Economy
NLC Faults Power Minister’s “Adequate Electricity” For 150m Nigerians Claims Says“Is A Joke Too Far”
NLC Faults Power Minister’s “Adequate Electricity” For 150m Nigerians Claims Says“Is A Joke Too Far”
NLC faults Power Minister’s “adequate electricity” for 150m Nigerians claims says“is a joke too far”. The Nigeria Labour Congress (NLC) has described as “a joke too far” the Power Minister, Adebayo Adelabu’s claim that 150 million Nigerians now enjoy “adequate electricity” supply of 5,500 megawatts. A statement released by the union’s President, Joe Ajaero, on Wednesday, the union said the minister’s statement was “outrageous”.
The union leader noted that the “Wild assertion is not only pretentious, but also a bad joke on a people daily confronted by grinding darkness, outrageous electricity tariffs, and a power sector manipulated for private profit at the expense of national progress”
“Perhaps, the Minister wants to perform Jesus’ miracle of feeding 5,000 persons with 5 loaves of bread and 2 fish.” According to Ajaero, the minister’s claim was nothing but an attempt to insult the intelligence of Nigerians, given the power challenge the nation faces.
“To suggest that over 150 million Nigerians have access to reliable power in a country that struggles to generate a meagre and inconsistent 5,000 megawatts—far below the global benchmark of 1,000mw per one million people—is to insult the intelligence and lived realities of Nigerians.”
The NLC, which stated that Nigeria should be generating no less than 150,000mw to justify such a claim, noted that “even on its best day, the country’s electricity generation has never exceeded 5,500mw—and that figure remains unstable and unreliable” “We want to ask, is Nigeria’s standard different from the world standard? Where are the power plants that make this level of supply possible? Where is the upgraded transmission infrastructure to support such output? Why are our homes still shrouded in darkness and our factories shutting down daily?”
The NLC counselled the Power Minister on standards for measuring performance, adding that the Minister’s claim “could be likened to a joke taken too far. “The truth is that millions of Nigerians, from urban slums to rural communities, continue to live without access to electricity.
The few who have access do so under constant threat of disconnection, blackouts, and financial exploitation through a complex pyramid of inflated tariffs and arbitrary billing” The NLC traced the current electricity crisis in Nigeria to what it also described as a direct result of the grand betrayal that was the 2013 power sector’s privatisation.
Ajaero accused the Federal Government of handing over the nation’s critical infrastructure to cronies for just N400 billion, adding that “Over a decade later, there has been no improvement in service delivery. Yet, these same GenCos and DISCOS, which have failed the nation woefully, are to receive over N4 trillion in public subsidies with zero accountability. “It is disheartening that after over 12 years of privatisation, the power sector has not experienced any significant capacity expansion. No substantial infrastructure renewal despite trillions spent.
Unfortunately, and predictably too, there has been no sanction for incompetent DISCOS and GenCos as outlined in the privatisation agreement because the buyers seem to be the same as the sellers.
It claimed that rather than fix the rot in the power sector, the “government now plans to sell off the Transmission Company of Nigeria (TCN)—the last publicly owned component of the power value chain. This move is not reform; it is economic ruse dressed in bureaucratic doublespeak” “It is an attempt to swallow the remaining power asset by the ruling elite at the detriment of the suffering Nigerian masses.
Electricity
We are worried that the already hijacked entities in the name of privatisation have grossly underperformed, and you want to go the same route with the remaining one – the outcome, of course, will not be different.
The NLC, while also criticising the government over the recent electricity tariff hike, noted that the action masked under the so-called “Band A, B, and C” classification is nothing but a sophisticated scheme to legalise exploitation.
“While DISCOs have raked in over N700 billion from helpless consumers, power supply remains epileptic, erratic, and inaccessible to the majority. Millions of Nigerians are now forced to choose between food and electricity bills.
Eid-el-Fitr: NRC Sets To Run Three Lagos–Ibadan Train Trips Monday
Eid-el-Fitr: NRC sets to run three Lagos–Ibadan train trips Monday. He assured passengers of NRC’s continued commitment to safe, reliable, and efficient rail services.
This was contained in a statement issued on Friday in Lagos by NRC chief public relations officer, Callistus Unyimadu.
He said the additional trip was in response to high passenger turnout during the Eid-el-Fitr travel period.
“The extra trip is aimed at easing passenger movement and providing more travel options for commuters returning after the Eid-el-Fitr celebrations.
“Under the schedule, departures from Lagos (Mobolaji Johnson Station, Ebute Metta) will be at 7.45 a.m., 1.40 p.m., and 4.00 p.m.
“From Ibadan (Obafemi Awolowo Station, Moniya), trains will depart at 8.00 a.m., 10.50 a.m., and 4.30 p.m.,” he said.
Mr Unyimadu assured passengers of NRC’s continued commitment to safe, reliable, and efficient rail services.
NRC Sets To Run Three Lagos–Ibadan Train Trips Monday
He advised travellers to arrive early, comply with ticketing and security procedures, and plan their journeys.
“The corporation appreciates the continued patronage of its services and wishes all passengers a safe and pleasant journey,” he added.
UBA, BII Sign Letter Of Intent To Explore Trade Finance Collaboration Across Africa
United Bank for Africa (UK) Limited (“UBA UK”) and British International Investment plc (“BII”), the UK’s development finance institution and impact investor, announced that they have signed a letter of intent to develop trade finance collaboration opportunities.
The proposed initiative aims to expand access to trade and working capital facilities for businesses operating across Africa.
Access to trade finance remains one of the most significant structural constraints on African trade. Businesses, particularly small and medium-sized enterprises, are frequently unable to secure letters of credit, guarantees, and supply chain finance on commercially viable terms, limiting their capacity to export and import competitively. This trade finance gap is estimated by the African Development Bank to be over USD 80 billion annually.
To help close this gap, UBA UK, the London subsidiary of UBA Group, Africa’s Global Bank, will leverage its deep relationships across the Group’s 20-country African network to originate and structure trade finance transactions. While BII, with a mandate to support productive, sustainable, and inclusive growth across Africa, can support transactions that might otherwise fall outside conventional commercial appetite.
“The signing of this letter with BII represents a landmark moment for UBA UK and for the UBA Group’s global ambitions. As the Group’s hub for Trade Operations, UBA UK is uniquely positioned to connect African businesses with the international financial system. Working alongside BII, we can extend that capability further — mobilising capital where it matters most and helping to close the trade finance gap that holds back so much African potential,” said Lok Mishra, Chief Executive Officer, UBA UK
“British International Investment is committed to catalysing private sector growth across Africa, and trade finance is a critical enabler of that growth. We welcome the opportunity to collaborate with UBA Group, whose pan-African network and deep institutional relationships can help advance our ambition to expand access to trade and working capital finance, particularly in frontier markets,” Chris Chijiuitomi, Managing Director and Head of Africa
The announcement builds on growing momentum around intra-African trade facilitated by the African Continental Free Trade Area (AfCFTA), which entered into force in 2021 and represents one of the world’s most significant trade integration initiatives. Both institutions have identified the operationalisation of AfCFTA as a priority catalyst for a trade finance facility, with UBA UK’s network across major AfCFTA economies offering a basis for supporting businesses navigating the emerging continental market.
This also complements the UK Government’s broader engagement with African economic development, including commitments made at the UK-Africa Investment Summit, and reinforces the City of London’s role as a leading international finance centre for Africa-focused capital mobilisation.
Future cooperation remains subject to further assessment, due diligence and the completion of internal approvals by both parties.
ABOUT UNITED BANK FOR AFRICA (UK) LIMITED
UBA UK is the London-based subsidiary of United Bank for Africa Plc, one of Africa’s leading financial institutions with operations across 20 African countries, the United Kingdom, the United States of America, France, and the United Arab Emirates. UBA UK serves as the Group’s hub for Trade Operations, providing a comprehensive suite of trade finance, treasury, and correspondent banking services to institutional and corporate clients worldwide.
UBA
ABOUT UNITED BANK FOR AFRICA GROUP
United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group-wide and serving over 45 million customers globally. Operating in twenty African countries, the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting-edge technology.
ABOUT BRITISH INTERNATIONAL INVESTMENT
British International Investment is the UK’s development finance institution and impact investor. The organisation invests in businesses in developing countries to improve people’s lives and help protect the planet. BII’s work targets the underlying causes of poverty and the climate crisis, helping countries break free from aid dependency for good.
Between 2022-2026, at least 30 per cent of BII’s total new commitments by value will be in climate finance. BII is also a founding member of the 2X Challenge which has raised over $33.6 billion to empower women’s economic development.
The company has investments in over 1,600 businesses across 66 countries and total net assets of £9.87 billion. For more information, visit: www.bii.co.uk | watch here. Follow British International Investment on LinkedIn, Bluesky and X.
Eid-el-Fitr: President Tinubu Felicitates Muslims, Urges Renewed Unity, Patriotism
Eid-el-Fitr: President Tinubu felicitates Muslims, urges renewed unity, patriotism. Mr Tinubu called on Muslims to reflect on the spiritual lessons of Ramadan.
The president urged them to renew commitment to national unity, peaceful coexistence, and service to humanity as they celebrate the festival across the country on Friday.
This is contained in a statement issued by presidential spokesperson, Bayo Onanuga, on Thursday in Abuja.
Mr Tinubu called on Muslims to reflect on the spiritual lessons of Ramadan, noting that the holy month teaches discipline, sacrifice, compassion, and devotion to God and humanity.
He said: “We have a lot to draw from the noble lessons of Ramadan, especially at a time like this.
“We must continue to abide by the virtues of piety, selflessness, perseverance, kindness and compassion beyond this period.”
The president emphasised the need for Nigerians to remain united across religious and ethnic lines, stressing that national cohesion remains vital for sustainable peace and development.
He urged Muslims to extend acts of kindness and charity to the less privileged, irrespective of religious or ethnic background, in line with the enduring values of Islam.
Mr Tinubu noted that such gestures would strengthen social bonds, promote inclusiveness, and reinforce the spirit of brotherhood that defines the Nigerian society.
The president also called on religious leaders to use the occasion to offer prayers for peace, stability, and economic prosperity across the country.
Tinubu
He expressed optimism that with collective efforts, Nigeria would overcome its challenges and achieve lasting progress for the benefit of all citizens.
Mr Tinubu wished Muslims a joyous celebration, praying that the blessings of Ramadan would bring renewed hope, strength, and guidance to individuals, families, and the nation.
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