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We Can’t Continue To Subsidise Electricity For Nigerians Because We Already Have N1.3trillion Debts — Minister Of Power

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This was made known by the Minister of Power, Adebayo Adelabu, during a press conference in Abuja on Wednesday.

Adelabu said the country must begin to move towards a cost-effective tariff model, as the country is currently owing the tune of N1.3trillion to generating businesses (GenCos) and $1.3billion due by gas firms.

He further stated that just N450billion was funded for subsidies this year, despite the fact that the ministry requires more than N2trillion in subsidies, adding that state governments would now be able to generate power independently to supply power to their respective states.

He stated that the grid had collapsed six times between December 2023 and now due to a lack of gas, ageing machines in the grid value chain, insufficient capacity to evacuate generated power, and the destruction of power stations in some parts of the country’s North-East geopolitical zone.

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It was learnt that the Transmission Commission of Nigeria has over 100 abandoned projects due to discrepancies in contract figures caused by FX volatility, and that the business will not grant new contracts until all such projects are completed, according to the power minister.

The minister equally mentioned that over 50 billion Naira has been set aside in the 2024 budget to establish small grids to provide power to remote locations.

He warned power distribution businesses (DisCos) should sit up, or those found wanting will have their licence revoked.

The minister also stated that he had contacted Nuhu Ribadu, the National Security Adviser (NSA) to assist with the protection of power infrastructure.

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The power minister’s remark came amid speculation that the President Bola Tinubu-led government had returned the fuel subsidy he removed during his inauguration on the 29th of May, 2023.

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SAD! APC lawmaker dies while asleep

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The lawmaker representing Kaura Namoda South Constituency in the Zamfara State House of Assembly, Aminu Ibrahim Kasuwar-Daji, has died.

It was gathered that the lawmaker passed on in his sleep during the early hours of Wednesday.

Aminu Ibrahim Kasuwar-Daji’s sudden death came as a shock to many in the state, especially his colleagues and political associates.

The All Progressives Congress (APC) in Zamfara, the party under which he was elected, expressed deep sorrow over his passage.

Members of the party, including the State Working Committee and other supporters, described his death as a great loss.

They said he was known for his dedication and honesty in serving his people.

His family, community members in Kaura Namoda South, and fellow lawmakers have been thrown into mourning as preparations for his burial began.

According to Islamic rites, he was buried today at 3:00 pm in his hometown of Kasuwar-Daji, located in the Kaura Namoda Local Government Area.

Many in the state have continued to express grief as they remember the role he played in representing the people and contributing to the work of the state assembly.

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Just in: Sam Olumekun takes over as INEC’s Acting Chairman

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Mr. Sam Olumekun has taken over at the Independent National Electoral Commission (INEC) as Acting Chairman.

Olumekun is INEC’s National Commissioner in charge of Information and Voter Education.

He performed his first duties today, receiving a high-level delegation of the Labour Party (LP) at the Commission’s headquarters in Abuja with other National Commissioners in attendance.

The delegation was led by Abia State Governor Dr. Alex Otti, who visited the Commission to discuss key developments within the Labour Party.

It was gathered that both parties engaged in discussions centered on enhancing collaboration and reinforcing democratic values.

During the visit, Governor Otti formally presented a Certified True Copy of the recent Supreme Court judgment concerning the party’s leadership.

He noted that the meeting was aimed at fostering clarity, mutual understanding, and institutional alignment regarding the Labour Party’s current structure.

Mr. Olumekun, the Acting INEC Chairman, reaffirmed the Commission’s unwavering commitment to neutrality, transparency, and the rule of law in the discharge of its constitutional responsibilities.

Recall that a viral WhatsApp message had indicated that Prof. Mahmood was sacked by President Bola Tinubu and replaced with one Prof. Bashiru Olamilekan.

“INEC Chairman Prof. Mahmud Yakubu has been replaced with Prof. Bashiru Olamilekan by President Tinubu,” the message, which had no attribution, read. However, both INEC and the Presidency debunked the widespread report.

Yakubu, who is rounding off his second tenure in office, is expected to exit the system towards the end of this year.

The process of appointing an INEC chairman is the President nominating a candidate and forwarding his particulars to the Department of State Services (DSS) for profiling.

After such screening, the President, thereafter, takes the name to the National Council of State for its advisory review.

Based on the outcome, the President sends the name to the Senate for screening and confirmation.

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Crude oil prices slide further, now selling below $57

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Crude oil prices have dropped below $57, following a previous rate of $59.78.

This decline coincides with the imposition of tariffs on several countries by US President Donald Trump.

A report from West Texas Intermediate attributes this price slump to consistent 6% reductions observed last week.

JPMorgan Chase & Co has warned that these tariffs could likely push both the US and global economies into a recession this year.

The financial institution explained that the tariffs, set to take effect this week, are expected to have widespread economic repercussions.

Market analysts and the business community have expressed concerns about the negative implications of these measures, predicting a slowdown in economic activities and a subsequent decline in oil demand.

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