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  • Minister lauds Moniepoint’s roles in Nigeria’s fintech ecosystem

    Minister lauds Moniepoint’s roles in Nigeria’s fintech ecosystem

    The  Minister of  Foreign Affairs, Ambassador Yusuf Maitama Tuggar, has   lauded Moniepoint’s role in the nation’s   financial technology (fintech) ecosystem describing the company as a “true Nigerian success story”.

    Tuggar made this remark during his visit to the offices of Moniepoint Inc. in the United Kingdom.

    He highlighted the company’s impressive growth, citing its over 2000 employees, thousands of sales personnel, and its empowerment of millions of businesses through enhanced financial inclusion.

    “Nigeria is at a vantage position in the fintech and financial services.

    “With banks and fintechs operating across Africa, we must continue to instill confidence in Nigerian businesses as they expand globally. Moniepoint is a testament to the strength of Nigeria’s fintech ecosystem”, Tuggar said.

    The Minister acknowledged the significant backing Moniepoint has received from global investors, including Google’s Africa Investment Fund, Visa, and other, further validating its position as a leader in the fintech space.

    He stressed that a thriving fintech sector directly translates to more jobs, increased financial inclusion, and a stronger economy for Nigeria.

    In his welcome remarks, Chief Executive Officer Moniepoint Inc., Tosin Eniolorunda reiterated Moniepoint’s commitment to powering the dreams of millions of business owners while engineering financial happiness for all Africans.

    He noted that the dynamic digital landscape in Nigeria presents unique opportunities to harness technology to drive real change, and Moniepoint is excited to be at the forefront of this transformation.

  • Tariff increase will push available power generation to 7,000MW — Minister

    Tariff increase will push available power generation to 7,000MW — Minister

    Following a record peak electricity generation of 5,801.84 Megawatts achieved last week, the Minister of Power, Chief Adebayo Adelabu, has said that the proposed tariff increase will push available generation capacity to about 7,000MW.

    Adelabu, in a statement by his Special Adviser on Strategic Communication, Bolaji Tunji, explained that the regularization of tariffs will play a critical role in unlocking the sector’s full potential and driving further improvements in power generation and distribution.

    He stated: “To sustain these improvements the Government would have to pay down on the tariff shortfalls of N1.94 trillion for 2024 and legacy debts of N2 trillion to the GENCOs. It would be important to continue the tariff reforms to ensure consumers start to pay for the energy consumed.

    “By the time the tariffs are fully regularized, we will be moving closer to 7,000 MW of available generation capacity. This will mark another significant milestone in our journey towards a stable, reliable, and efficient power sector that meets the needs of all Nigerians”.

    The Minister had last week disclosed that the government intends to raise electricity tariff for customers in Bands B, C and D as part of efforts to boost the sector’s liquidity and reduce the government’s subsidy obligation to the industry. He said the planned increase will reduce the tariff gap between Band A customers and customers in other bands.

    According to the statement available power generation has risen to 6,003MW and added that it was the highest in the nation’s history.

    He said this was followed by another landmark within the period, when the country recorded a peak generation evacuation of 5,801.84 MW and a daily maximum energy output of 128,370.75 megawatt-hours (MWh).

    He stated: “We are thrilled to announce these historic milestones in Nigeria’s power sector. The record available generation of 6,003 MW, the peak evacuation of 5,801.84 MW, and the daily maximum energy output of 128,370.75 MWh are testaments to the hard work, dedication, and strategic reforms being implemented under the leadership of the Minister of Power, Adebayo Adelabu.”

    He pointed out that “these achievements are not just numbers; they represent a brighter future for Nigeria, where businesses can thrive, households can enjoy uninterrupted power supply, and the economy can grow sustainably. We pray for the sustainability of these landmark records and look forward to further improvements on all parameters in the coming days.”

    Quoting the Minister, Tunji said the recent milestones are the result of concerted efforts by the Federal Ministry of Power, in collaboration with key stakeholders in the sector, to address longstanding challenges and optimize the nation’s power infrastructure.

    “These efforts include the rehabilitation and upgrading of transmission and distribution networks, the implementation of innovative technologies, and the introduction of policy reforms aimed at enhancing efficiency and accountability”.

    In celebrating these achievements, the Minister also called for continued support and collaboration from all stakeholders, including state governments, private sector players, and the general public, and emphasized the importance of collective efforts in sustaining the momentum and ensuring that the gains made in the sector are not only maintained but also built upon.

  • 60% manufacturers forced off-grid due to unreliable power supply — Minister

    60% manufacturers forced off-grid due to unreliable power supply — Minister

    The Minister of Power, Adebayo Adelabu, has alerted that more than 60 percent of manufacturing companies in Nigeria have been forced to exit the national grid due to unreliable power supply, and have resulted in self-generation of power which have driven production costs and made Nigerian goods uncompetitive.

    Adelabu disclosed during the release of a National Integrated Electricity Policy (NIEP) and the public presentation of the Integrated Resource Plan (IRP) was also made public, in collaboration with the United Kingdom Nigeria Infrastructure Advisory Facility (UKNIAF).

    He said that the launching of the new policy will help to drive the transformation of Nigeria’s power industry and ensure the return of the manufacturing firms which had exited the national grid. According to him, the new policy document had been submitted for the approval of the Federal Executive Council (FEC).

    The minister emphasized that bringing back the manufacturing companies that left the national grid on board is the only way the government can drive the expected economic growth and national development.

    He stated: “Today, more than 60 percent of our manufacturing industry is completely off-grid. They engage in self-generation, not because they are in rural areas or they are in semi-urban areas, they are in locations where there is access to electricity.

    “But how reliable is this access? We all know that there are a lot of sensitive manufacturing processes that cannot tolerate a one-minute dip in the electricity supply. Instead of taking such a risk by connecting to a grid that is not reliable, these industries would rather go for self-generation which is very expensive.

    “Therefore, our products or commodities being turned out from these factories can never be competitive. The only way we can allow this to contribute to economic growth, industrialization, and national development is to ensure that there is reliability in grid supply, so that all these companies that are currently off-grid can go back to the grid, and this will reduce their cost of production, it will reduce inflation, and our locally manufactured goods can now compete with imported goods.”

    Adelabu estimated that an investment of $32.8 billion is needed in the power sector between now and 2030 to enable the country to achieve universal electricity access, adding that out of the amount, $17 billion is expected from the public sector while about $15.8 billion will be contributed by the private sector.

    Nigeria’s inability to supply and distribute sufficient electricity has left many businesses at the mercy of generators powered by diesel and petrol, whose prices have surged in recent months. This has added to the production costs for manufacturers significantly and rendered their products uncompetitive against imported products.

    Recall that the Manufacturers Association of Nigeria (MAN) had raised the alarm that manufacturers in the country spend about 40 percent of their total production costs on generating energy for their businesses.

    MAN put the annual economic loss caused by the inadequate power supply at N10 trillion, accounting for almost two percent of the country’s Gross Domestic Product.

    President of MAN, Francis Meshioye, noted that manufacturers were hit hard last year with “a drastic rise in electricity tariffs, with rates increasing by over 250 percent”.

    According to him, the surge in energy costs “became one of the highest operating expenses for businesses in the sector in 2024”.

    He lamented that this has forced many manufacturers to seek alternative energy sources, further straining their financial resources and complicating their ability to remain competitive.

  • Plans underway to construct additional dams across Nigeria — Minister

    Plans underway to construct additional dams across Nigeria — Minister

    The Minister of Water Resources and Sanitation, Professor Joseph Utsev, has announced plans to construct additional dams across Nigeria to enhance water storage capacity, control flooding, and boost food security through irrigation.

    Speaking on Thursday in Uyo, Akwa Ibom State, during the 31st Regular Meeting of the National Council on Water Resources and Sanitation (NCWRS) themed “Water and Food Security: Challenges and Opportunities in the Face of Daunting Climate Change”, Professor Utsev highlighted the critical role of irrigation in food security, economic growth, job creation, and poverty reduction.

    He disclosed that new irrigation projects had been procured, including:

    Ikoya Irrigation Project, Ondo State

    Duku Lade Drip Irrigation Project, Kwara State

    Makurdi Drip Irrigation, Benue State

    Kebbi Drip Irrigation Project

    Edo Micro Irrigation Project

    Adamawa Micro Irrigation Project

    Additional works for Ipapo Micro Irrigation Projects, Oyo State

    Professor Utsev emphasized the Ministry’s commitment to revitalizing and sustaining the water supply sector while providing strategic guidance for water, sanitation, and hygiene services across the country.

    “We are conducting a nationwide dam infrastructure safety assessment through an inter-ministerial technical committee to determine the structural integrity of dams following the Maiduguri flood incident in September 2024,” he stated.

    The Minister also noted that design and rehabilitation studies for dams, including Dura Dam (Benue State), Lafia Dam (Nasarawa State), Ado Awaye Dam (Oyo State), and Galmara Dam (Bauchi State), were underway. Priority has been placed on completing dams such as Mangu Dam (Plateau State) and Ogbesse Dam (Ekiti State) by 2025.

    The Ministry has evaluated dam structures nationwide to mitigate flood risks and completed 44 projects under the Partnership for Expanded Water Supply, Sanitation, and Hygiene (PEWASH) program. Additionally, 64 projects funded by the African Development Bank (AfDB) are in progress under the Inclusive Basic Delivery System for Development and Livelihood Empowerment Improvement Project.

    Utsev further announced that 113 water supply contracts are at various stages of construction, with the completion of the Asaba and Umuahia National Water Quality Reference Laboratories underway.

    The Minister appreciated President Bola Ahmed Tinubu for his support and Akwa Ibom State for hosting the event, expressing confidence that the meeting would yield enforceable policies to advance the Renewed Hope Agenda and Sustainable Development Goals (SDGs)

    Governor Umo Eno Calls for Reactivation of Abandoned Dams

    In his remarks, Governor Umo Eno appealed to the federal government to reactivate the abandoned Nkari and Ibiono Ibom dams in Akwa Ibom State.

    “These dams, once envisioned to drive agricultural growth and economic prosperity, now lie dormant. I am heartened by the Honourable Minister’s assurance that they will soon be reactivated,” Eno stated.

    He highlighted the state’s commitment to the Sustainable Power and Irrigation in Nigeria (SPIN) project, pledging N200 million and collaboration with the Cross River Basin Development Authority.

    “We look forward to partnering with the federal government and development partners to bring this project to fruition,” Eno said.

    The event featured an inspection of exhibition stands and a keynote paper titled “Securing Nigeria’s Future: A Water-Food Nexus Approach in the Face of Climate Change.”

  • 19.8m poor Nigerians on social register — Minister

    19.8m poor Nigerians on social register — Minister

    No fewer than 19.8 million poor Nigerians are currently on the social register created by the Federal Government to facilitate cash transfer to beneficiaries.

    The Minister of Humanitarian Affairs and Poverty Reduction, Nentawe Yilwatda, who disclosed this in an interview on Channels Television’s Sunrise Daily programme yesterday, also revealed that some politicians were trying hard to influence poor Nigerians who make the social register to enjoy the government’s conditional cash transfer.

    He, however, said though 19.8 million poor Nigerians were captured on the nation’s social register to qualify for social safety funds, only the identities of 1.2 million poor Nigerians had been validated by the government.

    He said:  “Currently, we have a social register; we have 19.8 people on the social register but when you have a list, you need to validate that list.

    “For now, the people that have been validated are only about 1.2 million people. We need to validate the entire register, so we can get the actual people who are supposed to benefit from it, authenticate their locations; their houses where they are, and capture on GPS location — the location of their homes.

    “This is to be sure they exist and be sure that these people are as poor as they claim because there are social indices for judging poverty, such as access to water, access to health, access to education, and access to economic facilities, so you can now pick the poorest of the poor in the society.”

    The minister said some persons wanted his ministry to bend for political reasons but noted that  “unfortunately it’s a partnership between us and the international community – the World Bank is involved, CSOs (civil society organisations) are involved and it’s not just a ministry’s activity.

    “Some people want us to bend and allow the governors or the states to just generate the list and send. It’s a conditional transfer; conditions are attached to qualifying to benefit from the social safety net.

    “So, we will not bend to allowing any political affiliation or attachment to this conditional cash transfer. Poverty doesn’t know political party, poverty doesn’t know tribe, poverty doesn’t even understand the grammar we are blowing. A poor person is a poor person.”

    The minister said he suspended cash transfers, adding that National Identification Number, NIN, and Bank Verification Number, BVN, were now compulsory for all digital transfers for audit and transparency purposes.

    “It is going to be clearly digital. This time around, we are carrying the CSOs along so that all payments, we will ask them to verify, they can do follow-ups and we can have some levels of transparency in what we are doing,” he said.

    He said the government has targeted 15 million poor households with N75,000 per household.

    Recall that the humanitarian ministry has courted controversies since its establishment by former President Muhammadu Buhari.

    In October 2024, President Bola Tinubu appointed Yilwatda as replacement Betta Edu who was suspended in Janaury 2024 before her removal.

    Controversy had enveloped Edu’s alleged involvement in the approval of N585,198,500.00 to be disbursed into a personal account but she denied the allegation and said there were  plans to tarnish her image, and that she wouldn’t embezzle government funds.

    Incidentally, Edu’s predecessor, Sadiya Farouq, was also probed over  an alleged laundering of N37.1 billion  during her tenure as a minister under the administration of ex-President Muhammadu Buhari.

  • All exams in Nigeria ’ll be 100% CBT by 2027 – Minister

    All exams in Nigeria ’ll be 100% CBT by 2027 – Minister

    The Federal Government has a 2027 target for transitioning its examination system to 100 per cent computer-based testing (CBT).

    Minister of Education, Dr Tunji Alausa, disclosed this during the inauguration of the Committee on Improvement of Quality Examinations in Nigeria in Abuja on Thursday.

    Alausa said that the committee was tasked with the responsibility of addressing key challenges in the education sector, standardise examination practices and ensure fairness and quality.

    He emphasised government’s commitment to tackling widespread examination malpractices and enhancing the overall quality of the nation’s educational assessments.

    According to him, tackling examination leakages requires a holistic approach, as students are not the only culprits in examination malpractices.

    The minister said that parents also contributed to examination malpractices by encouraging their wards.

    He added that teachers, school principals as well as those supervising the examinations were also culpable in the rising examination malpractices in the country.

    “So, we’re planning that by 2027, all our exams will be computer-based. We will work so hard to ensure that that happens. We have to use technology to help our endeavour.

    “The committee will also be working with local swapping of candidates.

    There are multiple participants in exam practices. From the student to parents, teachers, principals, to even people regulating and supervising exam conduct.

    “During this change, a lot of areas of compromises will happen. There will be people investigating and regulating the exams,” he said.

    Alausa outlined several goals which the committee was set up to achieve, including eliminating examination leakages, addressing identity theft in examinations and improving examination supervision.

    He stressed the importance of transitioning to computer-based examinations by 2027 and combating local swapping of candidates during examinations.

    According to him, this will be made possible through government’s substantial funding of education under the President Bola Tinubu-led administration, with a strong focus on human capital development.

    The minister also announced that examination certificates would now feature three key identifiers: national identification numbers, candidates’ photos and birthdates to ensure the authenticity of results.

    He described examination malpractice as a growing threat, warning that allowing it to persist would undermine the efforts of diligent students striving to improve themselves.

    “I’ve mandated all the registrars of our examination bodies, such as WAEC, NECO and NAPTEB that by their next examinations scheduled for May, June and July, there will be three identifiers on the certificates they issue.

    “These identifiers will be the national identification number of the candidates, picture of the candidate on the certificates and their date of birth.

    “By having these three identifiers, we will ensure almost 100 per cent certainty in identifying candidates,” he stated.

    Responding, Chairman of the committee, Prof. Is-haq Oloyede, thanked the Federal Government for the confidence reposed in him and other members of the committee in carrying out the national assignment.

    Oloyede, who is the Registrar of Joint Admissions and Matriculation Board (JAMB), pledged to carry out the assignment dutifully and promptly.