Category: Business

The Federal Government has launched a national electronic assets register to provide real-time access to information on government-owned assets, aiming to enhance transparency and attract more investments into the country.

The digital registry was introduced by the Accountant General of the Federation, Dr. Oluwatoyin Madein, during an event that also featured the unveiling of a compendium of FAAC allocations to federal, state, and local governments from 2020 to 2023.

Madein described the initiative as a major milestone in improving public resource management, emphasizing that it is essential for financial sustainability and integrity. She stated that the project aligns with the government’s commitment to transparency and accountability in handling public funds and assets.

She noted that giving citizens access to information about public asset management would increase government accountability. “Whether it is infrastructure, equipment, or other public property, every asset must be accounted for,” she said.

The real-time access provided by the digital register is expected to support policy formulation, budgeting, and planning. Madein explained that by having a clear understanding of the government’s assets and their conditions, policymakers can make more informed decisions on resource allocation, investment management, and potential privatisation or public-private partnerships (PPPs) for underutilized assets.

She added that the initiative also aligns with international best practices, supporting Nigeria’s adoption of the International Financial Reporting Standards (IFRS) and the International Public Sector Accounting Standards (IPSAS). These standards will help strengthen the credibility and integrity of the country’s financial statements.

On the compendium of FAAC allocations, Madein stated that it provides a detailed breakdown of revenue distribution to the three tiers of government and serves as a valuable resource for policymakers, researchers, and the general public.

Minister of State for Finance, Doris Uzoka-Aniete, who officially unveiled the compendium, praised the Accountant General’s efforts in promoting transparency and accountability. She described the electronic asset register as an important tool that will help determine the real value of Nigeria’s assets and create opportunities for local and foreign investment.

Minister of Power, Chief Adebayo Adelabu, has stated that the proposed electricity tariff increase will help boost Nigeria’s available power generation capacity to 7,000 megawatts (MW). This comes after the country recorded its highest-ever available power generation of 6,003MW and a peak evacuation of 5,801.84MW last week.

 

In a statement issued by his Special Adviser on Strategic Communication, Bolaji Tunji, Adelabu emphasized that tariff regularization is crucial for unlocking the sector’s full potential and sustaining ongoing improvements in power generation and distribution.

 

“To sustain these improvements, the government would have to pay down the tariff shortfalls of N1.94 trillion for 2024 and address legacy debts of N2 trillion to the GENCOs,” the minister said. He added that continued tariff reforms are necessary to ensure that consumers start paying for the energy they consume.

 

Adelabu reiterated the government’s intention to raise electricity tariffs for customers in Bands B, C, and D as part of efforts to enhance the sector’s liquidity and reduce subsidy obligations. The planned tariff hike is expected to narrow the gap between Band A customers—who currently pay higher rates—and those in lower bands.

 

The minister noted that Nigeria recently set another milestone with a daily maximum energy output of 128,370.75 megawatt-hours (MWh), attributing these achievements to ongoing reforms and infrastructural upgrades in the sector.

 

“We are thrilled to announce these historic milestones in Nigeria’s power sector,” Adelabu stated. “These achievements represent a brighter future where businesses can thrive, households can enjoy uninterrupted power supply, and the economy can grow sustainably.”

 

According to the minister, recent improvements result from collaborative efforts by the Federal Ministry of Power and key stakeholders to address longstanding challenges in the sector. These include the rehabilitation and upgrading of transmission and distribution networks, implementation of innovative technologies to enhance efficiency, and policy reforms aimed at improving accountability and sustainability.

 

While celebrating these milestones, Adelabu called for continued support from state governments, private sector stakeholders, and the general public. He stressed the need for collective action to sustain the momentum and build upon the progress made.

 

With power generation at a record high and tariff reforms on the horizon, stakeholders are hopeful that Nigeria’s electricity supply will see lasting improvements, ensuring stable and reliable power for businesses and households nationwide.

The price of Nigeria’s Bonny Light crude oil has fallen by 10.6%, dropping to $73.53 per barrel from $84.02 per barrel recorded on January 15. The decline has sparked concerns over the Federal Government’s ability to meet its 2025 budget revenue target.

The 2025 budget is based on a crude oil benchmark price of $75 per barrel, an oil production target of 2.06 million barrels per day (bpd), and a total revenue projection of N36.35 trillion, with 56% expected to come from oil sales. The drop in crude oil prices signals a potential 6.6% shortfall in oil revenue, further exacerbated by Nigeria’s current oil output, which remains below the budget’s benchmark.

According to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigeria’s crude oil production stood at 1.737 million bpd in January 2025, a slight increase from 1.667 million bpd recorded in December 2024 but still below the projected 2.06 million bpd.

Reacting to the development, Dr. Muda Yusuf, Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), noted that falling energy prices could negatively affect government revenue. However, he pointed out that businesses might benefit as lower crude prices could reduce the cost of petroleum products, including petrol, diesel, and jet fuel.

Similarly, the National President of the Oil and Gas Services Providers Association of Nigeria (OGSPAN), Mazi Colman Obasi, highlighted the broader economic implications. He stated that while the decline in crude prices could hamper the execution of the 2025 budget, it could also lead to lower petroleum product prices due to reduced refining costs.

As global oil market dynamics continue to fluctuate, analysts warn that the government may need to reassess its revenue strategies to cushion the impact of declining oil prices on the national budget.

The Central Bank of Nigeria (CBN) has appointed 16 new directors, effective March 3, to enhance its policy, regulatory, and supervisory functions.

The appointments, aimed at bolstering the apex bank’s operations, cover various key departments. The newly appointed directors include Jide-Samuel Avbasowamen (Information Technology), Abdullahi Hamisu (Banking Services), Ojumu Adenike (Medical Services), and Makinde Olanrewaju (Procurement and Support Services).

In the financial sector, Sike Ijeoma has been named Director of Financial Policy and Regulation, Isa-Olatinwo Aisha will lead Consumer Protection, and Oboh Victor Ugbem takes charge of Monetary Policy. Other appointments include Nakorji Musa (Trade and Exchange), Yusuf Rakiya (Payments System Supervision), Vincent Modesola (Strategy Management and Innovation), Farouk Muhammad (Reserve Management), and Akinwunmi Olubukola Akinniyi (Banking Supervision).

Further strengthening the regulatory framework, Solaja Mohammed-Jamiu has been appointed Director of Other Financial Institutions’ Supervision, Hassan Umar will oversee Development and Finance Institutions Supervision, while Adedeji Adetona has been named head of Currency Operations and Branch Management. Additionally, Okpanachi Moses will lead the Statistics Department.

The appointments are expected to enhance the efficiency and effectiveness of the CBN’s operations, reinforcing its role in stabilizing the financial sector and driving economic growth.

The Minister of Power, Adebayo Adelabu, has raised concerns over the state of Nigeria’s electricity sector, revealing that more than 60 percent of the country’s manufacturing companies have disconnected from the national grid due to unreliable power supply. These firms have turned to self-generation, significantly increasing production costs and rendering Nigerian-made goods uncompetitive in global and local markets.

Adelabu made this known during the unveiling of the National Integrated Electricity Policy (NIEP) and the Integrated Resource Plan (IRP), which were presented in partnership with the United Kingdom Nigeria Infrastructure Advisory Facility (UKNIAF). He emphasized that the new policy aims to transform Nigeria’s power sector and facilitate the reintegration of off-grid manufacturers into the national supply network. He further disclosed that the policy document has been submitted to the Federal Executive Council (FEC) for approval.

The minister stressed the importance of restoring confidence in the grid supply to support industrial growth. He pointed out that many manufacturing firms, despite being located in areas with electricity access, have opted for self-generation due to the unreliability of the grid. He warned that this has not only inflated production costs but has also contributed to inflation and reduced the competitiveness of locally produced goods.

Nigeria’s persistent power challenges have forced businesses to rely on diesel- and petrol-powered generators, with fuel price hikes further exacerbating the situation. The Manufacturers Association of Nigeria (MAN) has repeatedly highlighted the impact of erratic power supply on the industry, revealing that energy expenses account for about 40 percent of manufacturers’ total production costs.

MAN estimates that the annual economic losses linked to inadequate power supply stand at N10 trillion, nearly two percent of Nigeria’s Gross Domestic Product. The association’s president, Francis Meshioye, noted that electricity tariff increases of over 250 percent in 2024 severely affected manufacturers. He lamented that the rising energy costs have become one of the most significant operational expenses in the sector, compelling businesses to seek costly alternatives that further weaken their financial stability.

With the newly launched policy, the government aims to ensure a more reliable power supply, lower production costs, and enhance the competitiveness of Nigerian goods. However, the success of this initiative remains dependent on swift implementation and tangible improvements in electricity infrastructure.

Abuja, Nigeria – Banks’ borrowing from the Central Bank of Nigeria (CBN) surged by 171% month-on-month (MoM) to N24.81 trillion in February 2025, up from N9.15 trillion in January. The sharp increase reflects growing liquidity constraints in the interbank money market.

The CBN provides short-term lending to banks through the Standing Lending Facility (SLF) and Repurchase (Repo) lending. Under the SLF, banks borrow at an interest rate 500 basis points above the Monetary Policy Rate (MPR), while the Repo arrangement allows banks to sell securities to the CBN with an agreement to repurchase them later.

Conversely, banks’ deposits with the apex bank through the Standing Deposit Facility (SDF) fell by 50% MoM, dropping to N4.65 trillion in February 2025 from N9.31 trillion in January 2025. The SDF allows banks to deposit excess funds with the CBN at an interest rate 100 basis points below the MPR.

The rise in bank borrowing is attributed to the CBN’s tight monetary policy aimed at curbing inflation. Despite six consecutive rate hikes, the apex bank retained the Monetary Policy Rate (MPR) and other monetary policy corridors in its most recent Monetary Policy Committee (MPC) meeting.

Additionally, the CBN intensified its liquidity mop-up operations through regular sales of Open Market Operations (OMO) Treasury Bills (TBs). In February 2025, the apex bank sold N1.39 trillion worth of OMO TBs, marking a 39.5% increase from the N1 trillion sold in January.

The liquidity shortage also drove up the cost of funds in the interbank money market. The average interest rate on Collateralized (Open Buy Back, OBB) lending rose to 32.5% at the end of February 2025, up from 27.5% in January 2025.

The sharp rise in borrowing and declining deposits signal heightened liquidity pressure on banks as they continue to navigate the CBN’s aggressive monetary tightening measures.

The Federal Government on Tuesday officially launched toll operations on the Abuja–Akwanga–Lafia–Makurdi Road corridor to repay the $460.8 million loan obtained from the China Exim Bank for the road’s rehabilitation and upgrade.

It also announced that motorists using the highway would begin paying tolls ranging from N500 for saloon cars to N1,600 for multi-axle vehicles.

However, police and military vehicles are exempt from toll fees to facilitate their operations.

The toll gates on the route are divided into four sections: Keffi, Akwanga, Lafia, and Makurdi.

The 227.2km road was rehabilitated and upgraded through a preferential credit loan from the China Exim Bank. The last administration secured a $460.8 million loan from the bank, covering 85 per cent of the project’s $542 million total cost.

As part of the loan agreement, the Federal Government committed to tolling the road upon completion, with revenue collected from toll operations prioritised for loan repayment.

Speaking at the official commissioning of toll operations at the Garaku Toll Station in Nasarawa State, the Minister of Works, David Umahi, reiterated the government’s commitment to ensuring the proper maintenance of Nigeria’s federal roads through sustainable funding mechanisms.

Represented by the Minister of State for Works, Bello Goronyo, Umahi stated that the road was rehabilitated and upgraded through a preferential credit loan from the China Exim Bank.

According to him, funds generated from tolls would also be used for the maintenance of federal roads nationwide, adding that toll operations would help sustain road networks across the country.

He explained that in 2023, the previous administration executed a 25-year “Operate and Maintain” concession agreement with Messrs China Harbour Operations and Maintenance Company Limited in partnership with Messrs Catamaran Nigeria Limited.

He said, “It is with great pride and optimism that I stand before you today, on behalf of the Federal Government of Nigeria, as we officially launch toll operations on our federal roads, beginning with the 227.2km Abuja–Keffi–Akwanga–Lafia–Makurdi Road corridor.

“As you are aware, this road corridor is a vital infrastructure route in Nigeria, serving as a key highway for economic and social activities in the central and northern regions of the country.

“It is crucial for Nigeria’s economic, social, and strategic development, serving as an essential artery for trade, mobility, and national security while contributing to infrastructure growth, urbanisation, and national cohesion.

“It is worth recalling that the Federal Government rehabilitated and upgraded the road through a preferential credit loan from the China Exim Bank.

 

“Toll operations mark a pivotal step towards achieving our vision for a more efficient, sustainable, and well-maintained road transport system.

“Today, we embark on a journey to ensure that our infrastructure is preserved for the benefit of present and future generations. The collection of tolls will generate much-needed revenue for road maintenance and expansion.”

The minister stated that the project aligns with the priorities of President Bola Tinubu’s Renewed Hope Agenda, which aims to build a robust and interconnected infrastructure network.

“It is important to state that the Toll Order/Fee Schedule has been gazetted as follows: saloon cars will be tolled at N500, SUVs/jeeps at N800, minibuses at N1,000, and multi-axle vehicles at N1,600.

“However, frequent road users, such as commercial light vehicles defined under the Federal Highway Act, will enjoy a 50 per cent discount,” he added.

Additionally, tricycles, pedal vehicles, motorcycles, and other two- or three-wheeled transport modes primarily used by disadvantaged populations will be exempt from toll charges.

Also speaking, the Nasarawa State Governor, Abdullahi Sule, represented by his deputy, Dr Emmanuel Akabe, commended the President for completing the road and urged Nigerians to cooperate to ensure the project’s success.

On his part, the Permanent Secretary of the Federal Ministry of Works, Folorunsho Adebiyi, emphasised the importance of roads and the need for their proper management.

Adebiyi noted that less than one per cent of Nigerians travel by air.

He said, “In Nigeria today, we have four major modes of transport: air, rail, water, and road.

“The most accessible, affordable, and realistic means of transport remains the road. Air travel is faster and preferable for those who value time, but the reality is that less than one per cent of Nigerians travel by air.”

He further stressed the need to generate sufficient revenue for effective road maintenance.

“When you examine the statistics, domestic air travel in Nigeria records about 13 million passengers annually, with approximately 12 million travelling internationally. However, when adjusted to exclude duplicate names, the actual number drops to less than 250,000.

“This is why our roads appear extremely stressed. As traffic volume increases daily, the average load on our roads also rises,” he stated

The Coalition of Civil Society Organisations in Nigeria (COCSON) has condemned the growing trend of media trials of individuals accused of financial crimes, stressing that such practices undermine the fundamental principle of the Nigerian Constitution which presumes every suspect innocent until proven guilty.

At a press conference held in Abuja yesterday, COCSON’s National Spokesperson, Segun Okeowo, commended the Economic and Financial Crimes Commission (EFCC) for its efforts in tackling corruption but expressed concern over the increasing trend of media trials.

“The EFCC must immediately desist from using media trials as a tool for public perception management,” Okeowo said, adding that “Investigations should be carried out professionally and discreetly,…
[3:18 PM, 2/4/2025] Dozzy: The Coalition of Civil Society Organisations in Nigeria (COCSON) has condemned the growing trend of media trials of the former Accountant General of the Federation (AGF), Chukwunyere Anamekwe Nwabuoku and other individuals accused of financial crimes.

COCSON stressed that such practices undermine the fundamental principle of the Nigerian Constitution, which presumes every suspect is innocent until proven guilty.

At a press conference held at Rockview Hotel, Abuja, on Tuesday, February 4, 2025, the National Spokesperson of COCSON, Segun Okeowo, emphasized that while the Economic and Financial Crimes Commission (EFCC) has played a crucial role in tackling corruption and financial crimes, media trials must be avoided.

“We commend the EFCC for its efforts, but we are deeply concerned about the increasing trend of media trials, where individuals under investigation are subjected to public ridicule and character assassination before they have had their day in court,” Okeowo said.

COCSON specifically cited the ongoing case involving former Accountant General of the Federation (AGF), Chukwunyere Anamekwe Nwabuoku, who has been accused of financial misconduct. While acknowledging the need to hold corrupt individuals accountable, Okeowo insisted that such proceedings must be handled strictly within legal frameworks, without sensationalism or media harassment.

“Nwabuoku is a man who has meritoriously served Nigeria in various capacities, and as such, he deserves to be treated with dignity. Accusations do not amount to convictions, and until a court establishes guilt, he, like every other suspect, remains innocent,” Okeowo emphasized.

COCSON spokesman demanded that the EFCC must immediately desist from using media trials as a tool for public perception management and that investigations should be carried out professionally and discreetly, while evidence should be tested only in courts of law.

He also urged the media to exercise responsible journalism by ensuring that reports do not portray suspects as criminals before verdicts are reached and that sensational headlines and leaks of investigative details should stop.

Comrade Okeowo, further, stressed that the fight against corruption must not be tainted by procedural injustices and that every Nigerian, regardless of their position or past service, is entitled to due process.