Business
FG Wants 60% of Manufacturing Companies Back to National Grid – Adelabu
Adelabu anticipated that of the $32.8 billion funding, $17 billion is expected from the public sector, while about $15.8 billion will be contributed by the private sector.
The federal government is making frantic efforts to ensure the return of over 60 percent of manufacturing firms, which had exited the national grid.
The Minister of Power, Chief Adebayo Adelabu, disclosed yesterday, during the release of a National Integrated Electricity Policy (NIEP) to drive the transformation of Nigeria’s power industry.
At the event, Adelabu estimated that an investment of $32.8 billion is needed in the power sector between now and 2030 to enable the country to achieve universal electricity access.
Adelabu anticipated that of the $32.8 billion funding, $17 billion is expected from the public sector, while about $15.8 billion will be contributed by the private sector.
Adelabu emphasized that bringing back the exited manufacturing companies on the national grid is the only way the government can drive the kind of economic growth and national development that we had in mind at the beginning of this process.
“Today, more than 60 percent of our manufacturing industry is completely off-grid.
“They engage in self-generation, not because they are in rural areas or they are in semi-urban areas, they are in locations where there is access to electricity. But how reliable is this access? We all know that there are a lot of sensitive manufacturing processes that cannot tolerate a one-minute dip in the electricity supply.
“Instead of taking such a risk by connecting to a grid that is not reliable, these industries would rather go for self-generation. I will note the impact of this. It is not cheap.
It is very expensive.“Therefore, our products or commodities being turned out from these factories can never be competitive.
The only way we can allow this to contribute to economic growth, industrialization, and national development is to ensure that there is reliability in grid supply, so that all these companies that are currently off-grid can go back to the grid, and this will reduce their cost of production, it will reduce inflation, and our locally manufactured goods can now compete with imported goods.”
Describing power supply as a strategic driver sector for other critical sectors in the economy, the minister stated that President Bola Tinubu recognized that energy was not merely a commodity but the backbone of economic growth, job creation, industrialization, and national development.
He stressed that the new policy document had been submitted for the approval of the Federal Executive Council (FEC), explaining that by Monday next week, the document will be approved.
Describing power supply as strategic driver sector for other critical sectors in the economy, the minister stated that President Bola Tinubu recognised that energy was not merely a commodity, but the backbone of economic growth, job creation, industrialisation, and national development.
He stressed that the new policy document had been submitted for the approval of the Federal Executive Council (FEC), explaining that by Monday next week, the document will be approved.
Business
Oyetola Says CVFF Fund to be disbursed through Lending Institutions
The CVFF, established under the Coastal and Inland Shipping (Cabotage) Act of 2003, over two decades, was designed to empower Nigerian shipping companies through access to structured financing for vessel acquisition.
The Minister of Marine and Blue Economy, Adegboyega Oyetola, says that the Cabotage Vessel Financing Fund (CVFF) will be disbursed to eligible shipping companies through the government-approved lending institutions.
Oyetola said: ” Qualified applicants can access up to $25 million each at competitive interest rates to acquire vessels that meet international safety and performance standards.
The fund will be administered in partnership with carefully selected and approved primary lending institutions (PLIs), ensuring professional and efficient disbursement.”
Accordingly, Oyetola has directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to commence the process that will lead to the long-awaited disbursement of the Cabotage Vessel Financing Fund (CVFF).
The CVFF, established under the Coastal and Inland Shipping (Cabotage) Act of 2003, over two decades, was designed to empower Nigerian shipping companies through access to structured financing for vessel acquisition.
However, successive administrations failed to operationalise the fund for indigenous shipping until now.
Oyetola, in a press statement by the Media and Communications Adviser to the Minister, Dr Bolaji Akinola, yesterday, lamented that for over 20 years, the CVFF remained a dormant promise.He said this is not just about disbursing funds but about rewriting a chapter in the nation’s maritime history, saying:
“Today, we are bringing it to life deliberately, transparently and strategically.”NIMASA, in alignment with the Minister’s directive, has already issued a marine notice inviting eligible Nigerian shipping companies to apply. “
Business
FIRS Targets N25.2tr Revenue in 2025
In a keynote address during the opening ceremony of a two-day workshop, organised by the Service on “Tax Expenditure and its Effects on Government Revenue”, the FIRS chairman said that under the current dispensation, the Service was contributing an average of over 60 percent monthly to the Federation Account.
The Federal Inland Revenue Service (FIRS) is determined to rake in N25.2 trillion revenue in 2025, higher than the N21.6 trillion it collected in 2024.
This was disclosed by FIRS Executive Chairman, Dr Zacch Adedeji, who noted that the FIRS was facing the challenge of ever-increasing demand for greater tax revenue collection by government at all levels, especially in the face of dwindling direct revenue contribution by some Ministries, Departments and Agencies (MDAs).
In a keynote address during the opening ceremony of a two-day workshop, organised by the Service on “Tax Expenditure and its Effects on Government Revenue”, the FIRS chairman said that under the current dispensation, the Service was contributing an average of over 60 percent monthly to the Federation Account.
Adedeji, who was represented by FIRS Coordinating Director, Corporate Services Group, Bola Akintola, said that this is due to several proactive and reformative steps adopted by the Service.
He, however, said that the government was losing revenue through tax incentives, which had been difficult to quantify due to limited data availability.
Business
EFCC and Interpol Hunt for CBEX fraudsters
CBEX, reportedly operated by foreign nationals in partnership with Nigerians, abruptly collapsed on Monday, leaving thousands of investors locked out of their accounts.
The Economic and Financial Crimes Commission (EFCC) has launched a full-scale investigation into a suspected N1.3 trillion crypto fraud linked to the now-defunct digital investment platform, CryptoBank Exchange (CBEX).
The EFCC confirmed it is partnering with the International Criminal Police Organisation (INTERPOL) to track both local and international culprits behind the scam.
CBEX, reportedly operated by foreign nationals in partnership with Nigerians, abruptly collapsed on Monday, leaving thousands of investors locked out of their accounts.
Many woke up to find their balances wiped out, with the platform demanding additional deposits before access could be restored.
Oyetola Says CVFF Fund to be disbursed through Lending Institutions
FIRS Targets N25.2tr Revenue in 2025
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