Economy
How FG Incurs ₦1,949bn Gross Tariff Subsidy Shortfall In 2024: Power
How FG Incurs ₦1,949bn Gross Tariff Subsidy Shortfall In 2024: Power
How FG incurs ₦1,949bn gross tariff subsidy shortfall in 2024: Power. The total gross electricity subsidy tariff shortfall incurred by the Federal Government to the power sector in 2024 amounted to ₦1,949 billion.
According to data sourced from the Nigerian Electricity Regulatory Commission’s newly released 2024 Annual Report, the debt was incurred as a result of a lower-than-cost-reflective tariff as computed for the year under review.
As a result, NERC said the government undertook to cover the resultant gap (between the cost-reflective and allowed tariff) in the form of tariff shortfall funding, which amounted to a total of ₦1,949.17 billion in 2024. The report, however, did not state whether or not the subsidy had to be paid by the Federal Government.
Further analysis of the report showed that in the first quarter of last year, the gross tariff subsidy incurred by FG was ₦633 billion, in Q2 2024, the tariff shortfall dropped to about ₦380 billion, in Q3 same year, the shortfall climbed to ₦464 billion, and by Q4, the tariff shortfall had climbed further to ₦471 billion.
This is as the Distribution Companies (Discos) again posted a sharp 40 per cent year-on-year revenue increase in April 2025, amid a total billing of ₦257.57 billion for the month.
The NERC indicated that for the month under consideration, the electricity utility companies raked in ₦199.85 billion, a record in recent times.
According to NERC, despite the record sum collected, it translated to a collection efficiency of 77.6 per cent, an improvement on March’s 71.1 per cent collection rate, still falling short of the funding needed to ensure full liquidity and sustainability in the Nigerian Electricity Supply Industry (NESI).
The impressive rise in billing occurred despite the total energy received by the Discos dropping to 2,622.46 gigawatt-hours (GWh), a 9.2 per cent decrease from the previous month.
Of this, the volume of electricity billed to customers stood at 2,184.61 GWh, a decline of 5.8 per cent, signalling that that the revenue jump was not driven by improved energy delivery, but largely by higher end-user tariffs, especially for Band ‘A’ customers, who are billed what has been described as cost-reflective rates of approximately ₦209 per kilowatt-hour, following the April 2024 adjustment from the previous ₦66/kWh.

Electricity Meters
The tariff reform, which more than tripled the cost of power for Band A customers, was intended to reflect the true cost of service and reduce the federal government’s subsidy burden. It also aimed to boost cash flows to Discos and Generation Companies (Gencos) while attracting investor confidence in the sector.
In the first quarter of 2025, total billing in the power sector hit ₦744.27 billion, with ₦553.63 billion collected, resulting in a quarterly collection efficiency of 74.4 per cent, down from 77.4 per cent recorded in Q4 2024.
Economy
Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition
Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition
Lagos assembly strongly seeks suspension of Makoko demolition. The Lagos state house of assembly has called for the suspension of demolition activities in Makoko, Oko-Agbon and Shogunro waterfront communities following protests by displaced residents and growing public concern over the exercise.
The call was announced on Tuesday by Noheem Adams, chairman of an ad hoc committee set up by Mudashiru Obasa, speaker of the house, during a stakeholders’ meeting held at the Lateef Jakande auditorium.
Adams called on all state ministries to cease demolition work and promised compensation to the affected residents.
“On behalf of the speaker and all 40 members of the house, we are directing that all demolitions in Makoko, Oko-Agbon, and Shogunro communities should stop from today until further notice,” New Telegraph quoted Adams as saying.
He called for transparency by demanding the full list of taskforce members and the criteria used for engagement, insisting that residents must be actively involved in the process.
“That the taskforce that was constituted, we want to see the list of the taskforce because we want the residents to be duly involved and to be carried along. So we want to have the schedule of those task forces and the criteria for those that we are inviting,” Adams added.

Lagos Assembly
“To the residents of Makoko, Oko-Agbon and Shogunro communities, as your representatives, we are giving you all assurances that they will stop demolitions henceforth and there will be compensations for all those whose properties have been demolished.”
Stephen Ogundipe, member of the ad-hoc, said there is need for clear communication, adding that residents targeted for relocation or redevelopment must be informed of the government’s plans in advance.
Babatunde Olajide, special adviser to governor of Lagos on E-GIS and urban renewal, confirmed that $2 million had been earmarked since 2021 to transform Makoko into a modern, internationally compliant water city.
He said enumeration of affected properties is underway and reiterated the administration’s commitment to handling the situation with a human face, prioritizing resident safety and fair compensation.
Yusuf Sagra, baale of Makoko, described the assembly’s decision as a “word of peace,” while Orioye Ogungbure, another leader of the community, praised the “democratic responsiveness” of the government.
Crime
EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video
EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video
EFCC arrests Kannywood Star, Samha Inuwa for alleged naira mutilation in viral video. The Kano Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, on Tuesday, February 3, 2026 arrested a Kannywood Star, Samha Inuwa over alleged Naira mutilation.
Inuwa was arrested following a viral video circulated on social media platforms where she was seen conspicuously cleaning mucus from her nose using Naira notes.

EFCC
Following the release of the viral video, the Commission swung into action by tracing and subsequently arrested her to answer questions.
She is currently being held at the Commission’s detention facility while investigation is ongoing.
The suspect will be charged to court upon conclusion of investigations.
Dele Oyewale
Head, Media & Publicity
February 3, 2026
Economy
Access Bank Gets New Board Chair Ifeyinwa Osime
Access Bank Gets New Board Chair Ifeyinwa Osime
Access Bank gets new board chair Ifeyinwa Osime. Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29.
Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29, according to a statement to the Nigerian Exchange Ltd. on Monday.
Ms Osime, a legal practitioner, joined Access Bank’s board in November 2019 as an independent non-executive director and had chaired its Human Resources and Sustainability Committee and the Governance, Nomination, and Remuneration Committee. This role made her contribute significantly to the bank’s corporate governance, leadership development, and sustainability initiatives.
Additionally, Ms Osime is a director at Ebudo Trust Ltd. and a partner at McPherson Legal Practitioners, where she advises on corporate and commercial matters and contributes to strategic leadership.
She is also a member of the Nigerian Bar Association, the Women Corporate Directors, Nigeria Chapter, and the Chartered Institute of Directors, Nigeria, where she serves on the Executive Committee of the Women Sectoral Group.

Access Bank Gets New Board Chair Ifeyinwa Osime
Beyond her professional responsibilities, Ms Osime is committed to mentoring youths and is actively involved in the Autism and Developmental Delays Support Community, reflecting her dedication to inclusion and social impact.
Speaking on her appointment, the group chairman, Aigboje Aig-lmoukhuede, said, “Mrs Osime is a principled and experienced leader with a deep understanding of the Bank’s strategy and values.
“She has demonstrated strong commitment to the bank’s vision and mission, and I am confident that, under her leadership, the bank will continue to advance its strategic objectives of delivering sustainable value to shareholders and other stakeholders in the pursuit of its vision to become the world’s most respected African bank.”
Mr Aig-lmoukhuede also congratulated Mr Usoro on the completion of his tenure and on his exemplary leadership, dedication, and significant contributions to the group, saying he remains a valued member of the Access family.
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