Ibadan Electricity Distribution Company Plc (IBEDC) has announced an upward review of electricity tariffs for Band A customers. The new tariff, approved by the Nigerian Electricity Regulatory Commission (NERC), will increase from N206.80/kWh to N209.50/kWh. In a public notice signed by the Acting Managing Director, Francis Agoha, on Wednesday, IBEDC clarified that the tariffs for Bands B, C, D, and E will remain unchanged. The statement read: “Effective immediately, the tariff will be adjusted from N206.80/kWh to N209.50/kWh. This review has been duly approved by the Nigerian Electricity Regulatory Commission (NERC) as captured in the multi-year tariff supplementary order. “The…
Author: Editor Francis
Vice President Kashim Shettima has underscored the importance of prioritising local content and promoting made-in-Nigeria products, reaffirming that Executive Order 003, which mandates the patronage of locally manufactured products, remains in effect. Speaking at the opening of the three-day National Manufacturing Policy Summit at the State House Banquet Hall, Shettima revealed that the Federal Government has partnered with the Manufacturers Association of Nigeria (MAN) to develop a comprehensive roadmap and policy framework aimed at revitalising the nation’s manufacturing sector. He assured me that the proposed measures would be implemented swiftly to bring about the necessary changes. Reflecting on the challenges…
Aliko Dangote, Chairman of the Dangote Group, has voiced his concern over the Central Bank of Nigeria’s (CBN) decision to raise the interest rate to nearly 30 percent. Speaking at a summit organised by the Manufacturers Association of Nigeria (MAN) on Tuesday at the State House in Abuja, Dangote warned that the new rate could stifle economic growth and hinder job creation. “Nobody can create jobs with an interest rate of 30%. No growth will happen,” Dangote exclaimed. He emphasised the need for Nigeria to emulate leading countries in the West and the East that are actively protecting their domestic…
On Tuesday, the governors of the South-East region announced their decision to engage with the federal government to seek the release of Mazi Nnamdi Kanu. This resolution was part of a communiqué issued following a meeting of the South-East Governors’ Forum held in Enugu. The meeting was attended by governors Hope Uzodinma of Imo State, Dr. Alex Otti of Abia State, Prof. Chukwuma Soludo of Anambra State, Rt. Hon. Francis Nwifuru of Ebonyi State, and the host, Governor Peter Mbah of Enugu State, along with other stakeholders. In the communiqué, the Forum expressed condolences to the government and people of…
The National Bureau of Statistics (NBS) has revealed that Lagos, the Federal Capital Territory (FCT), and Ekiti were the only states to attract capital importation in the first quarter of 2024. In its Nigeria Capital Importation report for Q1 2024, the NBS highlighted that Lagos State remained the top destination for capital importation, receiving $2,782.41 million. This figure represents 82.42% of the total $3,376.01 million imported into Nigeria during this period. Following Lagos, the FCT attracted $593.58 million, accounting for 17.58% of the total capital importation. Ekiti State, meanwhile, saw a minimal inflow of $0.01 million. This data indicates that…
The Shell Petroleum Development Company of Nigeria Limited (SPDC) has clarified its position on the over $1.3 billion sale of onshore oil stressed to Renaissance Consortium. In a counter affidavit (suit number FHC/ABJ/CS/413/2024, dated May 24, 2024) seen by Nairametrics, SPDC said it “did not sell its onshore assets and facilities in Nigeria to anyone.” This clarification follows six months after Shell Plc, SPDC’s parent company, announced it had reached an agreement to sell its Nigerian onshore oil assets to a local consortium for over $1.3 billion, pending government approval. In 2021, Shell announced plans to divest its Nigerian onshore…
Olisa Agbakoba, a Senior Advocate of Nigeria, has cautioned that the country might soon face a “hunger riot” unless the Federal Government acts swiftly. Agbakoba made this statement on Tuesday during a press briefing at his Ikoyi office in Lagos. He emphasized that extreme poverty is preventing many Nigerians from affording basic necessities, despite the nation’s rich oil and gas resources, which he claims are monopolized by foreigners. Agbakoba warned that the increasing desperation could lead to mass uprisings, with people potentially resorting to looting homes and shops in broad daylight for food. “Hunger riot can occur anytime in Nigeria,”…
The Nigerian Railway Corporation (NRC) recorded impressive revenue gains in the first quarter of 2024, according to the National Bureau of Statistics (NBS). The NRC generated N1.42 billion by transporting 675,293 passengers across federal rail lines, marking an 84.91% increase from the N768.44 million earned in Q1 2023, which saw 441,725 passengers. “In terms of revenue generation, N1.42 billion was received from passengers during the reference period, showing an increase of 84.91% from the N768.44 million recorded in the same quarter of the previous year,” stated the NBS report. The report also highlighted a 33.06% increase in passenger transport revenue…
The World Bank has announced a restructuring of the Nigeria Digital Identification for Development (ID4D) project to ensure the complete disbursement of the $430 million pledged by the project’s financiers. According to nairametrics, the restructuring comes as the French Development Agency (AFD) and the European Investment Bank (EIB) threatened to cancel their financing if the World Bank ceased to be the project’s implementor after its initial closure date of June 30, 2024. Under the original financing plan approved by the International Development Association (IDA) in 2020, AFD was to contribute $100 million, EIB $215 million, and IDA $115 million. However,…
Unity and Reconciliation Forum, an All Progressives Congress group in Zamfara, says it gathered 500 clerics for special prayers for former Governors Abdul’aziz Yari and Bello Matawalle. Mr Yari represents Zamfara West senatorial district in the 10th Senate. Abubakar Alaramma led the special prayers held in Gusau after reciting the Qur’an. The forums’ chairman, Mande Umar, said 500 Islamic scholars were mobilised from the state’s 14 local government areas. “Even though the prayers were organised to celebrate the one-year anniversary of Sen. Yari, we also use this medium to pray for Matawalle to succeed as Minister of State, Defence. “We…
Mahmood Yakubu, the chairman of the Independent National Electoral Commission (INEC), says the commission has made 142 recommendations to improve future electoral processes. Mr Yakubu said this on Monday in Lagos at the opening of a two-day induction retreat for resident electoral commissioners (RECs). He said the commission had published the report on the review of the 2023 elections and that it was already available on its website. “But there is also the outcome of the retreats and engagements with stakeholders, which is now being published. “I can tell you that the commission has made 142 recommendations on the improvement…
On Sunday, Lagos State Commissioner for Health, Prof. Akin Abayomi, disclosed that 25 cases of severe gastroenteritis, confirmed to be cholera, were reported at Kirikiri Medium Security Prison. This development contradicts the Nigerian Correctional Service’s (NCoS) recent assertion that custodial centers nationwide were free of cholera. Abubakar Umar, the NCoS spokesman, previously told PUNCH that routine hygienic measures had kept cholera out of the correctional facilities. However, Prof. Abayomi, through a statement signed by the Director of Public Affairs at the Lagos State Ministry of Health, Tunbosun Ogunbanwo, confirmed the outbreak, noting that urgent medical and environmental measures were implemented…