried out with the intention of harming WCK aid workers. It was a mistake that followed a misidentification–at night during a war in very complex conditions. It shouldn’t have happened.”

HAMAS’ REPORTS

In the name of God, the most gracious, the most merciful

The Martyr Izz al-Din al-Qassam Brigades mourns to the Islamic and Arab nation the great martyr commander/

Muhammad Reza Zahedi (Abu Mahdi)

And his brothers who died as martyrs on the road to Jerusalem yesterday, Monday, Ramadan 22, 1445 AH, corresponding to 04/01/2024 AD; In a treacherous Zionist bombing of the Syrian capital, Damascus.

We, the Al-Qassam Brigades, denounce the cowardly assassination; We praise the great role of the martyr Abu Mahdi in building the resistance front against the Zionist occupation over many years. And his prominent role in the Battle of Al-Aqsa Flood.

It is a jihad of victory or martyrdom.

Martyr Izz al-Din al-Qassam Brigades - Palestine

Tuesday 23 Ramadan 1445 AH

Corresponding to 04/02/2024 AD

** The division's Mujahideen were able to target a Zionist force holed up in a building with a fortification-resistant "TBG" shell, causing it to fall between the Palestinians and a wounded person east of Deir al-Balah in the central Gaza Strip.

** Resistance fighters continue to target occupation soldiers and vehicles storming the Al-Fara’a camp in Tubas with several homemade devices.

Jerusalem Post/IDF/Hamas Brigade al-Qassam

WESTERN PERSPECTIVE

Ukraine lowers army draft age to 25 to generate more fighting power

President Volodymyr Zelenskiy signed a bill on Tuesday to lower the mobilisation age for combat duty from 27 to 25, a move that should help Ukraine generate more fighting power in its war with Russia.

The bill had been on Zelenskiy's table since it was approved by lawmakers in May 2023, and it was not immediately clear what prompted him to sign it. Parliament has been discussing a separate bill to broadly tighten draft rules for months.

The move expands the number of civilians the army can mobilise into its ranks to fight under martial law, which has been in place since Russia launched its full-scale invasion in February 2022.

Ukrainian troops are on the back foot on the battlefield, facing a shortage of ammunition supplies with vital funding from the U.S. blocked by Republicans in Congress for months and the European Union failing to deliver promised ammunition on time.

The signing of the legislation was not immediately announced by the president's office. Parliament merely updated the entry for the bill on its website to read: "returned with the signature of the president of Ukraine".

Zelenskiy said last winter that he would only sign the bill if he was given a strong enough argument of the need to do so.

The Ukrainian leader said in December that the military had proposed mobilising up to 500,000 more Ukrainians into the armed forces, something he said then-commander of the armed forces had asked for.

Since then, Ukraine has changed the head of the armed forces and the new chief, Oleksandr Syrskyi, said last week that the figure was no longer up-to-date and that it had been "significantly reduced" after a review of resources.

Zelenskiy separately signed a second bill requiring men given waivers from some military service on disability grounds to undergo another medical assessment.

A third bill he also signed aimed to create an online database of those eligible for military service. Both those bills could potentially help the military draft more fighters.

A string of strict measures set out in an earlier draft of that bill were gutted following a public outcry.

Zelenskiy has warned that Russia may plan another offensive later this spring or in summer, and Kyiv's troops have been scaling up their efforts to build up strong defensive fortifications along a sprawling front line.

With the initial shock of the invasion long gone, Ukraine has faced a significant reduction in the flow of volunteer fighters and numerous cases of draft evasion have been reported.

** Ukrainian drone hits Russia's third-biggest refinery, damage not critical

A Ukrainian drone struck Russia's third-largest oil refinery on Tuesday about 1,300 km (800 miles) from the front lines, hitting a unit that processes about 155,000 barrels of crude per day, though an industry source said strike caused no critical damage.

A Ukrainian intelligence source said Ukraine hit the primary refining unit at the oil refinery in Russia's highly industrialised Tatarstan region and caused a fire. Such attacks are intended to reduce Russia's oil revenue, the source said.

Russian officials said jamming devices locked onto a Ukrainian drone near Tatneft's Taneco refinery, which has an annual production capacity of more than 17 million tons (340,000 barrels per day).

Pictures from the scene showed the drone hit the primary refining unit, CDU-7, though it did not appear to have caused serious damage.

The industry source, who spoke to Reuters on condition of anonymity, said personnel was returning to the plant.

A fire was extinguished within 20 minutes, the state news agency RIA said, adding that output had not been disrupted.

The affected unit accounts for around a half of the plant's total annual production capacity. The refinery represents about 6.2% of Russia's refining capacity.

Brent briefly rose above $89 a barrel for the first time since October amid concern over the Ukrainian drone attacks and the escalating conflict in the Middle East.

Ukrainian President Volodymyr Zelenskiy made no direct reference to the Tatarstan attack, but said Kyiv's long-distance military action against Russia was important.

"Equally important is that the Russian terrorists are receiving responses to their strikes," he said in his nightly video address. "Each time, longer-range responses."

TARGETING OIL REVENUE

Another Ukrainian intelligence source said Ukrainian-made drones had also hit a Russian plant producing long-range Shahed attack drones, causing "significant damage".

The Washington Post reported last year that Russia was mass-producing drones at a plant in Tatarstan.

Ukraine has in recent months begun attacking the oil refineries of Russia, the world's second-largest oil exporter, impacting Moscow's highly lucrative trade in refined products, amid extensive Russian missile strikes on Ukraine's energy grid.

According to Reuters calculations, around 14% of Russia's refining capacity has been shut down by drone attacks. There is more demand for refined oil products than for Russian crude.

The attacks on Russian refineries have raised concern in Washington about the potential for escalation with Russia.

Ukraine says its drone attacks on Russia are justified because it is fighting for survival and has suffered damage to its infrastructure from Russian air strikes.

Ukraine, which says it has been attacked by more than 4,630 Russian long-range Shahed drones during the 25-month-old war, regards its own drone production push as a way to hit back at a much better armed and larger enemy.

Since President Vladimir Putin sent Russian forces into Ukraine in 2022, drones have played a big part in the war - either as "kamikaze" attackers or as eyes in the sky that guide other weaponry to kill soldiers or destroy equipment.

Ukraine has carried out a series of high-profile attacks deep inside Russia meant to either undermine Russia's war machine or, as with a 2023 drone strike on the Kremlin, bring the reality of war to the very heart of Russia.

A powerful ally of Putin said on Tuesday that NATO was essentially fighting Russia in Ukraine and that the U.S.-led alliance had helped organise strikes on Russian territory.

When asked if Russia thought the United States was involved in the attacks on Russian refineries, Kremlin spokesman Dmitry Peskov said on Tuesday the question was better addressed to the defence ministry and security services.

"The Kyiv regime continues its terrorist activity," Peskov said. "We and our military are primarily working to minimise this threat, and subsequently to eliminate it."

Ukrainian sources say Kyiv alone is responsible for the planning and execution of drone attacks in Russia. The United States says it does not support Ukrainian strikes inside Russia.

Tuesday's attacks also hit enterprises in Yelabuga and Nizhnekamsk and some people were injured, Tatarstan's regional governor Rustam Minnikhanov said.

Two drones struck a dormitory on the territory of the Alabuga Special Economic Zone and at least seven people were injured, Russian media reported.

RUSSIAN PERSPECTIVE

West helping Ukraine attack deep inside Russia – CNN

Western countries are helping Ukraine to fly kamikaze drones deep inside Russian territory, CNN reported on Tuesday, citing a Ukrainian source close to Kiev’s drone program. 

An unnamed official who spoke to CNN described how Kiev uses UAVs with longer ranges and “more advanced capabilities” to strike targets located more than 1,000 km (621 miles) from the border. 

“The flights are determined in advance with our allies, and the aircraft follow the flight plan to enable us to strike targets with meters of precision,” the source said.

The admission of receiving guidance from abroad follows multiple reports that Western personnel are providing Ukrainian troops with intelligence and information about specific targets. 

The Washington Post cited a senior Ukrainian official last year as saying that Ukrainian soldiers “almost never” use advanced weapons, including the US-made HIMARS rocket launchers, without receiving coordinates from the Pentagon.

On Tuesday, Ukrainian drones targeted Russia’s Tatarstan, a region 650 km east of Moscow (400 miles), which had not previously been attacked by UAVs. One drone was aiming to hit an oil refinery in Nizhnekamsk, a city located roughly 1,100 km (680 miles) from the border. Mayor Ramil Mullin said that the aircraft was disabled by air defenses and caused no damage. 

Another drone struck a student dormitory inside the industrial zone in Elabuga, injuring 13 people. The hub hosts several companies that make high-tech equipment, including drones, according to Russian media. 

Moscow has repeatedly warned that the delivery of weapons and other military aid to Kiev makes Western countries de facto direct participants in the conflict. The Russian Defense Ministry and local authorities have said that Kiev uses Western-supplied arms to indiscriminately fire at civilians.

Reuters/RT

There’s no shortage of stories about how technical skills in IT, software and data are in high demand and can command a handsome six-figure salary.

But according to one LinkedIn expert, one particular soft skill may be as coveted as an Ivy League education.

Given the fast-changing world of business, hiring managers “want to look for growth mindset,” says Aneesh Raman, a vice president and workforce expert at LinkedIn. “This is the new degree, the way that you’ve been looking for a Harvard degree.”

A growth mindset, coined by psychologist Carol Dweck, is the idea that you can continue to improve your abilities, talents and knowledge over time by learning through new experiences. The opposite is having a fixed mindset that you can’t improve on your skills.

The advice to prioritize continual learning and development is especially crucial to young professionals today who may one day end up in roles that don’t yet exist, Raman says. For example, LinkedIn recently identified fast-growing jobs on the rise in 2024 — including chief growth officer and sustainability analyst — many of which didn’t exist 20 years ago.

Developing a growth mindset involves setting challenging goals for yourself, taking risks and seeking feedback and coaching from others, Shekhinah Bass, Goldman Sachs’ head of talent strategy, previously told CNBC Make It.

How you respond to feedback is especially important, she says: “Feedback can help you identify your blind spots, so you can shift or change how you’re showing up in certain work situations. With a growth mindset, you will see those blind spots as things that are within your control to improve.” 

Having a growth mindset is essential to achieving goals, gaining skills, viewing failures as learning opportunities and developing positive changes in your life, according to research.

And it could give you an advantage in the hiring market. To demonstrate a growth mindset in an interview, express your enthusiasm for learning on the job and working with the manager to grow as a valuable team member.

“You’ve got to get excited about learning as an individual,” Raman says. “The biggest competitive differentiator a young grad can have is internalizing the idea that they’re going to be learning for the rest of their life and getting excited about it.”

CNBC

Oil prices gained in early Asian trading on Tuesday, underpinned by signs of improved demand and escalating Middle East tensions that had sparked a rally in U.S. futures to a five-month high in the previous session.

Brent futures for June delivery rose 37 cents to $87.79 a barrel by 0046 GMT. The May contract for U.S. West Texas Intermediate (WTI) crude futures rose 32 cents to $84.03 a barrel.

Stronger than expected U.S. and Chinese manufacturing data is lifting prices, Tony Sycamore, a market analyst with IG, wrote in a note.

Manufacturing activity in China and the U.S.expanded in March for the first time in six months and 1-1/2 years, respectively, which markets viewed as an indicator of rising oil demand. China is the world's largest crude importer while the U.S. is the biggest consumer.

U.S. futures could rise as high as the mid-$90s if they break a technical resistance level of $84.00 a barrel, Sycamore said. The last time the prompt-month WTI contract reached the $95 per barrel level was in August 2022.

The front-month contract settled at $83.71 per barrel on Monday, the highest close since October 2023.

In the Middle East, an Israeli strike on Iran's embassy in Syria killed seven military advisors, among them three senior commanders, marking an escalation in the conflict that has stretched for nearly half a year and sparking concerns about more tangible impacts on oil supply.

"To date, the market hasn’t been worried about supply disruptions, with the war remaining contained. Iran’s involvement could see its oil supply under threat," ANZ analysts wrote in a note.

The Organization of Petroleum Exporting Countries will hold an online meeting of its Joint Ministerial Monitoring Committee on Wednesday to review the market and members' implementation of output cuts. Members are expected to uphold their current supply policy calling for voluntary output cuts of 2.2 million barrels per day (bpd) to the end of the second quarter.

Reuters

Some residents of Kebbi State attacked a government warehouse at Bayan Kara area of Birnin Kebbi, the state capital, on Saturday night and carted away food items.

The residents, who defied security operatives stationed at the warehouse, also broke into some private warehouses and shops in the area and stole food items.

They also looted a broken-down truck loaded with assorted grains meant for distribution in Birnin Kebbi.

Attacks on warehouses had occurred at the Federal Capital Territory, Abuja and Suleja in Niger State.

This is amidst the cost of living crisis largely believed to have been caused by the petrol subsidy removal and the floating of the naira.

Speaking to our correspondent yesterday, the Chairman of the food vendors association at Bayan Kara Market in Birnin Kebbi, Muhammadu Gwadangwaji, said some shops and warehouses of traders were also set on fire by some youths.

“They (security agents) fired gunshots and teargas into the air, but they (the youths) were not deterred. They forced their way in and looted the government warehouse and some of our shops,” he said.

Reacting, the Chief Press Secretary to Governor Nasir Idris, Ahmed Idris, described the incident as “unfortunate”.

He stated: “The hoodlums had earlier attacked the consignment of food items brought to the state for distribution to the people by Dangote before going to the government warehouse to loot it.

“Such incident has never happened in Kebbi before. The food items they looted are part of the foodstuffs purchased by the state government for distribution to people of the state.

“Government has procured and distributed assorted grains worth over N5 billion in over 200 trucks. It is unfortunate those who broke into the warehouse had gone there to steal what belongs to people of the state”, he further decried.

He said the government had secured its warehouses to prevent reoccurrence.

Daily Trust

Gunmen have reportedly abducted a yet-to-be-confirmed number of students along the east-west road in the Ughelli area of Delta state.

The students were coming from Calabar, Cross River capital, when their Sienna vehicle was attacked Friday evening.

Bright Edafe, Delta police spokesperson in Delta, confirmed the incident on Monday.

Edafe said the police are currently on the trail of the abductors to rescue the students.

The incident adds to the growing list of abductions of students in the country.

On March 7, gunmen kidnapped 137 students of Government Secondary School and LEA Primary School in Kuriga community in Kaduna.

Two days later, gunmen kidnapped 15 students from a Tsangaya school in Gidan Baya, Gada LGA of Sokoto.

In January, students of Apostolic Faith School in Ekiti state were kidnapped after gunmen attacked their school bus.

The Cable