Business
For stable electricity, should Nigeria invite China to manage Power Sector for 20 years ?
Goje was reacting to the new Minister of Power, Joseph Olasunkanmi Tegbe ‘s comment that he cannot promise Nigerians uninterrupted electricity immediately but pledged to deliver noticeable improvements in the sector within a short period.
Image: collage of power grid/ Minister of Power, Joseph Tegbe
Senator Muhammed Danjuma Goje thinks so.
Goje was a former minister of state for power and steel between 1999-2001; former governor of Gombe State 2003-2011, and now a senator representing Gombe Central.
He emphasised the need this week during the screening of minister -designates at the National Assembly.
Goje told fellow lawmakers that the federal government had better handover Nigeria’s power sector to China or another advanced country for 20 years to achieve stable electricity.
Goje was reacting to the new Minister of Power, Joseph Olasunkanmi Tegbe ‘s comment that he cannot promise Nigerians uninterrupted electricity immediately but pledged to deliver noticeable improvements in the sector within a short period.
Addressing lawmakers, the minister-designate said he would rather focus on realistic and measurable progress than make promises he cannot keep.
“If I am confirmed, the Senate President, Distinguished Senators, I will not stand here and say tomorrow I will give you 24-hour electricity.
” But what I will tell you about the very honest approach, I will ensure that visible improvement is seen across the country in the shortest time possible. I will commit that we will replace uncertainties for Nigerians with clarity”,Tegbe said.
Tegbe identified distribution challenges as one of the major issues affecting the power sector, noting that inefficiencies remain across the electricity value chain.
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Business
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.
•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.
Business
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.
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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