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BREAKING: Oodua groups back Tinubu on fuel subsidy removal
The Coalition of Oodua Self-Determination Groups has appealed to Nigerians to support the subsidy removal by President Bola Tinubu saying that he took the right decision.
The leader of the Yoruba groups, Mr Razak Olokoba, while speaking in a joint press conference held at the Airport Hotel, Ikeja, Lagos State on Tuesday, June 6, 2023, said Nigeria cannot continue to budget trillions of naira on fuel subsidy alone.
He said, “For this year, 2023, Nigeria budgeted N11 trillion of its oil revenue on subsidising petrol alone. This cannot continue. This is good money going down the drain, with little or nothing to show for it.
“This huge amount can be channelled into solving our several deficits, including, infrastructural, housing, education, healthcare and generally upgrading the quality of life for Nigerians. It will also help strengthen the naira.
Olokoba stressed that Nigeria’s economy depends 90 per cent on petroleum exports for its revenue and one-third of its Gross Domestic Product has been zero revenue from the sector, adding, “Tinubu said he inherited the assets and liabilities of the last regime. Nigeria currently owes massive local and foreign debts to the tune of N71 trillion.”
The group’s leader maintained that if the subsidy is not killed, it will kill Nigerians while explaining that since the year 2000 when the Nigerian government gave 20 refinery licences to private companies, adding that none was built apart from Dangote’s recently inaugurated.
Olokoba further encouraged competition in the oil sector, noting that it will bring about lower prices.
Details later…
News
President Tinubu Designates Joseph Tegbe New Minister of Power
Mr Tegbe’s experience includes significant engagements within the power sector, particularly in regulatory and institutional reform involving agencies such as the Nigerian Electricity Regulatory Commission (NERC) and the Nigerian Bulk Electricity Trading Company (NBET).
President Bola Ahmed Tinubu has nominated Mr Joseph Olasunkanmi Tegbe as Minister of Power, subject to confirmation by the Senate.
The nomination has been transmitted to the Senate for screening and confirmation in accordance with the Constitution.
The nomination follows the resignation of the former Minister, Adebayo Adelabu, who stepped down from office to pursue elective office.
Mr Tegbe, from Oyo State, is a fiscal and economic reform expert with over 35 years of experience spanning the public and private sectors.
He is a former Senior Partner and Head of Advisory Services at KPMG Africa, where he led wide-ranging initiatives in fiscal policy reform, institutional transformation, and governance.
He has also advised key government institutions and private sector organisations on strategic reforms, regulatory frameworks, and investment structuring.
He is at present the Director General and Global Liaison for the Nigeria-China Strategic Partnership (NCSP), where he is responsible for strengthening bilateral development cooperation between Nigeria and the People’s Republic of China.
The NCSP also coordinates engagements with public sector stakeholders to advance economic and social development in line with FOCAC objectives.
Mr Tegbe’s experience includes significant engagements within the power sector, particularly in regulatory and institutional reform involving agencies such as the Nigerian Electricity Regulatory Commission (NERC) and the Nigerian Bulk Electricity Trading Company (NBET).
His nomination is expected to strengthen further ongoing efforts to reform the power sector, enhance grid stability, and attract sustainable investment in line with the Renewed Hope Agenda.
The President expects the Minister-Designate, upon confirmation, to bring his extensive expertise to bear to advance critical reforms and deliver improved outcomes for Nigerians in the power sector.
News
Egbin Shutdown Throws Lagos Into Darkness, says NISO
Egbin Power Station, which is the largest electricity-generating plant on the national grid and a major contributor to daily power supply in Nigeria, experienced a major operational disturbance.
The Nigerian Independent System Operator (NISO) said on Thursday power supply to the Lagos region is currently restricted due to a sudden shutdown of the Egbin Power Station and the forced outage of the Osogbo–Ikeja West 330kV transmission line, thereby limiting the evacuation of available generation into the Lagos load centre.
NISO said that the dual disruptions has created a significant supply gap, forcing authorities to ration electricity to prevent a total system collapse.
NISO explained that at approximately 8:21 p.m. on April 28, 2026, Egbin Power Station recorded a total loss of generation, dropping from about 641MW to zero output.
This incident was caused by the failure of the plant’s central compressor, in addition to a malfunction of the circulating water pump system, which necessitated an immediate shutdown of all generating units to safeguard the facility.
Egbin Power Station, which is the largest electricity-generating plant on the national grid and a major contributor to daily power supply in Nigeria, experienced a major operational disturbance.
News
Tinubu designates Rabiu Umar new CEO of NMDPRA
Umar is a seasoned executive with over 25 years of experience across the energy, manufacturing, and infrastructure sectors, and a proven track record in strategic leadership, operational transformation, and large-scale project delivery..
President Bola Ahmed Tinubu has approved the removal of Mr Saidu Mohammed as the Authority Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
In a State House statement issued on Wednesday signed by Special Adviser to the President on Information and Strategy, Bayo Onanuga, the President also approved the nomination of Rabiu Abdullahi Umar as the new Chief Executive of the NMDPRA, with the appointment subject to Senate confirmation.
The decision, according to the statement, was made pursuant to the Petroleum Industry Act 2021 and is aimed at strengthening regulatory effectiveness in the midstream and downstream petroleum sector in line with the Renewed Hope Agenda.
Umar is a seasoned executive with over 25 years of experience across the energy, manufacturing, and infrastructure sectors, and a proven track record in strategic leadership, operational transformation, and large-scale project delivery.
He is a graduate of Accounting from Bayero University and an alumnus of Harvard Business School.
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