Business
NCC approves 50% tariff hike for telecoms
The Nigerian Communications Commission has approved requests from network operators for tariff adjustments in response to rising operational costs, marking the first change in rates since 2013.
The decision, announced in a statement signed by the Director of Public Affairs, Reuben Muoka, on Monday, allows for a maximum adjustment of 50% to current tariffs, significantly less than the over 100% proposed by some operators.
The NCC said it is exercising its authority under Section 108 of the Nigerian Communications Act, 2003 and emphasised that the new tariffs would remain within the limits outlined in its 2013 Cost Study.
According to the commission, the adjustments will also adhere to its 2024 Guidance on Tariff Simplification, ensuring transparency and fairness in implementation.
“The adjustment, capped at a maximum of 50 per cent of current tariffs, though lower than the over 100 per cent requested by some network operators, was arrived at taking into account ongoing industry reforms that will positively influence sustainability.
“These adjustments will remain within the tariff bands stipulated in the 2013 NCC Cost Study, and requests will be reviewed on a case-by-case basis as is the commission’s standard practice for tariff reviews.
It will be implemented in strict adherence to the recently issued NCC Guidance on Tariff Simplification, 2024.
“Tariff rates have remained static since 2013, despite the increasing costs of operation faced by telecom operators.
The approved adjustment is aimed at addressing the significant gap between operational costs and current tariffs while ensuring that the delivery of services to consumers is not compromised,” the statement said.
The NCC noted that the adjustment was necessary to sustain investment in infrastructure and innovation, benefiting consumers through improved services, better network quality, and wider coverage.
“This decision was made after extensive consultations with key stakeholders across the public and private sectors,” Muoka stated, adding that the commission prioritised balancing consumer protection with industry sustainability.
While recognising the financial pressures faced by Nigerian households and businesses, the NCC mandated operators to implement the new rates transparently and educate consumers on the changes.
Operators are also required to demonstrate measurable improvements in service delivery as part of the adjustments.
“Recognising the concerns of the public, this decision was made after extensive consultations with key stakeholders across the public and private sectors.
“The NCC has prioritised striking a balance between protecting telecom consumers and ensuring the sustainability of the industry, including the thousands of indigenous vendors and suppliers who form a critical part of the telecommunications ecosystem.
“The NCC recognises the financial pressures faced by Nigerian households and businesses and remains deeply empathetic to the impact of tariff adjustments.
To this end, the commission has mandated that operators implement these adjustments transparently and in a manner that is fair to consumers. Operators are also required to educate and inform the public about the new rates while demonstrating measurable improvements in service delivery,” it added.
The commission underscored its commitment to fostering a resilient and inclusive telecommunications sector.
“Beyond protecting consumers, the commission’s actions are designed to ensure the long-term sustainability of the industry, support indigenous vendors and suppliers, and promote the overall growth of Nigeria’s digital economy,” the statement added.
The NCC assured Nigerians of continued engagement with stakeholders to maintain a telecommunications environment that protects consumers while enabling the ecosystem that drives connectivity across the nation.
Business
IEA chief warns Oil market could enter ‘red zone’ by July as stocks dwindle ahead of summer travel season
Birol said that the single most important solution to the Iran war energy shock is a full and unconditional reopening of the strategically vital Strait of Hormuz..
•Faith Birol
Fatih Birol, executive director of the International Energy Agency (IEA) warned on Thursday that the oil markets could soon enter a “red zone” as global stocks deplete and as demand picks up during the summer travel season.
Birol’s comments came during a Chatham House session on the Strait of Hormuz crisis and global energy security.
Birol said that the single most important solution to the Iran war energy shock is a full and unconditional reopening of the strategically vital Strait of Hormuz.
” If it fails to reopen and no new oil is coming online from the Middle East, an ongoing drawdown in global stockpiles combined with an uptick in demand during the summer travel season means oil markets “may be entering the red zone in July or August,” Birol said, without elaborating further.
The IEA has previously said the global market is facing the most severe disruption in its history. That’s despite, Birol said, the market having benefitted from being in the “fortunate” position of entering the crisis with a surplus to help absorb the shock. These stocks, however, are now eroding, Birol said.
Typically, roughly 20% of the world’s oil and liquefied natural gas passes through the Strait of Hormuz, but shipping traffic has virtually halted since U.S. and Israeli-led strikes against Iran started on Feb. 28.
The IEA chief said the “biggest pain of this crisis will be felt in developing Asia and Africa,” adding that he was just as concerned about the impact of the Iran war on global food security as he was on energy security.
The Chairman of First HoldCo, Femi Otedola, said on Wednesday “From on a personal note, I’ve appealed to him (Aliko Dangote to allocate to me shares worth $100 million private placement, ahead of the Refinery’s initial public offer.”
“That’s one of the reasons I sold my stake in Geregu plant to come and invest my proceeds in the IPO of Dangote refinery.”
Otedola told journalists when he led top executives of First HoldCo on a tour of the refinery and the fertiliser plans in the Lekki free trade zone area.
The team also visited key project sites such as the jetty, a facility built by Dangote industries to receive large vessels.
The private placement is the latest announcement in the refinery’s Initial Public Offering plan, IPO expected later in the year.
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has retained the Monetary Policy Rate (MPR) at 26.5 per cent, maintaining the current stance after its two-day meeting that ended on Wednesday, May 20, 2026.
CBN Governor Olayemi Cardoso announced the decision, noting that the committee voted unanimously to hold all key parameters unchanged. The asymmetric corridor around the MPR remains at +500/-450 basis points, the Cash Reserve Ratio (CRR) stays at 45 per cent for commercial banks and 16 per cent for merchant banks, while the liquidity ratio is retained at 30 per cent.
The hold comes as headline inflation rose for a second consecutive month to 15.69 per cent in April 2026, up from previous levels, driven largely by food inflation at 16.06 per cent and higher transportation costs. Cardoso emphasised the need for a cautious and vigilant approach to anchor inflation expectations and safeguard macroeconomic stability.
This decision aligns with analysts’ expectations ahead of the 305th MPC meeting and follows the first rate cut in years implemented in February 2026, when the MPR was reduced by 50 basis points to the current 26.5 per cent.
The CBN Governor highlighted ongoing reforms, exchange rate stability, and efforts to improve food supply as factors supporting the disinflation process, even as global and domestic risks persist. The next MPC meeting is expected in July.
The retention signals the apex bank’s priority on taming inflation while monitoring the impact of previous policy actions on the broader economy.
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