
FEATURES
A rout in Bitcoin deepened on Friday as investors rushed to safe assets in the wake of US President Donald Trump’s latest tariff threats, marking a dramatic reality check for one of the most popular Trump trades.
The cryptocurrency tumbled as much as 7.2% on Friday to the lowest since early November and is down some 27% since it hit an all-time high less than six weeks ago. The selloff came amid a broad plunge in cryptocurrencies, with Ether, Polkadot and XRP all dropping more than 7% on Friday.
“The last time we saw sentiment like this was 2022,” said Caroline Bowler, chief executive officer of BTC Markets Pty Ltd, referring to the “crypto winter” when prices plummeted amid rising interest rates and industry woes. “This tanking can be viewed as a response to macro fears on Trump’s tariffs and geopolitical uncertainty.”
Trump said Thursday that 25% tariffs on Canada and Mexico would come into force from March 4, undermining hopes he might reverse course after a previous delay. He also said Chinese imports would face a further 10% levy, prompting officials in Beijing to promise “all necessary measures” in response.
The focus on trade tensions led to a broad risk-off decline across markets on Friday, pushing down almost all Asian stock markets and fueling declines in European futures. But cryptocurrencies — which are deeply exposed to shifts in risk appetite — were among the worst hit.
Bitcoin has now fallen more than 20% in February. If the decline holds through the end of Friday, it would mark the biggest monthly drop since June 2022.
Trump Trade Woes
The selloff underscores a swift change of fortunes for what was previously one of the most popular Trump trades in global markets: buying Bitcoin on the expectation that the president’s crypto-friendly approach would lead to a broad rally.
That worked for a while. Bitcoin hit its all-time high of $109,241 on Jan. 20, the day of Trump’s inauguration. But cryptocurrencies have recently come under pressure amid worries that Trump’s pugilistic approach to global trade could lead to broad pain.
“Given the macro environment, it’s not surprising to see we are where we are,” said Stefan von Haenisch, director of over-the-counter trading in Asia Pacific at crypto custody firm Bitgo Inc. Traders are still waiting for Trump to come up with concrete steps for the sector including a Bitcoin stockpile, he said.
What Bloomberg’s Strategists Say...
“The real panic may be ahead of us still. Bitcoin always has another 70%+ crash in its future, by construction. $72k-$74k would appear to be the technical crunch zone that might trigger the next crypto winter.“
— Mark Cudmore, MLIV Executive Editor
Read more here.
Investors are now being forced to consider quite how far the world’s biggest cryptocurrency can fall. There is support for the coin around $70,000, said Ruslan Lienkha, chief of markets at crypto platform YouHodler, pointing to technical analysis. But he said investors shouldn’t assume the rout in Bitcoin will get that bad. Bitcoin was down about 4.3% to $80,653 as of 6:52a.m. in New York.
“We will only see this level if negative sentiment dominates the equity markets,“ said Lienkha.
Bearish sentiment this week has also hit spot US Bitcoin exchange-traded funds, with investors pulling out more than $1 billion on Tuesday, the biggest one-day outflow since their debut last year.
Trump has already made a few changes that have pleased crypto bulls, including putting crypto advocates in key positions. The Securities and Exchange Commission, which embarked on a yearslong crackdown under former Chair Gary Gensler, has also closed investigations into several crypto outfits in recent weeks.
Trump has said he wants to make the US “the crypto capital of the planet and the Bitcoin superpower of the world.”
Read: Bitcoin’s Slide Has Traders Hedging Against a Drop to $70,000
(Updates pricing.)
[Bloomberg]
China has vowed to take all necessary countermeasures after U.S. President Donald Trump announced a fresh 10% tariff hike on Chinese imports.
CNBC reports that this latest escalation in the ongoing trade dispute between the world’s two largest economies has raised concerns over global market stability and potential economic ramifications.
The Chinese Ministry of Commerce, in a statement released on Friday, expressed firm opposition to the U.S. decision, warning of potential retaliatory measures.
“If the U.S. insists on its own way, China will take all necessary countermeasures to defend its legitimate rights and interests,” the Ministry stated, according to a CNBC translation.
The statement further urged Washington to reconsider its approach, emphasizing the importance of resolving conflicts through dialogue based on equality.
“We urge the U.S. side to not repeat its own mistakes, and to return as soon as possible to the right track of properly resolving conflicts through dialogue on equal footing.”
Timing and Implications
- The new tariffs, set to take effect on March 4, will coincide with the start of China’s annual parliamentary meetings, a period of heightened economic and political discussions in Beijing.
- These additional duties follow an earlier 10% tariff imposed by Trump on February 4, bringing the total tariff increase to 20% within a month.
- Trump justified the decision by citing China’s alleged role in the fentanyl crisis. The synthetic opioid, whose precursors are largely produced in China and Mexico, has been responsible for tens of thousands of overdose deaths in the U.S. annually.
Potential Chinese Retaliation
Economic analysts predict that China’s response will include higher tariffs on select U.S. imports, placing more American firms on its unreliable entity list, and possibly tightening export controls on critical minerals, a sector where Beijing holds significant leverage.
Neil Thomas, a fellow on Chinese politics at the Asia Society, noted that while Beijing’s reaction may be measured, it is expected to target strategic sectors.
“In the short term, China’s response will likely include raising tariffs on select U.S. imports, adding more American firms to its unreliable entity list, and potentially further tightening export controls on critical minerals,” Thomas said.
Alfredo Montufar-Helu, head of the China Center at The Conference Board, added that China’s response could be strategically designed to impact industries that are important to Trump’s voter base, keeping the door open for further negotiations.
He said China would prefer to leave some room for further negotiations as it hopes to avoid even higher import tariffs and other ‘corrective’ measures by Washington.
Previous Retaliatory Measures
China has a track record of targeting U.S. industries in retaliation to tariff hikes. Following the February 4 tariffs, Beijing responded by increasing duties on certain U.S. energy imports and placing two American firms on its unreliable entity list, limiting their ability to conduct business in China.
Additionally, China has increased restrictions on exports of critical minerals essential for U.S. industries, a move that could severely impact supply chains.
Stephen Olson, a visiting senior fellow at the Institute of Southeast Asian Studies and a former U.S. trade negotiator, highlighted the significance of China’s control over essential raw materials.
“The sharpest arrow that China has in its quiver would be to restrict U.S. access to critical minerals that can’t readily be sourced elsewhere,” Olson remarked.
The trade war escalation has raised concerns about potential disruptions in global supply chains and economic growth. China’s exports have remained a rare bright spot in its otherwise slowing economy, and with the U.S. being its largest single-country trading partner, both nations have a vested interest in preventing further economic downturns.
[Nairametrics]
The factional Speaker of the Lagos State House of Assembly, Mudashiru Obasa, has said that he has been a disciple to President Bola Ahmed Tinubu since he left secondary school.
Obasa stated this while answering questions in relation to the crisis rocking the state House of Assembly during an interview on Channels TV’s Politics Today on Thursday.
Obasa had stormed the assembly on Thursday alongside his security details and presided over ‘plenary’ attended by four lawmakers, a development which has deepened the crisis.
When asked whether he has Tinubu’s backing in the crisis, Obasa said, “I have been following this man since I just left secondary school. I have pictures to prove this. During SDP I contested for delegate.
“Since then I have always been one of his disciples and I will not change tomorrow. I have always been a loyalist. If they are just realising that now, then they have not been part of us from the genesis.”
On the alleged misunderstanding with Governor Sanwo-Olu, Obasa said that he had been working with the governor smoothly.
“It is not a sin to have an ambition. The governor is my leader and brother. And there is no reason for me to disrespect him. If I have taken a step or an action that seems disrespecting him that might have happened unconsciously.
“Number one, the governor is in our state. We have to respect him and he is my brother. So, as far as I am concerned, there is nothing like that.
“Governorship ambition is not in my consideration. But that doesn’t mean I am not qualified,” he added.
[DailyTrust]
Nigerian singer Timaya and his American girlfriend, Brooke Bailey, have dispelled rumors of their separation.
Speculation recently emerged that the couple had separated after Brooke Bailey unfollowed Timaya on Instagram and deleted all photos of him from her page. The singer also does not have photos of Bailey on his Instagram page and is not following anyone on the platform.
Shutting down the rumors, the couple, via their respective InstaStories, reposted a cozy photo of themselves.
Recall that in December 2024, Timaya and Bailey sparked relationship speculations after they were spotted holding hands while boarding a private jet.
The American reality star also expressed her love for Timaya while in Bayelsa to support him during his homecoming concert in January.
Thereafter, the couple shared photos and videos of themselves professing their love for each other.
[DailyPost]
The Speaker of the Lagos State House of Assembly, Mojisola Meranda, has faulted the action of her predecessor Mudashiru Obasa, who showed up at the Assembly on Thursday, insisting he is still the speaker.
Recall that The Nation had reported that Obasa, returned to the House in a shocking move on Thursday.
Obasa, who was removed as Speaker by 36 lawmakers on January 13, 2025, came in the company of security officials and made his way into the Speaker’s Office around 9 am.
He seized control of the Speaker’s office and held what could be described as a plenary session with four lawmakers loyal to him. Other lawmakers present at the 40-member assembly boycotted the session.
The ousted Speaker proclaimed that his removal was null and void, and asserted that he remains the legitimate Speaker of the House.
Reacting, Meranda said: “Well, this is just the beginning and just like what happened in there, both parties have their representatives, and I think we should allow the legal team do their job.
“Well, I think he (Obasa) is still a member of the assembly, so he has every right to be at the assembly, but I think the invasion and breaking into my office is really a big one.
“The sitting with just lawmakers is a show of shame because in our job, we’ve numbers that must form quorum. If you’re sitting with only 3 or 4 lawmakers, then you’re only doing theatre.
“The public will be notified on the next sitting of the house.”
The Senator representing Kogi Central, Natasha Akpoti-Uguaghan, has accused the Senate President, Godswill Akpabio, of sexual harassment.
Akpabio has since denied the allegation through his media consultant, Kenny Okulogbo,
Akpoti-Uduaghan made the allegation during an interview with Arise Television on Friday.
She alleged that Akpabio blocked her motions from being heard on the floor of the Senate because she rejected his advances.
The Kogi lawmaker added that by rejecting Apkabio’s sexual advances, she was subjected to persistent harassment and malignment in his home in Uyo, the Akwa Ibom state capital, and his office.
She said, “My issue with Akpabio started on the 8th of December, 2023, when my husband and I attended a pre-birthday invitation extended by the Senate President at his residence in Uyo. We had earlier gone to his house at Ikot-Ekpene, and he held my hand and said he wanted to show me around his house. Just the three of us, my husband and him. I noticed he hastened his pace while still holding my hand, and he got to this particular sitting room.
“He asked ‘do you like my house?’ and I replied ‘of course yes,’ and he said, ‘now that you are a Senator, you are going to create time for us to spend quality time here and you will enjoy it.’
“Later, on the floor of the Senate, I attempted to raise a motion regarding corrupt practices at the Ajaokuta Steel Company. I listed this motion five times, and it was only on the sixth occasion that it appeared on the order paper. When I approached the Senate President to enquire why my motion had been repeatedly stepped down, he told me ‘Natasha, I am the Chief Presiding officer of the Senate. You can enjoy a whole lot if you take care of me and make me happy.’ At that point, I told him that I would pretend I didn’t hear that.
“My case is a case of a student being punished by a lecturer for refusing to sleep with him.”
Speaking further, Akpoti-Uduaghan said some senators had warned her to adhere to the seat change because it was a trap.
She added, “I was approached by a sergeant-at-arms in the Senate chamber who informed me that my seat had been changed by the Senate President, Godswill Akpabio. This was news to me because I had attended the last session and had not been informed of any changes. Before the Senate President could announce my suspension, I needed to invoke Order 10, which serves as an SOS for Senators who feel their rights have been breached. The Senate President made a mistake by not allowing me to speak on that Order 10.”
Reacting to the allegation in an interview with PUNCH Online correspondent, the media consultant to the Senate President, Kenny Okulogbo, described the allegations as tissues of lies.
Okulogbo stated that the Kogi lawmaker is angry because she was removed as the Chairman of the Senate Committee on Local Content.
He said, “All that Senator Natasha said are all tissues of lies. She is just angry because she was removed as the Chairman of the Senate Committee on Local Content.
“The Senate President will respond. We will make an official statement soon.”
[Punch]
Sophia Chinwe Egbueje is a distinguished socialite, model, and entrepreneur.
With a strong presence in the fashion industry and a remarkable influence on social media, she has carved a niche for herself in the Nigerian entertainment and business landscape.
Sophia Egbueje: Early Life and Education
Born June 1, 1996, in Lagos State, Nigeria, into the Egbueje family, Sophia hails from Umuoji town in the Idemili North Local Government Area of Anambra State. Raised in a closely knit household, she shares a strong bond with her siblings.
Academic Pursuits
Sophia Egbueje attended Covenant University in Ogun State, where she earned a degree in Accounting. Her educational background provided her with essential business acumen, which would later fuel her entrepreneurial ventures.
Career Journey
Sophia’s passion for fashion was evident from an early age. Determined to make an impact in the industry, she launched her own fashion company, curating and promoting exclusive fashion pieces that resonated with a diverse clientele.
Her strategic use of social media, particularly Instagram, propelled her into the limelight. By showcasing her impeccable fashion sense and luxurious lifestyle, Sophia Egbueje cultivated a strong following, significantly boosting her brand’s visibility and success.
Beyond her personal brand, Sophia Efgbueje has collaborated with various fashion labels, solidifying her reputation as a trendsetter. Her ability to blend global fashion trends with Nigerian aesthetics has positioned her as a major influencer in the fashion and lifestyle space.
'Only God Will Decides 2027, Not el-Rufai' - 255 LG Councilors endorse Tinubu, Gov Sani For 2nd Term
AFOLABI
The Commissioner for Local Government and Chieftaincy Affairs in Kaduna State, Alhaji Sadiq Mamman Lagos has said that former Governor Nasir El-Rufai, cannot decide on what will happen in 2027, but only God can decide.
He also decried El-Rufai’s comment against President Bola Ahmed Tinubu and Governor Uba Sani of Kaduna State.
He told El-Rufai to steer clear of Kaduna, pointing out that “God will decide who wins the Governorship and Presidential election in 2027”.
Mamman Lagos spoke in an interview with journalists, even as Kaduna’s 255 Councilors in Kaduna State endorsed President Tinubu and Governor Uba Sani for a second term in 2027.
“We must set the record straight by reminding all who care to listen that our good and amiable Governor had never at any time interfered with the running of the state in the previous administration.”
“He concentrated on initiating and passing bills in collaboration with fellow lawmakers at the Senate and his constituents to make life better for people. We see no reason he should at this time be distracted by someone who feels he has the monopoly to either make or mar individuals.”
“Go round and see for yourselves how Governor Uba Sani has succeeded in reversing virtually all the unpopular and various anti masses policies of his predecessor who rode to power on the goodwill of the people and sacrifices made by grassroots politicians such as Uba Sani…”
“Governor Sani has surpassed the expectations of even the opposition who see in him a leader needed at this time to unite the people and bring back the lost glory of the state. He has virtually touched all aspects of governance to bring success…”
“Confiscated or demolished properties have been returned to their owners, high tuition fees charged by the previous administration have been reversed, traditional rulers deposed, got back their thrones.”
“There have been massive infrastructural developments cutting across all the three Senatorial Zones, correcting the hitherto impression of the APC as government of a particular segment.”
“We want to use this opportunity to admonish this individual and his co-travelers, if any, to desist from further making of inflammatory and empty threats as if he owns the key to political success in the next election. The electorate will decide who to pitch their tents with and can be relied on for his compassion and soft heart for the masses,” he said.
Early, the Councillors said there is no vacancy in the Presidential Villa Abuja and Sir Kashim Ibrahim Kaduna Government House come 2027.
Muhammad Sani Badiko, who addressed journalists on behalf of the 255 councilors, linked their support for Governor Uba Sani to the massive infrastructural developments which “are unprecedented in the history of Kaduna state”.
“We score the Governor high on rural development, economic recovery, education and healthcare positive intervention programmes for growth and innovation. We are going to mobilize grassroots support for the Governor’s reelection in 2027, we call on all political actors to sheath their swords and wait after 2031,” they said.
The ousted Speaker of the Lagos State House of Assembly, Mudashiru Obasa, has stated that the same due process that led to his appointment must be followed for his removal.
Naija News reports that on Thursday, Obasa made a dramatic appearance at the Assembly complex, declared himself Speaker, and presided over a plenary session with only four lawmakers in attendance.
Speaking on Channels Television’s Politics Today on Thursday evening, Obasa emphasized that he was not opposed to his removal, but insisted that due process must be adhered to.
“First, we were on recess. A motion was moved to adjourn till February 18 by the Majority Leader and was well seconded. So, I went on an official trip to Congress in the United States of America. The second trip was to be in Canada for a programme organised for some members of the House.
“So, we adjourned properly. When reconvening, it must go through the Majority Leader, the Clerk, and the Speaker. According to the rules of the House, only the Speaker can reconvene. If that process is not followed, then it doesn’t matter what forgery is being attempted.
“When I was elected as Speaker, the entire House supported me. When I took office in June 2023, the whole House backed my nomination, and I became Speaker. There is nothing wrong if the House decides otherwise. However, they followed a process to elect me, so if they wish to remove me, they must follow the same process,” he stated.
Meranda Withdrew From Speakership Race – Obasa
Obasa also revealed that his successor, Mojisola Meranda, withdrew from the Speakership race following a meeting with the party leadership in the state. He added that her withdrawal led to the removal of her security detail.
“When my security personnel were withdrawn, even while I was not in the country, without my knowledge or consent, did I complain? I did not. There was a meeting in Marina, attended by all party leaders and House members. During that meeting, Meranda openly stated that she had stepped down and resigned.
“When you resign from an office, the paraphernalia of that office is naturally taken away,” he explained.
Obasa Denies Friction With Governor Sanwo-Olu
When asked whether his political troubles stemmed from his ambition to become Governor or disrespecting Governor Babajide Sanwo-Olu, Obasa dismissed the claims.
“It is not a sin to have ambition — let’s correct that. Secondly, the Governor is my brother, my leader, and my everything. I have no reason to disrespect him.
“If I have taken any action that seemed disrespectful, it was likely unconscious. There is no reason for me to do such a thing. The Governor is number one in our state,” he said.
The Redeemed Christian Church of God has announced free medical surgeries to mark the General Overseer, Pastor Enoch Adeboye’s 83rd birthday.
Adeboye was born on March 2, 1942, in Ifewara, Osun State. He will be 83 on Sunday.
According to a statement by his son, Pastor Leke Adeboye, on Thursday, the programme, which is part of the church’s Corporate Social Responsibility initiatives, would offer free medical services in various areas, including obstetrics and gynaecology, surgeries, general surgeries, eye surgeries, dialysis sessions, reading glasses, and consultation.
According to the church, the free medical services will be executed by the Redeemer’s Health Centre.
The statement added that interested individuals can register for the various services by contacting the designated phone numbers or visiting the RHC premises.
It stated, “Pastor Adeboye’s commitment to giving back to society is evident in the church’s numerous CSR initiatives, which have impacted over 166 million lives and executed over 990,000 projects.
“We are committed to impacting lives across different sectors.
“Our CSR programmes are designed to provide support and care to those in need, and we are grateful for the opportunity to serve.”
The RCCG’s health interventions have been extensive, with over nine million beneficiaries of free healthcare services, 33,052 completed healthcare projects, and four intensive care units/centres established in various locations.
The free medical services programme is a testament to Adeboye’s commitment to serving humanity and making a positive impact on society, the church added.
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Operatives of the Imo State Police Command have rescued two children from their female abductors in two separate incidents, even as they rejected a ₦1million offer as bribe.
Police spokesperson in the state, DSP Henry Okoye disclosed this in a statement made available to newsmen on Thursday.
Okoye disclosed that on February 4th 2025, operatives attached to the State Criminal Investigation Department (SCID) arrested a 32-year-old woman, Confidence Odoh, a resident of Umuanyo Eziobodo in Owerri West local government area.
Odoh was apprehended for allegely abducting her former neighbor’s 3-year-old son, Nzubechi Ududiri, three days earlier, on February 1, 2025.
The suspect was alleged to have abducted little Nzubechi while he was playing within the suspect’s house premises.
However, the child has been reunited with his parents, Mr and Mrs Michael Ududiri.
In another development, police operatives on a routine stop-and-search operation on the Owerri-Aba express Road also nabbed a 45-year-old Eze Chika, a female resident of Obiokwara Umualoma in Ideato North local government area of Imo State for being in company of an abducted four years old boy.
Chika offered a bribe of ₦1million during interrogation to the police operatives to pave way for her release after admitting that she bought the child for ₦1.8million from a suspected child trafficking syndicate in Aba, Abia State.
Okoye said, “On February 4, 2025, detectives of the State Criminal Investigation Department (SCID) arrested a 32-year-old woman, Confidence Odoh, of Umuanyo Eziobodo, Owerri West LGA, for abducting her ex-neighbor’s 3-year-old son, Nzubechi Ududiri, on February 1, 2025. Investigations revealed she stole the child while he was playing in the compound where he resides.
“The child was rescued and reunited with his parents, Mr. and Mrs. Ududiri Michael, while efforts are ongoing to apprehend possible accomplices.
“In a separate development on February 21, 2025, operatives of the Safer Highway Unit, while conducting a robust stop-and-search along the Owerri-Aba Express Road, apprehended Eze Chika (45) of Obiokwara Umualoma, Ideato North LGA, found with a suspected stolen 4-year-old child. Initially, she claimed the child was hers but later admitted to purchasing the child from a suspected child trafficking syndicate in Aba for ₦1.8 million.
“In a desperate attempt to evade arrest, the suspect offered the officers a ₦1 million bribe, which was outrightly rejected. The officers proceeded with the lawful arrest and ensured the safe rescue of the child,” the police spokesman said.
Okoye added that further investigations revealed possible links to a larger trafficking network, saying more arrests are expected as efforts are underway to identify the child’s biological parents.
He expressed the commitment of the Imo State Police Command to combating child trafficking and other organised crimes.
Residents, especially parents, are also urged to stay vigilant, monitor their children closely, and report suspicious activities to the nearest Police Station or via 0803 477 3600, 08148024755.
A FinTech Executive and Techpreneur, Tope Dare, has warned that the Central Bank of Nigeria’s revised ATM withdrawal fees, set to take effect on March 1, 2025, will hurt low-income Nigerians while benefiting wealthier individuals.
“This policy ultimately favors those who can afford to withdraw larger sums, while the average Nigerian, who withdraws in smaller amounts, bears the brunt.
“For many low-income earners and small business owners, withdrawing N5,000 or N10,000 at a time is a daily necessity. Now, they face unfair charges that wealthier Nigerians can easily avoid,” he stated.
According to Dare, the new policy introduces a tiered fee structure, charging N100 per N20,000 withdrawal at ATMs within bank premises and up to N500 for withdrawals from off-site ATMs in locations like malls and fuel stations.
Meanwhile, he further mentioned that while the CBN insists the policy is necessary for banks to recover operational costs and expand ATM networks, critics argue that it disproportionately targets those who withdraw small amounts frequently.
According to the expert, a recent street survey further highlighted public frustration.
He said many respondents expressed their concerns over the elimination of three free interbank withdrawals per month, which previously allowed them to access funds from any ATM without penalty.
Also, consumer rights group Socio-Economic Rights and Accountability Project (SERAP) has already taken legal action against the CBN, calling the policy “unfair, unreasonable, and unjust.”
SERAP argued that the revised fees violate sections of the Federal Competition and Consumer Protection Act, which aims to prevent exploitation and ensure fair market practices.
However, Dare said the lawsuit seeks to have the policy overturned, citing its disproportionate effect on the poor.
Beyond the direct financial impact, Dare warned of potential long-term consequences.
He stressed that Nigeria was already struggling with financial inclusion, with at least 31 per cent of the population lacking sufficient education to navigate complex banking policies.
He added that many worry that confusion over the new charges could drive people away from formal banking, increasing reliance on costly and unregulated alternatives.
“The CBN should focus on making banking more accessible, not discouraging small transactions.
“If this policy must stand, there should be exemptions or lower fees for small withdrawals to protect vulnerable Nigerians,” he mentioned.
Dare noted that “As the implementation date approaches, public pressure on the CBN continues to mount. Whether the apex bank will reconsider the policy or push forward despite growing opposition remains to be seen.”
However, Dare stated that “Without adjustments, Nigeria’s most financially vulnerable citizens stand to lose the most.”
In its bid to enhance the liquidity of the Nigerian Electricity Supply Industry, the Federal Government has said it is considering plans to regularise the electricity tariffs to address disparities in the current billing system for customers outside the Band A category.
The proposed hike seeks to align tariffs for customers in the Band B and C categories with the N206/kW rate paid by Band A customers, who make up approximately 15 per cent of the total 12.82 million power consumers nationwide.
However, this plan by the government was opposed by power consumers and members of the Organised Private Sector, who wondered why the government had continued to hike the cost of commodities in various sectors of the economy.
This comes as the government admitted that it currently owes the 24 power generation companies and 11 electricity distribution companies operating in the country over N4tn in electricity subsidy.
The Minister of Power, Adebayo Adelabu, made this known at the public presentation of the National Integrated Electricity Policy and Nigeria Integrated Resource Plan on Thursday in Abuja.
The NIEP initiated in 2024 was developed through a collaborative effort involving power sector professionals and donor partners, including the De the Development Bank, the World Bank, the United Nations Development Programme, the Deutsche Gesellschaft für Internationale Zusammenarbeit, the Tony Blair Institute and the United Kingdom Nigeria Infrastructure Advisory Facility.
The PUNCH reports that the Nigerian electricity sector has undergone several reforms in the last year that are perceived as harmful to citizens, causing significant hardship following the government’s firm stance on adopting a cost-reflective tariff.
The latest development comes weeks after the Special Adviser to President Bola Tinubu on Energy, Olu Verheijen, had hinted that the current power tariffs would rise by about two-thirds.
Speaking in his keynote address on Thursday, Adelabu said the government is considering this option over the slow pace of migration to Band A customers, which he attributed to the reluctance of distribution companies to make the necessary investments.
He stated that the tariff regularisation would promote investment in the power sector amidst calls by potential investors for a cost-reflective tariff regime in the country.
Under the current structure, customers in Band B, who enjoy 18 to 17 hours of electricity supply, pay N63 per kilowatt-hour, while those in Band A, with only two hours more of supply, are charged N209 per kilowatt-hour.
Adelabu described this as “unfair” and stressed the need for a regularisation of the tariffs to create a more balanced and equitable pricing system.
The minister said, “We will look at the tariff again. I am not saying that we are going to increase the tariff before I am misquoted.
“We are going to look at it and see how we can improve upon our modest achievement of last year, not only to ensure that we grow the sector that we need but also to ensure that we can invest more in revamping all these dilapidated infrastructures.
“The migration to Band A should have been faster, but we found out that Discos refused to invest. They have refused to invest in this sector. A lot of investment is required for us to achieve an accelerated migration of lower-band customers into Band A. It is taking a lot of time.”
In response to this, the government is considering restructuring the tariff bands, reducing the current wide gap between them. The minister explained that a new system, proposed to encompass Bands A, B, C and eliminate D and E tariff groups would address these inequalities.
“The gap between the Band A tariffs and Bands B, C, D, and E is just too wide,” he said. “We believe it’s not fair. It is not just, and we must be able to carry out some level of regularisation.”
The minister also revealed that the Federal Government owes electricity generation and distribution companies over N4tn in electricity subsidies.
He noted that the debt had added to the already challenging situation in strengthening the power sector to deliver optimum service to consumers.
A breakdown showed that N2tn is owed to Gencos as legacy debts, while another N1.9tn is owed to them as part of the electricity subsidy for 2024, while Discos are owed N450bn for the 2024 electricity subsidy.
“How do you expect the Gencos to perform optimally? How do you expect them to pay for gas, service and maintain their turbines and other infrastructure as well as pay their staff? If a total of N4tn is owed to them,” Adelabu stated.
Consumers, OPS kick
Electricity consumers have kicked against the plan by the Federal Government to increase electricity tariffs payable by customers currently enjoying government subsidies.
The consumers, under the aegis of the All Electricity Consumers Forum, said it would be insensitive of the government to think of any tariff increase at a time when it has not succeeded in giving a stable electricity supply to the people.
Speaking with The PUNCH, the National Coordinator of All Electricity Consumers Forum, Adeola Samuel-Ilori, said the present infrastructure of the distribution companies and that of the Transmission Company of Nigeria are moribund to achieve any meaningful improvement in power generation, wondering if the government sees the masses as gullible and docile.
“Our peak generation is just 5,345 megawatts. Discos still reject loads for one reason or another. It’s purely insensitive of a ruler to think the citizens can be pummeled to a state of involuntary submission because of their passive mentality. That’s not only bad but criminal, and it can only be a government with no good intentions that will contemplate that,” Samuel-Ilori said.
He alleged that the government is imposing taxes on people to convince investors that there would be returns on investments.
The National Vice President of the Nigerian Association of Small-Scale Industrialists, Segun Kuti-George, said the Federal Government is insensitive.
He lamented, “I think the government is insensitive to what is happening in the nation. The government is behaving as if they are ruling from outside, as if they are living in another country and ruling from there. The government is far from the reality of what is facing the country. The service providers just increased their own tariffs, the Nigerian Ports Authority as well by 15 per cent.
“Why is the government not working on providing alternative sources of power? Even the electricity we have is not regular; it still goes off for hours, and nobody has been jailed for the incessant blackouts. While we are not done with these, they are still talking on another increment, they are purely insensitive, and it does not show an innovative government.”
Meanwhile, a member of the Nigerian Economic Summit Group, Dr Ikenna Nwosu, said the past hikes were unjustified.
He said, “The past hike was not justified with any published data. The new hike is, thus, not justified. It has a negative impact on persons and businesses are very humongous. It is crippling, and will simply worsen the current double crises if cost of living crises and cost of doing business crises.
“For a country with plenty of power sources, Nigeria should have very cheap power.”
The Kano State Government has reaffirmed its commitment to enhancing educational opportunities for its youth, with plans to sponsor an additional 1,002 students for overseas studies, following the successful sponsorship of 1,001 students last year.
This was revealed by the deputy governor of the State, Comrade Aminu Abdussalam Gwarzo, during a courtesy visit by the European Union (EU) Delegation ahead of the 2025 Study in Europe Fair in Kano.
In a statement issued to journalists by his spokesperson, Ibrahim Garba Shuaibu, the deputy governor described the initiative as a “bridge for creating a future where the youth of Kano can access world-class education and participate fully in the global knowledge economy.”
He further highlighted that the Kano State Government has prioritised education, reflecting in the highest budgetary allocation to the sector in Nigeria for 2024 and 2025 fiscal years. Additionally, the government has declared a State of Emergency in Education to ensure young people receive quality education that equips them with skills to compete in the modern world.
Deputy Governor Gwarzo, while expressing appreciation to the EU for its continued support and collaboration, recognised the Study in Europe Fair as a testament to the commitment of international partners to the development of Nigeria’s educational system.
“As a state that has long been a center of trade, culture, and education, Kano stands to gain immensely from international collaborations such as this. We look forward to a successful event that will empower our youth, enhance educational exchange, and contribute to the overall economic and social development of Kano, Nigeria, and West Africa,” he said.
Speaking earlier Gautier Mignot, the European Union Ambassador to Nigeria and ECOWAS, as well as leader of the delegation, stated that they were in Kano primarily for the Study in Europe Fair, scheduled for February 27, 2025.
Accompanied by several representatives from EU member-states, he noted that the event had been organised in the past in Kano, bringing European higher education institutions to engage with academic scholars and students, providing them with information on study programs and opportunities in Europe.
According to him, the expectation was to establish new contacts, partnerships, friendships, and student exchanges, with scholars travelling to Europe and, hopefully, some European scholars coming to Kano as well.
He further mentioned that around 20 university representatives were present in Kano for the event, many of whom were visiting for the first time. He emphasized that the initiative aimed to promote people-to-people connections and strengthen educational collaboration between Europe and Kano.
Other members of the delegation included Amb. Michal Cygan of the Polish Embassy to Nigeria, Jurgew Bartelink – Deputy Ambassador, Embassy of the Kingdom of the Netherlands to Nigeria, Leila Ben Mathieu – Head of Human Development, European Union Delegation to Nigeria and Kristof Korosi – Deputy Ambassador of Hungary to Nigeria.