Tinubu halts electricity tariff hike, subsidy continues
Adebayo Adelabu, Minister of Power, revealed President Bola Tinubu’s intervention to prevent an electricity tariff hike and his insistence on nationwide power consumption subsidies.
Adelabu also stated the government would investigate the legality of the five-year licence extension given to privatised power distribution and generation companies.
Tariff increases would be deferred until regular power supply is achieved, as a price hike would be burdensome given current economic challenges.
Adelabu emphasised the need for performance in the ministry and its agencies, asserting that non-performing officials would be replaced as the goal is to deliver for the national interest.
GuarantCo backs Lagos Free Zone Company with N20bn guarantee
GuarantCo, a subsidiary of the Private Infrastructure Development Group (PIDG), has provided a 20-year counter-guarantee worth N20.23 billion (approximately $25 million) to support Lagos Free Zone Company’s (LFZC) infrastructure bonds totaling N53 billion (about $65.5 million).
This partnership, part of a broader guarantee facility by Infrastructure Credit Guarantee Company Limited (InfraCredit) Nigeria, is set to boost infrastructure development in the Lagos Free Zone, aiming to become a significant industrial and maritime hub for Nigeria and West Africa.
InfraCredit has formed a counter-guarantee partnership with GuarantCo to address single-obligor limits across all three bond series.
Ashish Khemka, CFO of LFZC, expressed gratitude for the collaboration, emphasising its role in enabling infrastructure projects.
Layth Al-Falaki, CEO of GuarantCo, expressed enthusiasm for the partnership, and Chinua Azubike, CEO of InfraCredit, highlighted the strategic importance of expanding guarantee capacity to address Nigeria’s infrastructure financing deficit.
Nigeria faces rising expenditure amid revenue shortfall
The Federal Government of Nigeria is grappling with growing public expenditure amidst declining revenue, a concerning issue highlighted by the Accountant General of the Federation, Oluwatoyin Madein.
Madein assured that efforts to tackle revenue leakages and enhance revenue generation are in progress. With rising expenditures and economic challenges, strategies for increasing revenue are essential to meet the expectations of Nigerians.
This concern was raised during an interactive session on the Medium-Term Expenditure Framework and Fiscal Strategy Paper. Lawmakers were called upon to support these efforts to boost revenue.
Ogun governor unveils high-speed C of O system, signs 2,000 daily
Governor Dapo Abiodun of Ogun State has introduced an electronic certificate of occupancy (CofO) system capable of signing 2,000 CofOs daily.
This initiative aims to address land speculation and improve land administration in the state. Abiodun expressed his commitment to streamline the land bureau and address the backlog of C of Os while working to implement reforms to enhance the state’s efficiency.
Apple Co-Founder Steve Wozniak hospitalised in Mexico
Apple co-founder Steve Wozniak was hospitalised in Mexico City, where he was scheduled to speak at a World Business Forum event.
While some reports initially suggested a stroke, later reports from TMZ cited sources that indicated it may have been a bout of vertigo.
Wozniak, 73, co-founded Apple with Steve Jobs in 1976, revolutionising personal computing and creating a tech giant. The nature of his illness was not immediately confirmed.
