Business News
FG Orders NERC, DisCos to Stop Electricity Tariff Hike

By Mathew Dadiya, Abuja
The Federal Government has stopped the Nigerian Electricity Regulatory Commission (NERC) and its Distributing Companies (DisCos) from electricity tariff hike earlier planned to commence today.
This was sequel to two separate meetings held yesterday by President Muhammadu Buhari and Vice President Yemi Osinbajo with the leadership of the National Assembly (NASS), where it was agreed that the planned increase be deferred indefinitely.
NASS leadership had on Monday kicked against the planned hike in electricity tariff by the Distributing Companies (DisCos) arguing that the timing was wrong amidst the COVID-19 pandemic and it’s impact on citizens’ income.
Senate President, Ahmad Lawan and the Speaker of the House of Representatives, Femi Gbajabiamila, Spoke to State House correspondents shortly after the meetings at the Presidential Villa, Abuja, where they met both Buhari and Osinbajo.
The NASS leaders said the meeting agreed that the timing was not expedient, hence the increment should be deferred till further notice.
Lawan said that the COVID-19 pandemic has impacted negatively, “hence the situation requires that everything possible is done to make life easy for the citizens.
“We have come to visit our Vice President, one of our leaders in connection with the impending electricity tariff in the country.
“The joint leadership of the National Assembly sat yesterday (Monday) with DisCos and Nigerian Electricity Regulatory Commission (NERC). We believe that this is not the right time to increase the tariff in the electricity sector. Nigerians have a lot of challenges today because of the COVID-19 pandemic and the situation requires that we do everything possible to make life easy for our citizens.
“Of course, government is doing a lot in this respect but we believe that DisCos should meet with consumers, find better cost effective tariff. But before then, there must be some steps to ensure that the consumers are properly metered otherwise, you will still go back to guessing what consumers are consuming. That is to say that let the billing be scientifically based, it has to be based on what you actually consumed.
“So “, we had this discussion with Mr. Vice President and we are sure that that announcement in the increase of electricity tariff in Nigeria is untimely. We believe that we need to do more work to ensure that before any increase, there must be some measures, steps, line of actions that must be exhausted including the metering. This is a welcome idea to the Vice President as well,” The Senate President said.
On steady power supply to Nigerians Lawan said all stakeholders must adhere to the share purchase agreement signed by government.
“I believe that the share purchase agreement signed by the government and the DisCos at the point of the privatization must be adhered to. These are businesses and they must do everything possible to provide services. It is when they provide efficient and effective services to consumers that they can make money. But as a government, we too must make sure that we discharge our obligations as provided for in share purchase agreement signed. Once we are able to achieve that, we will have a better situation in the power sector in Nigeria. It is doable, it has happened elsewhere.
“So, we cannot continue to give DISCOS and GENCOS the resources that we can ordinarily deploy to build hospitals. But whatever it’s necessary for us to do as part of our agreement with them we must do those.”
He also spoke on the International Day of Parliamentarism and how well the National Assembly had supported government and discharged its responsibility in the COVID-19 period in terms of emergency laws, monitoring spending.
“ We have been doing our best but it’s for the public to judge what we do. I wouldn’t say we should rate ourselves but I want to assure you that in the prevailing circumstances, the National Assembly has been doing its best. We try to attend to all those issues we believe are contemporaneous, those resources that government need to address COVID-19 situation,” he said.
“Recently, we passed the 2020 budget and of course that included the stimulus package to support the COVID-19 situation. So we have been doing our best and we are always available to undertake those parliamentary interventions that will be required as at when due, ”he stressed.
The Speaker, while responding to a question on the hike of electricity tariff and the complaints by DisCos of operating under heavy financial burden said:
“We saw the President earlier this morning and we have seen the Vice President today. The whole idea is that when there is a major policy decision, it is always good that the legislature and the executive are on the same page so that we don’t sing different tunes.
“I will like to say that we have all agreed on an increase in cost reflective tariff but the issue is that the timing is also important. Sometimes, timing is more important than even the policy decision that you make. There is a saying that ‘the road to hell is often paved with good intentions.’ So the intentions is good but what about the timing? We have all agreed to suspend this for a while, tarry a while and get the buy-in of the people, explain to the people why this has to be done, that it is for the betterment for the electricity to get stable. They are businessmen (DISCOS) and cannot be undercutting themselves. I think so far so good, the President listens attentively, the Vice President listens attentively and I think everybody is on the same page and hopefully, we will get some reprieve between now and whenever, but it’s not going to happen today”.
Business News
Tinubu Congratulates Dangote on World Bank Appointment

By Jennifer Enuma, Abuja
President Bola Tinubu has congratulated Alhaji Aliko Dangote, the President of Dangote Group, on his appointment to the World Bank’s Private Sector Investment Lab, a body tasked with promoting investment and job creation in emerging economies.
In a statement by Special Adviser on Media and Publicity, Bayo Onanauga, the President described the appointment as apt, given Dangote’s rich private sector experience, strategic investments, and many employment opportunities created through his Dangote Group.
The Dangote Group became one of Africa’s leading conglomerates through innovation and continuous investment.
Dangote Group’s business interests span cement, fertiliser, salt, sugar, oil, and gas. However, the $20 billion Dangote Petroleum Refinery and Petrochemicals remains Africa’s most daring project and most significant single private investment.
“President Tinubu urges Dangote to bring to bear on the World Bank appointment his transformative ideas and initiatives to impact the emerging markets across the world fully” the statement said.

The World Bank announced Dangote’s appointment on Wednesday, as part of a broader expansion of its Private Sector Investment Lab. The lab now enters a new phase aimed at scaling up solutions to attract private capital and create jobs in the developing world.
The CEO of Bayer AG, Bill Anderson, the Chair of Bharti Enterprises, Sunil Bharti Mittal, and the President and CEO of Hyatt Hotels Corporation, Mark Hoplamazian, are on the Private Sector Investment Lab with Dangote.
The World Bank said the expanded membership brings together business leaders with proven track records in generating employment in developing economies, supporting the Bank’s focus on job creation as a central pillar of global development.
Business Analysis
Nigeria Customs Generates over N1.75trn Revenue in 2025
By Joel Oladele, Abuja
The Nigeria Customs Service (NSC) has generated an impressive N1,751,502,252,298.05 in revenue during the first quarter of 2025.
The Comptroller-General (CG) of the Service, Bashir Adeniyi, disclosed this yesterday, during a press briefing in Abuja.
According to Adeniyi, the achievement not only surpasses the quarterly target but also marks a substantial increase compared to the same period last year, reflecting the effectiveness of recent reforms and the dedication of customs officers across the nation.
“This first quarter of 2025 has seen our officers working tirelessly at borders and ports across the nation.
I’m proud to report we’ve made real progress on multiple fronts—from increasing revenue collections to intercepting dangerous shipments,” Adeniyi stated.He attributed this success to the reforms initiated under President Bola Tinubu’s administration and the guidance of the Honourable Minister of Finance and Coordinating Minister of the Economy, Olawale Edun.
The CG noted that the revenue collection for Q1 2025 exceeded the quarterly benchmark of N1,645,000,000,000.00 by N106.5 billion, achieving 106.47% of the target. This performance represents a remarkable 29.96% increase compared to the N1,347,705,251,658.31 collected in Q1 2024.
Adeniyi highlighted the month-by-month growth, noting that January’s collection of N647,880,245,243.67 surpassed its target by 18.12%, while February and March also showed positive trends.
“I’m pleased to report the Service’s revenue collection for Q1 2025 totaled N1,751,502,252,298.05.
“Against our annual target of N6,580,000,000,000.00, the first quarter’s proportional benchmark stood at N1,645,000,000,000.00. I’m proud to announce we’ve exceeded this target by N106.5 billion, achieving 106.47% of our quarterly projection. This outstanding performance represents a substantial 29.96% increase compared to the same period in 2024, where we collected N1,347,705,251,658.31.
“Our month-by-month analysis reveals even more encouraging details of this growth trajectory,” Adeniyi said.
In addition to revenue collection, Adeniyi said the NCS maintained robust anti-smuggling operations, recording 298 seizures with a total Duty Paid Value (DPV) of ₦7,698,557,347.67.
He stated that rice was the most seized commodity, with 135,474 bags intercepted, followed by petroleum products and narcotics.
“From rice to wildlife, these seizures show our targeted approach,” Adeniyi remarked, noting the NCS’s commitment to combating smuggling and protecting national revenue.
Adeniyi also highlighted key initiatives, including the expansion of the B’Odogwu customs clearance platform and the launch of the Authorized Economic Operators Programme, which aims to streamline processes for compliant businesses. The NCS’s Corporate Social Responsibility Programme, “Customs Cares,” was also launched, focusing on education, health, and environmental sustainability.
Despite these achievements, the CG noted that the NCS faced challenges, including exchange rate volatility and non-compliance issues. Adeniyi acknowledged the need for ongoing adaptation and collaboration with stakeholders to address these challenges effectively.
Looking ahead, the NCS aims to continue its modernization efforts and enhance service delivery, ensuring that it remains a critical institution in Nigeria’s economic and security landscape.
“Results speak louder than plans; faster clearances through B’Odogwu, trusted traders in the AEO program, and measurable food price relief from our exemptions. We’ll keep scaling what works,” he concluded.
BUSINESS
NSIA Net Assets Hit N4.35trn in 2024
By Tony Obiechina Abuja
The Nigeria Sovereign Investment Authority (NSIA) yesterday disclosed that its net assets grew from N156bn in 2013 to N4.35 trillion in 2024.
Similarly, the Authority has remained profitable for 12 consecutive years, leading to cumulative retained earnings of N3.
74 trillion in 2024.Managing Director and Chief Executive Officer of NSIA, Aminu Umar- Sadiq made these disclosures at a media engagement in Abuja, highlighting its audited financial results for the 2024 fiscal year.
According to him, the results underscored the resilience of the authority’s investment strategy and the strength of its earnings, driven by a well-diversified revenue base and robust risk management practices, despite a challenging global macroeconomic and geopolitical environment.
Total operating profits, excluding share of profits from associates and Joint Venture (JV) entities, increased from N1.17 trillion in 2023 to N1.86 trillion in 2024, driven by the strong performance of
NSIA’s diversified investment portfolio, infrastructure assets, gains from foreign exchange movements, and derivative valuations.
In addition, Total Comprehensive Income (TCI), inclusive of share of profits from associates and JV entities, reached N1.89 trillion in 2024, reflecting a 59 per cent increase from N1.18 trillion in 2023.
Core TCI (excluding foreign exchange and derivative valuation gains) rose by 148 per cent to N407.9 billion in 2024 compared to N164.7 billion in 2023, supported by robust returns on financial assets measured at fair value through profit and loss, including collateralised securities, private equity, hedge funds, and Exchange-Traded Funds (ETFs).
Umar-Sadiq said the authority’s outstanding financial performance in 2024 reflected the “strength of our strategic vision, disciplined execution and unwavering commitment to sustainable socio-economic advancement.”
He said, “By leveraging innovation, strategic partnerships and sound risk management, we have not only delivered strong returns but also created value for our stakeholders
“As we move forward, we remain focused on driving economic transformation, expanding opportunities, scaling transformative impact and ensuring long-term prosperity for current and future generations of Nigerians.”
The CEO reaffirmed the authority’s commitment to managing the country’s SWF, and delivering the mandates enshrined in the NSIA Act.
He said NSIA remained poised to continually create long-term value for its stakeholders by delivering excellent risk-adjusted financial results, developing a healthy and well-diversified portfolio of assets and large-scale infrastructure projects, and enhancing the desired social outcomes.
He noted that NSIA was committed to its mandate of prudent management and investment of Nigeria’s sovereign wealth.
“In adherence to its Establishment Act, NSIA prioritises transparency, disclosure, and effective communication with all stakeholders and counterparties,” he said.
He pointed out that in the year under review, a new board, led by Olusegun Ogunsanya as Chairman, was appointed by President Bola Tinubu, in accordance with the provisions of the NSIA Act.
The new board will provide strategic direction and oversight, in addition to playing a pivotal role in critical decision making.
He remarked that under the guidance of the Board, the Authority will retain focus on its primary mandate of creating shared value for all stakeholders based on its continued adoption of corporate governance practices.
“NSIA prides itself an investment institution of the federation established to manage funds in excess of budgeted oil revenues and its mission is to play a pivotal role in driving sustained economic development for the benefit of all Nigerians through building a savings base for the Nigerian people, enhancing the development of the county’s infrastructure, and providing stabilisation support in times of economic misadventure,” he added.