Business
NERC orders reduction in electricity tariff for ‘band A’ customers
The Nigerian Electricity Regulatory Commission (NERC), has ordered the downward review of electricity tariff for Band A customers to N206.80 per kilowatt-hour from the N225/kWh.
In a statement on Monday, the electricity market operator said the development was due to the appreciation of the naira in the official exchange window.
“Effective from May 6, 2024, Band A end-user tariffs have been reviewed to NGN206.8/ kWh under MYTO 2024. This is largely driven by the relative appreciation of the Naira in the official foreign exchange window,’ According to the statement.
To this effect, electricity Distribution Companies also known as the DisCos, have commenced a reduction in tariffs for Band A customers.
In notices to customers on Monday, the DisCos said the move was in support of improved service delivery to customers under the specified category.
Recall that Ikeja Electric Distribution Company (IE) in a statement on Monday, also announced the slash in tariff .
The electricity company stated; “Please be informed of the downward tariff review of our Band A feeders from N225/kwh to N206.80/kwh effective 6th May 2024 with guaranteed availability of 20-24hrs supply daily.
Business
Nigeria in Darkness as National Grid Collapses first time in 2025
Major parts of Nigeria have been thrown into darkness as the national grid experienced a collapse on Saturday, marking the first time in the year.
According to data obtained from the Nigerian System Operator’s portal (niggrid.org), the collapse occurred at 1:56 pm.
This incident follows a pattern of instability, with the grid suffering about 12 consecutive collapses in 2024.
The cause of the latest failure is yet to be disclosed by government authority, as of filing the report.
Business
Sanwo-Olu signs ₦3.366trn 2025 appropriation bill into law
Lagos State Governor, Babajide Sanwo-Olu, on Thursday, signed the 2025 Appropriation Bill of ₦3.366 trillion into law, marking a new milestone in the state’s quest for sustainable growth and development.
The Lagos State House of Assembly had earlier approved an amended budget of ₦3.37 trillion, injecting an additional ₦360.88 billion into the governor’s initial proposal.
The bill, which prioritises infrastructure, economic growth, and social inclusion, is structured around the administration’s THEMES+ agenda, focusing on five key pillars: infrastructure sustainability, economic diversification, social inclusion and human capital development, environmental sustainability, and governance reform.
Speaking at the signing ceremony held at the State House, Ikeja, Sanwo-Olu expressed gratitude to the Lagos State House of Assembly for its swift passage of the budget.
He described the budget as a critical tool for advancing the administration’s vision of a “Greater Lagos” while emphasising the importance of collaboration between the executive and legislature in its implementation.
“This will be the second of four budgets during my second tenure, and it represents another opportunity to scale up impact for the benefit of Lagosians,” Sanwo-Olu said.
“We remain committed to delivering a budget that ensures the greatest good for the greatest number of people,” he added.
The budget allocates ₦2.07 trillion to capital expenditure, representing 62% of the total figure, while ₦1.295 trillion will go towards recurrent expenditure.
According to Sanwo-Olu, this focus underscores the state’s determination to accelerate infrastructural development and enhance the quality of life for residents.
He also called on Lagosians to play their part by safeguarding public infrastructure, warning against vandalism and neglect.
“The infrastructure we deliver belongs to all of us, and we must care for it as joint owners,” he noted.
Sanwo-Olu praised the efforts of all stakeholders, including the Ministry of Economic Planning, the Ministry of Finance, and the Lagos State House of Assembly, for ensuring the budget’s thorough preparation.
He assured residents of the government’s commitment to achieving a 90-95% implementation rate, as seen in previous budgets.
“This is the largest sub-national budget in the country, and we are convinced it will significantly impact every nook and cranny of Lagos State,” Sanwo-Olu added.
The governor urged the civil service, public service, and other stakeholders to deliver an impressive level of implementation in 2025, reiterating the administration’s dedication to judiciously deploying resources for the benefit of all Lagosians.
Business
FG: Telecom companies to raise tariffs, but not by 100percent
Dr. Bosun Tijani, the Minister of Communications, Innovation, and Digital Economy, has announced that telecommunication tariffs in Nigeria will soon rise, but not by 100 percent.
Speaking after a stakeholders’ meeting with Mobile Network Operators (MNOs) in Abuja on Wednesday, Tijani mentioned that consultations and engagements are ongoing.
The MNOs have proposed a 100 percent increase in tariffs. The Minister clarified that while the increase is expected, it will not be as high as the proposed 100 percent. He added that the Nigerian Communications Commission (NCC) would soon finalize and announce the new tariffs.
Tijani emphasized the government’s intent to strike a balance that protects consumers while ensuring that MNOs continue to make substantial investments in the sector.
He further stated that the telecommunication industry must be properly regulated to foster growth.
According to Tijani, the government will no longer leave the infrastructure investments solely to private companies, as they typically focus on short- to medium-term returns.
“The focus should not only be on tariff increases. Globally, the conversation is shifting towards meaningful connectivity and providing access to quality services,” he said. He also noted that consumers may not fully understand the need for infrastructure investments required to deliver these services. Dr. Aminu Maida, the Executive Vice-Chairman of the NCC, shared that the meeting aimed to address the sustainability of the industry.
He confirmed that, as the Minister mentioned, a 100 percent increase is unlikely. Maida noted that the NCC was still engaging with stakeholders, and Nigerians would be informed within a week or two about the final decision.
The NCC is also ensuring compliance with service quality standards. He also urged MNOs to simplify their billing structures to make charges for voice calls, SMS, and data usage clearer to consumers.
The current complex pricing system, with bonuses and separate rates, often leads to confusion and complaints of data theft. Airtel Nigeria’s CEO, Dinesh Balsingh, represented by Femi Adeniran, explained that the rising operational and capital costs have made the proposed tariff adjustments necessary. The goal is to ensure the long-term sustainability of the sector while improving connectivity and fostering digital inclusion for Nigerian consumers.
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