Economy
Government Vows To End Estimated Billing In Lagos
Government Vows To End Estimated Billing In Lagos
Government vows to end estimated billing In Lagos. The Lagos state government has promised to bring an end to estimated electricity billing to relieve residents suffering inflated electricity charges.
The government also promised to tackle other challenges plaguing the state’s energy sector.
Gov. Babajide Sanwo-Olu made the promise at the Lagos Commodities and Futures Exchange meeting held at the Muson Centre, Onikan, Lagos, on Friday.
The meeting had the theme: “Building a Competitive Electricity Marketplace: Strategies to Attract Investments and Boost Confidence in the Lagos Electricity Market Using the Capital Market”.
The governor was represented by his deputy, Dr Obafemi Hamzat.
Mr Sanwo-Olu re-affirmed his administration’s commitment to ensuring that Lagos would become a model for electricity market transformation in Africa.
He emphasised the importance of creating a competitive, reliable and investor-friendly electricity market.
According to him, the essence is to make sure that everybody has power and reduces the amount of money spent on generators.
“By so doing, the environment is clean. It is a win-win situation for all,” he said.
The governor said that, to achieve the goal, the state government was implementing policies to encourage private sector participation.
He added that the state would improve regulatory oversight and build investor confidence in the Lagos electricity market.
Mr Sanwo-Olu added that the government was committed to creating an enabling environment which would encourage investments in power infrastructure and renewable energy solutions.
The governor said that, with the Lagos State Electricity Law in place, the government was taking decisive steps to decentralise power generation in order to achieve transformation in the sector.
He added that such would boost private sector participation and foster a more dynamic and efficient energy marketplace.
“We will introduce new meters to eliminate estimated billing and provide accurate electricity charges.
“We will leverage the capital market to finance large-scale energy projects through instruments such as energy bonds, power purchase agreements, and electricity derivatives,” he said.
Mr Sanwo-Olu urged financial institutions, investors, policymakers and other stakeholders to work collaboratively in leveraging the capital market for energy sector growth.
He said: “By implementing these strategies, our aim is to build a competitive, reliable and sustainable electricity marketplace that serves the needs of the people and businesses.”
Earlier, Biodun Ogunleye, the state commissioner for energy and mineral resources, unveiled plans to revolutionise the state’s energy sector.
Mr Ogunleye said that the Clean Lagos Electricity Market initiative was designed to eradicate blackouts across the state.
Mr Ogunleye outlined a multi-step approach, including establishment of robust market institutions, to achieve the goal.
The commissioner noted the need to deploy cutting-edge tools, enhance value chain delivery capacity and attract new investments.
According to him, a key component of the strategy is construction of five energy hubs aimed at significantly boosting power capacity.
Mr Ogunleye emphasised the importance of collaboration among the government, the private sector, individuals and other stakeholders to ensure equitable power distribution across geographical areas and demographics.
“The state government is committed to ensuring that power capacity goes up drastically in the state as the government is building a total of five energy hubs.
“We, therefore, call on the private sector, individuals and other stakeholders to support the government in its bid to create and ensure that power supply is well-distributed irrespective of geographical areas,” he said.
Lagos
Emomotimi Agama, director-general, Securities and Exchange Commission (SEC), said the collaboration among capital market operators, government agencies and development finance institutions was crucial for unlocking the full potential of market-based financing for the power sector.
He was represented by the organisation’s executive commissioner, operations, Bola Ajomale.
He urged regulators, policymakers, investors, market operators and other stakeholders to deepen collaboration and leverage the capital market as a catalyst for transforming Nigeria’s electricity sector.
Mr Agama gave the assurance that SEC would continue to implement policies which would foster a stable and efficient market, ensuring that investors and issuers would operate in a well-regulated and secure environment.
Tax Laws Will Boost Opportunities, End Poverty, Says Tinubu
Mr Tinubu, who spoke at the commissioning of the 16-storey Nigeria Revenue Service (NRS) Headquarters in Abuja on Tuesday, assured Nigerians that the new reforms will deliver greater prosperity and inclusivity.
“On my inauguration day, I made a solemn pledge that we will move Nigerians from the dimness of uncertainty into the clear light of renewed hope. I committed to confronting structural weaknesses, restoring financial stability, and building an economy anchored in discipline, equity, and opportunity. Today, I stand before you to reaffirm that these words were not rhetoric; they were a covenant with the Nigerian people,” the president said.
Despite widespread criticism, especially from stakeholders, the Tinubu-led administration implemented the re-gazetted tax laws in January.
Mr Tinubu, who stated on Tuesday that the new tax system was designed to be people-centred and investment-friendly, explained that the laws were intended to liberate the economy from the constraints of archaic laws and make it more globally competitive.
While commending the Nigeria Revenue Service chairman, Zacch Adedeji, for his exceptional performance and the successful completion of the building, Mr Tinubu said no serious nation can achieve lasting prosperity on a weak and fragmented revenue system.
He added, “We are not gathered here merely to commission an edifice. We are here to mark a milestone in a larger national journey: the deliberate strengthening of our fiscal foundation and rebuilding of confidence in public institutions.
“No serious nation can achieve lasting prosperity on a weak and fragmented revenue system. No government can demand trust from its citizens when taxation is opaque, inefficient or unjust. That is why this administration took the bold decision to embark on far-reaching tax and fiscal reforms.”
The president further addressed concerns about the new tax reforms, assuring Nigerians of better performance by the revenue service.
President Tinubu
“The reforms are designed to simplify our system, eliminate distortions and create a fair, transparent and investment-friendly environment. Our direction is clear: to have a revenue system that rewards enterprise, supports growth, and ensures that every contribution to the national cause is matched by feasible value for the people.
“The early results are encouraging and fantastic. Mr Adedeji, thank you very much. We are witnessing improved fiscal stability, strength, stronger foreign reserves, a more efficient trade ecosystem and increased investor confidence in Nigeria’s economic direction,’’ Mr Tinubu said.
Peter Obi: Nigeria Collapsing, Divided Under Tinubu, May Drift into Anarchy If Re-Elected
Former presidential candidate Peter Obi says Nigeria is collapsing and divided under President Bola Tinubu, warning the country may drift into a more devastating situation if he is reelected in 2027.
“The country is collapsing, and if you allow it to go further, it would be worse,” Mr Obi said during the African Democratic Congress convention in Abuja on Tuesday. “We need to work as a united Nigeria for the sake of Nigeria. The country is so divided, so we need unity. The present government has ensured that we remain more divided. Our unity is important.”
Mr Obi, who decried the high poverty rate under Mr Tinubu, further accused the All Progressives Congress-led government of excessive borrowing.
He added, “If you check your indices, when the present government came into being, our poverty rate was 41.6% and 8 million people. Today, we are 63% and 140 million people. So they have almost doubled that.
“When this government came into being, we removed the petroleum subsidy to stop borrowing for services and use the money to develop the country. Today, we are about 200 trillion in debt. Worse still, this government owes contractors; no projects of 2025 have been funded. We have a huge debt and have borrowed more.”
The former Anambra government said the country may descend into disaster, stressing the need for sacrifices among Nigerians.
“We are heading to disaster. I used these figures to show you we are drifting. We all have to work hard because anarchy consumes everybody. We must now sacrifice for the sake of our children. If we don’t do anything, what is happening will take revenge on our children and us,” Mr Obi stated.
Peter Obi
The presidency could not be reached for comment on Mr Obi’s latest allegations.
About 141 million Nigerians were projected to fall into abject poverty in 2026, as Nigeria’s poverty rate was projected to rise exponentially to 62 per cent this year, according to PricewaterhouseCoopers’ Nigeria Economic Outlook published in January.
The report revealed that the poverty rate, which stood at 59% in 2024, rose to 61% (139 million people) in 2025 and is expected to climb to 62% (141 million) in 2026.
PWAC: NNPC Academy’s Adekeye Headlines 2026 PENGASSAN Women Convention
We are delighted to announce that Folashade Adekeye, Director, NNPC Academy, will be a Special Guest at the PENGASSAN Women Annual Convention (PWAC) 2026.
With over 25 years of expertise in Strategic Human Resource Management and Human Capacity Development, Adekeye played a key role in the landmark transition to NNPC Limited under the Petroleum Industry Act (2021). She currently provides stellar leadership at the NNPC Academy, repositioning it as a strategic national and regional training hub.
NNPC
We are proud to see her excellence recognised on this important platform. Join her at the two-day convention, themed ‘The Dynamic Woman,’ on 15th and 16th April 2026 in Abuja, Nigeria, commencing at 10:00 AM daily.
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