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FG Says “No to 100% Tariffs Hike by Telcos”

“I know that Nigerians are agitated to hear the exact percentage approved. There are still some stakeholder engagements that we are going through, but you will hear from us within a week or two.

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The Federal Government has approved the planned hikes in telecom tariffs by MTN, Airtel, Globacom, and 9mobile, but it will not be the 100 percent that telecom operators are pushing for at the moment.

This was the outcome of a stakeholders’ meeting with Mobile Network Operators (MNOs) with the Minister of  Communications, Innovation, and Digital Economy, Dr Bosun Tijani, on Wednesday in Abuja.

The Minister disclosed during the consultations and engagements meeting that the Nigerian Communications Commission (NCC), would soon approve the new tariffs and make it public to Nigerians.

He said: “You have seen over the past weeks that there has been agitation from some of these companies to increase tariff. They are requesting for 100 percent tariff increase.

“But it will not be by 100 percent. We are still looking at that study and NCC will come up with a clear directive on how we will go about it.

“We want to strike the balance as a government to protect our people, but also protect and ensure that these companies can continue to invest significantly.

“We need to ensure that as a sector, we get our acts together, ensure that from the regulation side, we put the right regulations in place that can ensure the growth of this sector.”

The Minister also noted that the Federal Government would no longer leave investments in infrastructure in the sector to private companies alone.

As a country, over time, we have left these investments in the hands of the private sector. They typically invest where they can see returns in the short to medium term.

“We will not want this conversation to just be about tariff increase. I think what the world is talking about today is meaningful connectivity.

The Executive Vice-Chairman (EVC) of the NCC, Dr Aminu Maida, said that the meeting with stakeholders was about the sustainability of the industry.

“We have looked at all of these factors, and that is why, as the Minister said, it is not likely that we are going to approve a 100 percent tariff increase.

“I know that Nigerians are agitated to hear the exact percentage approved. There are still some stakeholder engagements that we are going through, but you will hear from us within a week or two.

” He said that the NCC had put some tools and instruments into place by revising its quality of service regulations for compliance service quality. He said that the MNOs must comply with simplified templates to show Nigerians charges per minute for voice calls, SMS, and a megabyte of data.

We are moving away from the regime where you will have a main rate, then you will now have a bonus which is at a different rate.

“It makes it often complicated for Nigerians to understand what they are being charged for.

“This is one of the things when we took a lot of time over the past year looking at data there is this agitation that the MNOs are stealing our data,” he said

The CEO of Airtel Nigeria, Dinesh Balsingh, represented by Femi Adeniran, Airtel media spokesperson, noted that for the telecoms commitment to delivering superior connectivity and fostering digital inclusion, there is need for tariff increments.

“The economic realities of rising operational and capital costs necessitated the proposed tariff adjustments.

This is aimed to ensure the long-term sustainability of the sector while unlocking significant benefits for Nigerian consumers,” he said.

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Naira Exchange Rates Friday, October 16

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BLACK/ PARALLEL MARKET RATES

₦1370 DOLLAR (USD)

₦1800 POUND (GBP)

₦1510 EURO (EUR)

₦970 CANADIAN DOLLAR (CAD)

₦65 SOUTH AFRICAN RAND (ZAR)

₦350 UAE DIRHAM (AED)

₦190 CHINESE YUAN (CNY)

₦100 GHANAIAN CEDI (GHS)

₦2300 WEST AFRICAN CFA F.(XOF)

₦2200 CENTRAL AFRICAN CFA F.(XAF)

₦850 AUSTRALIAN DOLLAR AUSSIE (AUD)

CBN OFFICIAL RATES

DOLLAR (USD)₦1331.61

POUND (GBP)₦1764.26

EURO (EUR)₦1490.48

SWISS FRANC (CHF)₦1608.23

JAPANESE YEN (JPN)₦8.4

CFA FRANC (XOF)₦2.27

WEST AFRICAN UNIT OF ACCOUNT (WAUA)₦1802.33

CHINESE YUAN (CNY)₦199.01

SAUDI RIYAL (SAR)₦354.83

SOUTH AFRICAN RAND (ZAR)₦80.49

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WEF could appoint Lagarde as its next chair, sources say

The WEF’s Board of Trustees, which includes Lagarde herself, was due to meet on November 2 and could elect her as its next chair, said the people close to the organisation, who spoke on condition of anonymity due to the sensitivity of ⁠the matter.

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•European Central Bank President Christine Lagarde

The World Economic Forum could appoint Christine Lagarde as its next chair as soon as next month, four people close to the organisation told Reuters, meaning she would step down early as European Central Bank chief and trigger a wider ‌reshuffle at the top of the ECB.Lagarde’s ECB term is scheduled to end in October 2027.

Leaving early would give European Union leaders a chance to pick a new ECB President before France’s spring presidential election, which opinion polls suggest the far-right could win, and could pave the way for a deal involving two other senior ECB roles.

The WEF’s Board of Trustees, which includes Lagarde herself, was due to meet on November 2 and could elect her as its next chair, said the people close to the organisation, who spoke on condition of anonymity due to the sensitivity of ⁠the matter.

No final decision has been taken yet, they said.

A spokesperson for the WEF said the forum could not confirm when the next full Board of Trustees meeting would take place, but that the aim was to hold one before the end of the year.

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Germany plans tax on sugary drinks

The tax is expected to generate additional revenue for the federal government of €690 million in 2027 and €925 million in 2028.

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The German cabinet has approved draft legislation to tax sugary drinks in Europe’s biggest economy.

If passed by the German Bundestag, the tax will take effect on 1 July 2027.

The coalition aims to raise revenue for the federal budget while encouraging manufacturers to reduce sugar content and offer healthier products.

The levy is intended to ease pressure on the healthcare system, which faces costs of more than €2 billion every year linked to the high consumption of sugary drinks, which contributes to obesity, diabetes and tooth decay.

According to the federal government, Berlin is using the tax to implement “what associations from the fields of health, science, child protection, and consumer protection have long been demanding.”

The tax is expected to generate additional revenue for the federal government of €690 million in 2027 and €925 million in 2028.

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