[STATE HOUSE PRESS RELEASE] Mining And Education in Focus as President Tinubu Receives Letters of Credence from Newly-Appointed Ambassadors
AdminPresident Bola Tinubu, on Friday, welcomed newly-appointed ambassadors to Nigeria, expressing his commitment to enhancing cooperation in the areas of education, mining, culture, and tourism.
The President received Letters of Credence from the High Commissioner of Jamaica, Lincoln Downer; High Commissioner of Australia, Leilani Bin-Juda; and Ambassador of Romania, Florin Talapan at the State House, Abuja.
During separate meetings, President Tinubu assured them of Nigeria's support for a rewarding stay and reaffirmed his government's commitment to maintaining an open-door policy toward strengthening existing economic, cultural, and diplomatic relations.
Speaking when he received the High Commissioner of Jamaica, President Tinubu emphasized the importance of collaboration on trade, investment, and the Technical Aids Corps.
He reiterated Nigeria's readiness to reactivate energy cooperation with Jamaica, particularly in the context of climate change and the utilization of gas as a transition fuel.
''The essence of a relationship is to understand one another. With Nigeria's energetic and talented youth, we have a cultural affinity with Jamaica and a lot of potential for cooperation in the areas of culture and tourism that will benefit the youth populations of both countries," the President said.
The Jamaican High Commissioner conveyed his Prime Minister’s willingness for cooperation between Nigeria and Jamaica in various fields, such as energy, trade and investment, culture, and tourism.
He announced plans for a Jamaican business delegation to visit Nigeria later this year and invited Nigerian investors to explore opportunities in Jamaica’s special economic zones.
During the meeting with the High Commissioner of Australia to Nigeria, President Tinubu expressed appreciation for the longstanding relationship between Nigeria and Australia.
He acknowledged the shared values and interests between Nigeria and Australia as active members of the United Nations, the Commonwealth, and other multilateral institutions.
Acutely aware of Australia's world-leading position in iron ore export, the President emphasized the importance of strengthening cooperation in mining, following recent initiatives by the Minister of Solid Minerals Development, Dr. Dele Alake, to deepen ties between the two nations concerning developments in the sector.
"The Minister of Solid Minerals was in Australia recently, and we look forward to further collaboration in this area. We are also ready to deepen our mutual cooperation in the area of education," President Tinubu stated.
The Australian High Commissioner expressed enthusiasm for further collaboration during her tenure in Nigeria.
"I am the first Australian indigenous person to be appointed High Commissioner to Nigeria. I have been here for five months, and I love Nigeria. I love the people. I am sure my tenure here will be extremely fruitful for both sides," the High Commissioner told the President.
The Australian High Commissioner extended an invitation to President Tinubu to consider visiting Australia during the Commonwealth Heads of Government Meeting (CHOGM) in Samoa.
During the meeting with the Romanian Ambassador, President Tinubu assured the ambassador that Nigeria will explore more opportunities for collaboration with the EU-member country.
The Romanian Ambassador expressed his commitment to strengthening ties between Nigeria and Romania, particularly in the education, energy, and defence sectors.
He announced plans to increase scholarships for prospective Nigerian students interested in studying in Romania.
"Nigeria is a second home to me, and I have lived here for many years. I have to give back every good thing I have received from Nigeria. My country is looking towards a strategic alliance with Nigeria in the areas of education, energy, and defence," Ambassador Talapan told President Tinubu.
Chief Ajuri Ngelale
Special Adviser to the President
(Media & Publicity)
[STATE HOUSE PRESS RELEASE] President Tinubu To Corporate Nigeria: Hand in Hand with You, I Cannot Underperform on A Job I Campaigned For
AdminPresident Bola Tinubu says Nigeria's economy is at a turning point and will require the steadfast support of the private sector for sustained growth and prosperity.
Speaking during Iftar on Thursday in Abuja with members of the Nigerian business community, the President expressed gratitude for their support and pledged to engage with them more frequently.
''I would have summoned you before now, not during Ramadan, because you are a very valuable part of my constituency.
''There is no driver of the economy that is bigger than the private sector. If the private sector is not flourishing, there is no growth, no prosperity, no employment or development. No matter how flowery the speeches are, not even a mushroom will grow.
''Thank you for persevering. We are at a turning point in our economy. I do not have to do a quadratic equation to illustrate all of that to you. I just want to appreciate you for your endurance and perseverance,’’ the President said.
Sharing insights from his visit to the New York Stock Exchange in 2023, President Tinubu noted Nigeria's self-belief and determination to drive economic transformation from within.
''At the New York Stock Exchange, I appealed to foreign investors to consider Nigeria as a prime investment destination.
"At the end of my remarks, I told them we only want them to show their face and diversify Nigeria’s economy not as if we cannot do it ourselves.
"Tony Elumelu walked up to me and thanked me for making that statement. We can do it. Nigeria is a self-believer and can always deliver on its own. We know our first name and our last name. Our first name is: Spirit, and our last name is: Can do."
President Tinubu reiterated his commitment to fulfilling his mandate, emphasizing that he cannot afford to underperform, given the trust placed in him by the electorate.
"I have no reason to underperform as the elected President of the country because I campaigned for the job.
"I cannot complain about the job. I appreciate the gesture, and what you have told me this evening is very inspiring. Cut the costs. Fix the bends. Summon courage. Save the money, but push the economy. We will be there.There are some countries that have failed. There are some countries that have succeeded. In our time, in my time, all of us must work together to succeed. Thank you very much,’’ the President concluded.
In separate remarks at the Ramadan dinner, industrialists, bank executives, and entrepreneurs pledged their support towards the success of the administration’s economic programmes.
Mr. Tony Elumelu, Chairman of Heirs Holdings, assured the President that the Organized Private Sector (OPS) in the country is solidly behind him.
‘‘Your transformation journey to turn around the economy and businesses are very appropriate for the country.
‘‘We appreciate what you are doing. We know the journey will not be smooth, but given the will, we will get to the Promised Land.
‘‘We admire your decisiveness, and we appreciate what you are doing. You are extremely passionate about taking Nigeria to the Promised Land.
‘‘On behalf of the OPS, we want to assure you that we are 100 percent with you. We have engaged with your ministers and associates; we share ideas, and we support them. We know that under your leadership, you have the ability to heal Nigeria permanently,’’ Mr. Elumelu said.
Allen Onyema, Chief Executive Officer, Air Peace, charged business owners and manufacturers to work towards bringing down the cost of products and services.
Citing the example of Air Peace in reducing the cost of air tickets to London, Mr. Onyema thanked President Tinubu for improving the ease of doing business in the country.
''President Tinubu is thinking of the Nigeria of the future. The ease of doing business is coming back gradually. I can attest to that in the aviation sector because of the people you appointed to head that sector.
''I can also attest to what our High Commission in the United Kingdom did in making Air Peace flights into Gatwick Airport a possibility,’’ he said.
Dr. Stella Okoli, pharmacist and founder of Emzor Pharmaceutical Company, urged the President to look into providing more support for the pharmaceutical industry in the country to make it self-sufficient and self-financing.
Chief Ajuri Ngelale
Special Adviser to the President
(Media & Publicity)
April 4, 2024
[STATE HOUSE PRESS RELEASE] President Tinubu Thanks Jim Obazee for Services as Special Investigator of The CBN at Conclusion of Investigation
AdminPresident Bola Tinubu thanks Mr. Jim Obazee, former Chief Executive Officer of the Financial Reporting Council of Nigeria (FRC), for his services as the Special Investigator of the Central Bank of Nigeria (CBN) and other related entities, upon his appointment on July 28, 2023.
The President commends Mr. Obazee for the dedication and professionalism he exercised in handling the complexities of this critical national assignment.
Subsequent to the conclusion of the assignment and the submission of a final comprehensive report, and with the winding up of all apparatuses used during the scope of the task which terminated on March 31, 2024, the investigation is formally closed, with all appropriate law enforcement and regulatory agencies already conducting follow-up action.
The President thanks Mr. Obazee for answering the call of duty while wishing him success in his future endeavours.
Chief Ajuri Ngelale
Special Adviser to the President
(Media & Publicity)
April 5, 2024
The Federal Government has pegged vehicle speed limits on the Third Mainland bridge at 80 kilometres per hour.
Minister of Works, David Umahi, declared the latest speed limit during the official opening of the bridge.
The minister, who was represented by the Federal Controller of Works Lagos, Olukorede Kesha, expressed gratitude to Lagosians for their patience during the last five months of extensive repairs of the bridge.
The minister, while performing the reopening of the bridge, stated that other ancillary works like the installation of speed limits, guard rails, and CCTV, among others will end by May 24.
He lauded President Bola Tinubu for making funding seamless to achieve an indelible infrastructure upgrade, saying the underdeck rehabilitation would continue without any further hindrance to vehicular traffic.
Meanwhile, Kesha has advised road users to take ownership of the infrastructure and protect every installation on the bridge.
Also, the Lagos State Commissioner for Transportation, Oluwaseun Osiyemi, has cautioned motorists against overspeeding as there are speed cameras that would capture them, with appropriate fines.
Osiyemi commended the federal government for the project, which according to him, is a total renewal of one of the most important bridges in Nigeria.
Motorists plying the road appreciated the federal government for collaborating with the State Government to rehabilitate the Third Mainland Bridge.
The Nigerian Electricity Regulatory Commission has taken enforcement action against the Abuja Electricity Distribution Plc (“AEDC”) for non-compliance with the Supplementary Order to the April 2024 Multi-Year Tariff Order 2024 for AEDC (the “Order”).
AEDC has been fined ₦200,000,000 (Two Hundred Million Naira) for failure to comply with the prescribed customer band classifications for the tariff billing.
This decision follows a detailed review and customer feedback, which revealed that AEDC had applied the new tariff to all customer bands, contrary to the Order, which was designed to ensure fair billing practices.
AEDC apologizes for overcharging downgraded Band A customers in Abuja FG increases electricity tariff for customers enjoying 20-hour power supply Why we signed Energy deal with Glodanif – President, Small Scale Industrialists
AEDC is therefore mandated to:
Reimburse all customers in Bands B, C, D and E respectively that were billed above the allowed customer categories/tariff bands provided in the Order.
Reimburse through the provision of the balance of customer tokens that the affected customers would be entitled to receive at the applicable rates and all token reimbursements shall be issued to the affected customers by 11 April 2024.
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Pay the sum of ₦200,000,000.00 (Two Hundred Million Naira) as a fine for the flagrant breach of the Commission’s Order.
File evidence of compliance with the directives in a & c with the Commission by 12 April 2024.
The action by the Commission underscores its commitment to protecting consumer rights and ensuring equitable practices within Nigeria’s electricity sector.
The immediate past Governor of Abia State, Dr Okezie Ikpeazu has informed members of Abia State PDP caucus that he has no plan to leave the party but will rather stay with others to rebuild it, ABN TV reports.
Speaking during a well-attended caucus meeting held at the new party secretariat at Onyerubi Crescent, Ogurube Layout, Umuahia, Dr Ikpeazu, who called for unity of purpose among members of the party in the state to ensure that the party quickly returns to winning ways, stated that the exit of some of his former aides to other political parties remains their personal choice.
“We must all take individual responsibility for our performance in the 2023 elections even as our party is going through self-cleansing at the moment. I will remain in PDP and will never be found wanting in my responsibilities to our party and its rebuilding process.
"Those who want to leave will leave no matter what you do but loyalty is also about the realization that at some point this party has been good to you. It is now time for sacrifice, especially from those who previously benefitted from our party in one way or another as we must all join hands to reposition it," he said.
Earlier in his address, the state PDP Chairman, Rt Hon Asiforo Okere thanked members who have remained steadfast in supporting the party, especially after the 2023 elections, and reminded members that the party still maintains a majority at the state House of Assembly even when the election was conducted same day with Governorship election that the party lost.
He announced that the National Working Committee of the party has extended the tenures of elected ward executives by 3 months in acting capacity and the constitution of 3 committees to handle Peace and Reconciliation, Way Forward and Finance.
Also speaking, the Senator representing Abia Central, Col. Austin Akobundu, stated that while people were free to leave and join a political party, the PDP in Abia State is a movement that nobody can kill.
On his part, elder statesman and member of the PDP Board of Trustees, Chief Onyema Ugochukwu called for unity and stated that the time for blame game is over as there were no factions in the party, and that leaders and members have learned from the 2023 experience and must be ready to bounce back. According to him, “It is now time to reposition the party and ensure that young members find comfort and space to contribute to the party and leadership in the state."
The Northern Elders Forum (NEF) yesterday expressed concern and disappointment on the recent decision by President Bola Tinubu’s government over the increase in electricity tariff.
It described the hike as a “reckless move” and a complete disregard for the well-being and welfare of the Nigerian people.
In a statement by Abdul-Azeez Suleiman, its Director of Publicity and Advocacy, the pan-northern group said it “recognizes that this drastic increase in electricity tariffs will have a significant negative impact on the already struggling population, further exacerbating the gap between the rich and the poor.”
It said the breakdown of the new tariffs revealed an alarming burden that the average Nigerian will face in affording electricity on a daily basis.
“Under the new tariff plan, 24 hours of electricity per day will cost a staggering N5,400, amounting to an unbearable monthly total of N162,000 and an astounding yearly total of N1,971,000.
“These exorbitant amounts are simply unaffordable for the majority of Nigerians, who are already grappling with economic hardship and trying to make ends meet.
“By implementing such exorbitant electricity tariffs, the government is effectively perpetuating a form of economic oppression that will only serve to widen the gap between the rich and the poor in Nigeria. It is imperative that this act of exploitation be firmly rejected and not be allowed to stand unchallenged.
“The decision to implement these tariffs without considering the impact on the average citizen is not only callous but also short-sighted. The resulting consequences could potentially lead to internal security threats as the disparity between the haves and the have-nots becomes more pronounced.
“The NEF strongly believes that this decision was made without carefully considering the economic realities faced by the majority of Nigerians and it highlights the government’s lack of empathy towards its citizens.
“Instead of implementing policies that would alleviate the suffering of the people, the government has chosen to further exploit them. This introduction of exorbitant electricity tariffs is not only unjust but also a clear indication of the disconnect between the government and the people they are meant to serve. It is a blatant display of the government’s blatant disregard for the well-being of its citizens and a betrayal of the trust placed in them.
“The NEF calls on the government to immediately reconsider this ill-conceived decision and take into account the dire economic situation faced by the majority of Nigerians.
“Nigerians must now rise and demand accountability from their leaders, reminding them that their primary duty is to serve the people, not exploit them for personal gain,” the group said.
[Dailytrust]
Nigerian rapper, OdumoduBlvck says he can do core hip-hop like American star, Eminem but chose not to because Nigerians ‘don’t understand’ hip-hop.
According to him, Nigerians only listen to melodic music so he “dumbed it down” so his records will be commercially successful.
Speaking in a recent podcast interview, OdumoduBlvck explained that he wants to make Nigerian rap “exciting” just like Wizkid did with R&B in the country.
He said, “Some Nigerians did pure rap but they didn’t make it exciting for people to gravitate towards it.
“People said my rap sounds like nursery school rhymes. I dumbed it down so I can sell these records, so you don’t have to think twice. When you listen to my rap, if you understand the lingo you get it once. You don’t have to go to any dictionary.
“It’s not hard core rap. It’s easy. I’ve made it exciting. Just like Wizkid, I want to make my rap sweet and exciting.
“I can rap like Eminem and all these guys but bro where I come from nobody is gonna listen to that stuff. They don’t understand it.”
[Dailypost]
Plateau Speaker Gabriel Dewan has sworn-in nine out of the 16 All Progressives Congress (APC) lawmakers.
The Nation gathered the swearing in took place in the early hours of Friday in Jos.
It was gathered the member from Jos East was appointed Deputy Speaker of the Assembly.
Dewan was said to have justified the swearing in based on a letter he received mentioning where it emanated from .
Details Shortly…
[TheNation]
Some hoodlums on Friday invaded Agojeju-Odo, a community in Omala Local Government Area of Kogi State.
The gun-wielding men were said to have shot community members and burnt houses, Daily Post reports.
However, in a telephone interview with the state Police Public Relations Officer, SP William Aya, he confirmed the attack to our correspondent, adding that the state Commissioner of Police, Bethrand Onuoha, has deployed tactical teams to the area.
“Yes, there was an attack in the village in Omala. The CP has deployed the enforcement team along with other security agencies.”
Aya noted that an investigation is ongoing to “ascertain the cause of the attack and to unravel the perpetrators.”
Details later…
[Punch]
More...
•As FG earns N137bn from hike
•NERC pegs forex at N1,463.3/$ despite Naira gains
•New tariff not likely to affect manufacturers – MAN
•It’s back door to general tariff hike — consumers
At the backdrop of a huge discrepancy between the number of feeders covered as Band A customers by electricity distribution companies (DisCos) and what was approved by the Nigeria Electricity Regulation Commission (NERC) the DisCos are now making moves to return some of the consumers to Band A to charge the new tariff.
Vanguard learnt that the DisCos had recorded 1,100 feeder coverage areas for Band A but NERC said the actual coverage area for the new tariff is only 480.
A source in one of the DisCos in Lagos told Vanguard that they are now working on increasing the number of Band A consumers to return those earlier removed by NERC back to Band A.
Recall that the NERC, on Tuesday, hiked the electricity tariff for Band A customers by 230 per cent from N68 per kilowatt hour to N225/kWh.
Band A customers are those who receive an average daily supply of electricity supply 20 hours or more. With the new order issued by NERC, Band A would no longer enjoy Federal Government subsidy on electricity.
Meanwhile, the new tariff regime is expected to reduce subsidy costs by N137.1 billion per month following the decision to raise tariff for about two million consumers by 230 percent.
Following the freeze in tariff annual subsidies payable by the government grew to N241.66 billion monthly, but the Nigerian Electricity Regulatory Commission, NERC, in the April Supplementary Tariff Order, has disclosed that the government would now spend only N104.6 billion monthly as subsidies.
Vanguard checks on the orders issued separately to the 11 electricity companies indicated that the government will pay the highest monthly subsidies of N18.95 billion in the four states (Niger, Kogi, Nasarawa and Federal Capital Territory) supplied by the Abuja Electricity Distribution company, AEDC.
Further breakdown showed that the government’s monthly subsidy bill for customers in the other DisCos are Ikeja Electric (N17.03bn), Jos DisCo (N9.19bn), Kaduna DisCo (N9.76), Ibadan DisCo (N11.16bn), Enugu DisCo (N10.31bn), Benin DisCo (11.01bn), Yola DisCo (N6.86bn), Port Harcourt DisCo (N10.12bn), Kano DisCo (7.79bn) and Eko DisCo (N13.74).
The Commission in the orders explained that the new increase in electricity for the 1.9 million customers in Band A became necessary following changes in indices used in setting the tariff earlier in the year.
According to NERC, the new tariff is based on an inflation rate of 31.7 percent and foreign exchange rate of N1, 463.3 to a dollar. It said it expects energy supply to grow to 5,351GWh.
NERC raised the cost of power generation by 63 percent from N63.8/kWh to N103.9/kWh and cost of transmission & administration by 34 percent from N6.8/kWh to N9.1/kWh.
Speaking on the issue, energy expert, Prof. Yemi Oke said it was wrong for the government to continue to put money into the pockets of the power companies so that Nigerians would continue to get power no matter how little.
He added the government has started on a good path, stressing that “the coming on board of the structure that we are beginning to have in terms of electricity tariff will necessarily show that we are now ready as a country to do the right thing”.
He explained that the decision by the government would boost liquidity for the sector, stating that the distribution companies have been operating at a huge loss leading to a significant rise in debts across the value chain.
“Ninety-five percent of the DisCos are technically insolvent, meaning they have never been able to sufficiently generate money that will cover their loss with profit. A lot of them are exposed in terms of lending, a lot of them are under receivership and whichever way you look at it, the power sector is challenged”, he added.
In his reaction to the hike, the President, of Nigeria Consumer Protection Network, Mr. Kunle Olubiyo warned that DisCos would capitalize on the new order to increase tariffs across the board.
He wrote: “NERC folks simply played with words and played on the psyche of the public. The Distribution Companies would naturally increase electricity tariff unilaterally and this will undoubtedly cut across all bands and cost inputs and variables of inputs of production are universally benchmarked”.
On his part, Prof. Wumi Iledare, Professor of Petroleum Economics and Policy Research, said: “New tariff is perhaps based on the increase in the wellhead price for gas. We must agree, however, N68 per KWhr is a price ceiling significantly below the market clearing price. N68 is also not anywhere close to the fair return price of an economic good with decreasing marginal cost and average cost curve.
“The social optimum price of electricity is also not N68 Naira either. So, NERC had to do something apolitical, which ought to have been done long before now but for institutional capture and political expediency, which beclouded their good judgment for too long. So it is better late than never. I guess the commissioners have come to understand the facts better than before.
“The accuracy of the tariff is conjectural because of the many unknowns. It is perhaps arrived at based on assumptions and facts within the context of the pricing model applied. I am hopeful that as more facts become available, the pricing model will be recalibrated in a self-adjusting manner! If what I am reading in the media is correct there is a price discrimination application based on daily supply hours. Such mechanism is not unusual in a segregated market demand structure for power.
“That NERC did not take input from the public is quite debatable. It depends on the definition of the phrase public input from media or NERC perspective within the context of Nigeria. Public hearing is usually mandatory a competitive economy, but institutions in Nigeria are yet to let go of the dictatorial propensity and transactional leadership tendency in governance.”
Similarly, the Executive Director, Power Up Nigeria, Mr. Adetayo Adegbemle, said: “Many of the maximum demand users (industries and productive users of electricity) are covered under Band A feeders – thereby catalyzing industry as a vehicle for economic development. This increased energy supply to these feeders will reduce their net energy spend because otherwise, they would have to depend on diesel gensets which cost twice the cost of grid energy per kWh.”
He also noted that “This tariff design is intentionally designed to be pro-poor. The Commission has reviewed the areas that are proposed for review, and they are generally the areas where consumers have higher affordability levels compared to other areas.
“Notwithstanding, the DisCos have a universal obligation to ensure that service is delivered to customers, and as part of this reform, they will be given clear Key Performance Indicators that envisage an upward migration of a certain number of feeders to band A every quarter, thereby improving the overall level of service to their customers under their franchise area.”
Not sure it applies to manufacturers – MAN
Meanwhile, reacting to the new tariff regime, Segun Ajayi-Kadir, Director General of the Manufacturers Association of Nigeria (MAN), said that the tariff hike does not seem to apply to heavy users like manufacturers.
He however, said consultations are ongoing to get full clarity.
Speaking to Vanguard, Ajayi-Kadir stated: “It is not clear those who are affected and I am still consulting, together with understanding the underlying issues.
“It does not appear to have a blanket application for heavy users like manufacturers, who are majorly maximum demand users. I will revert when we have full clarity.”
[Vanguard]
Abba Yusuf, governor of Kano, has set up two judicial panels to probe cases of political violence and misappropriation of public assets during the previous administration.
Yusuf, in a statement on Thursday by Sanusi Bature, his media aide, said the panels will also look into cases of missing persons in the state, from 2015 to 2023, when Abdullahi Ganduje was the governor.
Ganduje is the current national chairman of the All Progressives Congress (APC).
The governor said the action was not politically motivated or directed at any individual.
He said the move is to fulfil the pledge made during his inauguration to prosecute persons involved in misappropriation of public funds.
“Political violence is a major setback to democracy worldwide. It leads to loss of lives and property as well as mistrust on the part of the people and those in power,” the statement reads.
“The disturbing cases of Political killings especially in 2023 must not be swept under the carpet, this is to ensure we prevent future occurrences.
“We expect them to unravel the criminal network involved and unmask the sponsors to face justice. Find its root causes and find out where violence is associated with 2015, 2019 and 2013.”
He said the first judicial commission will be headed by Zuwaira Yusuf, judge of Kano high court, who will probe cases of political violence and missing persons since 2015.
He said Faruk Lawan, a judge in the state, would head the second panel to investigate cases of misappropriation of public properties and assets.
The governor asked the commissions to adhere and remain committed to their oath, adding that members of the panel were thoroughly selected.
“We went through your records and we couldn’t find any of you wanting. We believe in you and we expect your full reports in 3 months time,” he added.
[Thecable]
Says with student loan scheme, brighter future awaits Nigerian child
Nigerian students will not lack funds for education — Reps
Assure bottlenecks depriving students from accessing loan already removed
President Bola Tinubu has said though he does not have the magic wand, his administration would fix the economic challenges confronting the citizenry.
He also assured that the path to take the Nigerian child out of poverty has been cleared with his signing into law of the Student Loans Re-enactment Bill.
The President spoke Wednesday night when he hosted members of the All Progressives Congress, APC, Presidential Campaign Council, PCC, and the Independent Campaign Council to Iftar at the Old Banquet Hall, Presidential Villa, Abuja.
This is even as the Chairman of House of Representatives’ Committee on Student’s Loan, Gboyega Isiaka also assured Nigerians of the present administration’s resolve towards ensuring adequate funding of the Student’s Loan scheme for the benefits of students.
The country’s inflation rate has been on a steady rise since the Tinubu administration ended the petrol subsidy regime and unified the exchange rate in 2023.
In its latest report, the National Bureau of Statistics, NBS, said inflation rose to 31.7 per cent in February 2024, up from 29.9 per cent in the previous month.
The President, who also noted the country’s capacity to generate revenue was getting better, said: “It is the hard job that you promised the people of Nigeria when you were campaigning for me, you promised them a good result. Didn’t you? That is it! I have to work for it. No magic wand.
“I campaigned on hope, I have to rest on that hope, and push for that hope for the joy of everyone of us.
“The economy is looking good. Don’t worry about that… we know we have the challenge of inflation, it is okay, we will bring it down. We are reengineering, our revenue is getting better.”
The president said Nigeria was regaining its respect and sovereignty around the world, saying “not that we have to go there and hire them to do the job for us, we are doing it ourselves.”
”Whatever is happening to us, we have to solve it by ourselves. It is your effort, your thinking, your resourcefulness, your investment, your dedication and hard work that can only get us there.”
On the student loan scheme, the President in a statement by his Special Adviser on Media and Publicity, Chief Ajuri Ngelale, said: “The only thing that can fight poverty is education. Today, I signed the bill for the Student Loan Scheme. Imagine the children of the poor; what about people going through the mud, fishing in the ponds?
“How do you tell their children that their future will be brighter? It is only through education that we can fight poverty. A promising future awaits our children.”
He used the occasion to reassure Nigerians that the economy was being steered onto the path of sustainable growth and broad-based prosperity for Nigerian families in all parts of the country.
Speaking further, Tinubu said: “The economy is looking much better. Yes, we have challenges of inflation but we will bring it down. When the exchange rate was going haywire, it looked like we were asleep, but we worked on it diligently, and it is going down; it is getting better.
“Borrowing was higher a year ago but today, we are reengineering the financial landscape, and our revenue is expanding. And we are taking up our sovereignty and earning our respect back in the comity of nations.”
Acknowledging members of the PCC and ICC for their rigorous efforts toward his election, the President said: “It is your footwork and footprints that made me the President. I campaigned on hope, and you promised Nigerians hope and a good result when campaigning for me.
“There are a lot of expectations. I, therefore, have to work hard for it. There is a windy road we are traveling. We have to navigate carefully. Otherwise, one ends up in the bush, and that is all I have been focused on.
“It is your effort, resourcefulness, and dedication that has brought us here. The results will not come suddenly, you have endured the campaign, you must endure more, and I assure you that a very bright light beckons for you and your children. Nigeria will prosper, and we will all reap the benefits. We will work with determination and persistence.”
While urging citizens to continue to have faith in Nigeria by supporting his administration to succeed for the benefit of all, President Tinubu noted that “Europe and America did not get to where they are today in one day, but through persistence and hard work, which take time and consistent focus.”
“Pray for Nigeria, think Nigeria. This is not play time. Let us believe in ourselves. We must ask questions. What is happening to our solid minerals? No rival wants you to be bigger than them.”
Nigerian students’ll not lack funds for education
Meanwhile, the House of Representatives also assured that all obstacles in the way of securing the loan had been cleared for the benefit of Nigerians
Chairman, Committee on Student Loans, Gboyega Isiaka, who gave the assurance in Abuja yesterday, disclosed that the quantum of funds required for successful implementation of the Student Loan would be drawn from one per cent of all revenues accruing into the federation account.
He said: “The patriotism and determination to make sure that this is a sustainable success still made the executive and Mr. President in particular, to present those far-reaching amendments which has not become law.
“The law has amended so many shortcomings in the 2023 law in the area of fund that we have. Now, we have a known corporate entity that is called Nigerian Education Trust Fund. We now have an institution that is strong, sustainable and comparable to what we have in different parts of the world and going by all that will come into it.”
Anger Spreads Over Tariff Hike
Lagos, Kano, and 10 other states have concluded plans to start generating power in their respective states in conformity with the Electricity Act 2023.
The PUNCH gathered on Thursday that some of these states had established their electricity market laws and were waiting for the approval of the Nigerian Electricity Regulatory Commission to have independent regulatory bodies different from the NERC owned by the Federal Government.
As the states stepped up efforts to generate electricity, the Federal Government’s 240 per cent power tariff hike for consumers in Band A enjoying 20-hour electricity attracted more condemnations on Thursday.
Groups including the Petroleum and Natural Gas Senior Staff Associations of Nigeria, civil society organisations and the Nigeria Electricity Consumer Advocacy Network warned that the hike would worsen the plight of Nigerians.
The subsidy on electricity has been withdrawn completely from the tariff payable by power consumers in the Band A category, who constitute about 15 per cent of the total number of power users across the country.
The government, through the NERC, announced the hike in the electricity bill on Wednesday, adding that those affected would now pay a tariff of N225 per kilowatt-hour, up from the previous rate of N68/kWh, representing about 240 per cent increase.
However, there are strong indications that many states are taking advantage of the new Electricity Act to establish their electricity generation firms.
In June 2023, President Bola Tinubu signed a new Electricity Act into law, heeding the calls of Nigerians that the power sector be reformed and removed from the exclusive list, to give states the power to generate, transmit and distribute electricity within their jurisdiction. This, Nigerians believe, would help in proffering lasting solutions to the electricity problems in Nigeria.
The PUNCH reports that the new law replaces the 2005 Electricity and Power Sector Reform Act as it seeks to promote private sector investments in the power sector. It provides for a holistic integrated resource plan and policy that recognises all sources for the generation, transmission, and distribution of electricity.
Electricity Act
The new act permits the state electricity board or any state authority by whatever appellation, to grant licence for mini-grids and provide the framework for the operation of such licensees. With this, the Federal Government has succeeded in removing electricity from the exclusive list, allowing states and private individuals to invest in the sector.
Though a state can regulate its electricity market by issuing licences to private investors who can operate mini-grids and power plants within the state, the act, however, says that until a state has passed its electricity market laws, the NERC will continue to regulate electricity businesses in such states.
Inner sources at the NERC told The PUNCH that at least, 12 of the 36 Nigerian states were set to have their own independent electricity regulatory commissions following the enactment of the 2023 Electricity Act.
It was reliably gathered that the states had applied to the NERC, seeking independence in regulating their electricity markets without the interference of the Federal Government commission.
The NERC official, who spoke on the condition of anonymity because he was not allowed to speak on the issue, hinted that the NERC, which is presently regulating the Nigerian electricity market, must transition regulatory responsibilities from itself to state regulators when they are established.
“This means that, until a state has passed its electricity market laws, NERC will continue to regulate electricity businesses in such states. 12 states have applied to have their regulatory commissions and once the necessary things are done, the NERC will no longer regulate electricity in those states.
The states will be on their own. That will allow them to generate, transmit and distribute power within their states only. Some of them who have been generating power before the act can now commercialise it and even grant licences to investors to invest in their states,” the source said anonymously.
Another source said, “I can confirm that 12 states have applied to have their regulatory bodies. But I can’t give you the details. Our legal team is still working on the requests by the states.”
Similarly, a source close to the Minister of Power, Adebayo Adelabu, confided in one of our correspondents that 12 states were ready to start generating electricity in their states, saying more states should follow suit to solve the nation’s electricity challenges.
The PUNCH reports that Nigerians have continued to languish under a deteriorating power sector supervised by the Federal Government for many years. On many occasions, the national power grid keeps collapsing, plunging the nation into blackouts while affecting businesses.
The power grid collapsed 46 times in six years, according to a report by the International Energy Agency.
As a way of ending the power problems in their domains, some states appear to be leaving no stone unturned. As of February, checks with the Ministry of Power revealed that Lagos, Edo, Kaduna, Enugu, and Oyo have signed their electricity laws.
Ekiti project
Ekiti State Commissioner for Information, Taiwo Olatunbosun, said that the state government had domesticated the Electricity Law, stating that it had been generating and transmitting electricity through the Independent Power Project.
Olatunbosun said, “We have domesticated the Electricity Law here in Ekiti State. The IPP that we have is doing well. The state government plans to upgrade it to 5MW and from there, we improve and establish some other areas.
“The places and businesses the IPP is presently servicing include the Government House, government offices, State Secretariat, Ekiti State University Teaching Hospital and we are extending to Ekiti State University as well. It is equally servicing some conglomerates and other people who are already requesting for it”.
The commissioner said that the present administration in the state would continue to provide strategic interventions in electricity and other infrastructural development “to make Ekiti a destination for investors and uplifting the social life of our people and others promoting their business without any form of challenges that power generation may cause now and in the nearest future.”
According to him, the present IPP structure was built to accommodate future expansion to about 5mw from its present 3.6mw capacity.
The Commissioner for Information and Strategy, Gbenga Omotosho, in an interview with our correspondent on Thursday said following the passage of the Electricity Act, Lagos had been at the forefront of championing independent power generation.
Omotosho said, “Lagos has been at the forefront of unbundling power generation and power distribution systems. Lagos was the very first to start an independent power project in the days of Asiwaju Bola Tinubu as governor, who is now our President.”
He said although the project could not fly then due to some constraints, Lagos did not give up.
“For Lagos State, everything is being put in place to ensure that our people can enjoy stable electricity. We are all for it because it’s about our people.
“We’re having discussions with so many entities in the private sector on how Lagos can generate its electricity, and people have been showing interest,” Omotosho stated.
The Benue State Government disclosed that it had put efforts in top gear to establish its electricity firm.
The state Commissioner for Power and Transport, Omale Omale, who spoke to one of our correspondents on Thursday stated that the state had begun its transmission programme and policy in the power sector.
According to him, the state government has started working on the legal framework that will give electricity law which will help articulate how the power sector in the state would be run.
He said, “Our power market is opening up with investors and our power market is end-to-end where the state will create a market for the private sector to come in, to transmit and distribute.
Omale added that already the state government has had intensive stakeholders’ interactions with the Jos Electricity Distribution, the Transmission Company of Nigeria, customers as well as other critical stakeholders.
He expressed assurance that by the end of the second quarter of this year, the legal framework and policy in the power sector would have been concluded.
Nasarawa partners firm
The Nasarawa State Government said it had entered into a partnership with the Nigeria Off-Grid Market Acceleration Programme to ensure the rapid development and implementation of the state’s energy projects, and to enhance its power and sustainability agenda.
Speaking with journalists in Lafia on Thursday, the Managing Director of the state’s Investment and Development Agency, Ibrahim Abdullahi, said the partnership was a step towards bringing the Nasarawa State vision of becoming one of the top three most competitive economies in Nigeria to actualisation.
He explained that the collaboration, which was formalised with the signing of a Memorandum of Understanding between the state government and NOMAP, was carried out by the Agency, and the Nasarawa Electricity Power Agency as the technical lead.
Also, the Governor of Kebbi State, Dr Nasir Idris, has assured people of the readiness of his administration to create an enabling environment for Fadel International Holding Group to generate solar power for the state.
The Chief Press Secretary to the governor, Ahmed Idris, said “Electricity is one critical area that touches the lives of many. “We don’t have power, but coming of this independent power company is going to help us and help our businessmen and women to grow,” he said.
On its part, the Kano State Government said its independent power project was almost completed, saying it established the power company more than 10 years ago during the second tenure of Senator Rabiu Kwankwaso.
The Director General of the Media and Publicity, Sanusi Tofa, said the two ongoing independent power projects in Tiga and Challawa Goje Dams were at 90 per cent completion, saying there was over $40m in the company’s account to ensure the completion and take-off of the project in no distant time.
“This was established when the new law was not even anticipated. Unfortunately, the money was misappropriated, and the projects were abandoned for eight years,” he said, adding that the projects were completed and tested in January 2024.
Speaking with one of our correspondents, the Osun State Commissioner for Energy, Mr. Festus Adeyemo, said the state had commenced work to generate and distribute energy.
Adeyemo, however, identified funding as a major setback against the plan, adding that the state was relying on support from the World Bank and private investors that have been showing willingness to partner the state.
He said, “We are interested, and we are going to start work on it very soon. We have been working on it, but there some basic things we need to do before going into the real project. We want to have a solid foundation. We are looking at the technical aspect of it.
“The major of challenge is that of funding, but we are getting over it because we have the backing of World Bank. There are some little technical aspects of the project too. We have reached out to the Federal Ministry of Power and we have been given the go ahead. There are some paperwork that we need to do at the federal level before we can commence work on the project”.
The Ondo State Government said it was the first state that domesticated the electricity law in the country even before it was signed it to law.
A top government functionary told one of our correspondents that the electricity bill was passed and signed into law during the administration of late Governor Rotimi Akeredolu .
He said, “The state government was planning to license some companies to generate and distribute electricity in the state, but the process was stalled as a result of the sickness and death of the former governor.”
The Chief Press Secretary to the governor, Mr Ebenezer Adeniyan confirmed the development as he said, “We are the first to domesticate the electricity law during the late Governor Rotimi Akeredolu. “
In Zamfara, the state government is looking into the possibility of establishing an electricity generating company following persistent power failure in the state.
The Special Assistant to Governor Dauda Lawal on Media and Communications, Mustafa Kaura said the state government had conducted a survey on how to generate electricity from Bakalori dam.
According to Kaura, the work on electricity generation had started in the state during the administration of former President Goodluck Jonathan, adding that, “the work will continue by the administration of Gov Lawal”.
In Sokoto State, the government said it had intensified efforts to improve on electricity supply through its independent power project.
Governor Ahmed Aliyu begged the Minister of Power, Adebayo Adelabu, recently on a courtesy visit to the Government House, Sokoto, for the support of the Federal Government on the project.
According to him, the State IPP, which is at 90 per cent stage of completion was initiated by the Wamakko-led administration to boost socio-economic activities in the state.
“The project is almost completed, so, we need the support of the Federal Government to ensure its take-off,” the governor said.
Anger grows
Meanwhile, the PENGASSAN, CSOs , and the Nigeria Electricity Consumer Advocacy Network have lambasted the Federal Government for allowing the implementation of the 240 per cent tariff hike regardless of the class of customers being affected.
Speaking on the sidelines of the National Executive Council meeting of the association in Abuja, PENGASSAN’s President, Festus Osifo, said the tariff hike would compound the perilous nature in Nigeria.
“Jumping from N68/kWh to N225/kWh is enormous. We think that the government should exist for the purpose of serving the people. Adding that to the perilous nature of the society today, the currency floatation that has put us in this mess that we are in today, and the fuel subsidy removal, I think it is quite drastic. So, we will interrogate the process and take a formal position about it,” Osifo stated.
The National Secretary of Nigeria Electricity Consumer Advocacy Network, Uket Obonga, said the Discos lacked the capacity to provide 20- hours supply and would not meet the target, but would bill consumers based on the new rate.
“This is not the first time they are talking about delivering a minimum of 20 hours supply. It is becoming clear that the regulator is making money from the DisCos and it is now dancing to the tune of the Discos,” Obonga alleged.
In his reaction, the Chairman of the Centre for Anti-Corruption and Open Leadership, Debo Adeniran, described the hike as an “ill-timed oppressive policy”, noting that the hike would drive industries out of business.
“It is an ill-timed oppressive policy, and of course, there is no basis for the classification of consumers into all of those bands that they’re talking about,” Adeniran declared.
He said if there had been an improvement in the supply of electricity, the tariff hike would be understandable.
“It is a shameful thing for the electricity regulators to accede to the claim that the whole of Nigeria cannot be serviced with 24-hour electricity,” he said.
The TUC insisted on Thursday that the hike was a recipe for industrial unrest in the country. The union had on Wednesday condemned the tariff hike.
On Thursday, the TUC’s deputy president, Tommy Etim, in an interview with The PUNCH, said“The hike in electricity tariff for those who enjoy electricity for 20 hours daily is totally unacceptable and a recipe for industrial unrest.
“ Today, we are still battling with the fuel subsidy removal without any corresponding remedy and yet the increase in the electricity tariff without even the supply of electricity. I think the government should know that they were not voted into office for the enslavement of the citizens but to protect and better the lots of the masses. This is an indication that the poor can no longer breathe,” Etim said.
Similarly, the Executive Director of the Rule of Law Accountability and Advocacy Centre, Okechukwu Nwaguma, said the government must decide whether it wants to serve or punish the people, adding that the policy marks an addition to the pains of the citizens.
“This is an addition to the pains and deprivation of the people. It seems to me that this government is out to punish Nigerians. We were expecting that policies will be put in place to actually cushion the effect of the removal of fuel subsidy.
“But to further remove subsidy on electricity, even when the electricity is not available, people are being made to pay for services that are not provided, it simply shows that this government is out to punish Nigerians.
“If there was improvement in the supply of electricity and this increase comes, it would be understandable, on the contrary, there is no improvement. I think the new government should decide whether they want to serve the people or punish the people,” he said.