The average ‘Band A’ customer in Nigeria will now need as much as N170,000 for electricity per month, instead of the average of N50,000 that they were paying before now.

This follows the approval of a 240 per cent increase in the tariff of ‘Band A’ power customers from N66 per kilowatt hour (KwH) to N225/KwH starting from this month.

The Nigerian Electricity Regulatory Commission (NERC) yesterday approved an increase in the rate paid per Kwh of electricity from about N66 to N225 for the various distribution companies (DisCos) in the country.

Vice chairman of NERC, Musliu Oseni, speaking at a press briefing in Abuja on Wednesday, however, said the increase in tariff will only affect customers enjoying 20-hour power supply and above across the country. Other customers in Bands B, C, D and E who consume less than 20 hours of electricity per day are not affected by the increase.

NERC also stated that only a fraction of the over 3,000 DisCos’ feeders, that is fewer than 481 feeders, will be impacted,  and this represents 15 per cent of the over 12 million electricity customers captured in the Nigerian Electricity Supply Industry (NESI).

Oseni also revealed that NERC had also ordered that the majority of the feeders which did not previously meet the 20-hour supply threshold be downgraded to lower bands.

“We currently have over 800 feeders that are categorised as Band A, but it will now be reduced to under 500. This means that 17 per cent of the feeders now qualifies as Band A.

“The commission, using technology, discovered that many of the feeders that the Electricity Distribution Companies currently brandish as Band A are not meeting the required service and as such the feeders were ordered to be downgraded immediately as a way of protecting consumers,” he said.

According to him, as part of enforcement mechanisms  to ensure that  areas affected by the review get the 20 hours supply,  DisCos have been mandated to set up rapid response teams in locations where the feeders are located.

“This is to ensure that the customers can have access to the DisCos. They have also been mandated to publish the contact of the rapid response team where the customers are located.

“Failure to meet the commitment for seven consecutive days, the feeder will be downgraded immediately to the service level the DisCo is able to provide electricity to the feeder,” he said.

Oseni said where a DisCo  failed to meet the commitment for two days, by the third day at 10am, the company must publish an explanation also via bulk SMS contacting the affected consumers on the feeder.

“They should explain why they could not meet the service for the two days and also submit the explanation to the commission,” he said.

LEADERSHIP reports that the Labour associations and the concerned public had advised the government not to remove electricity subsidy as canvassed by the International Monetary Fund (IMF).

In its recent report entitled ‘IMF Executive Board Concludes Post Financing Assessment with Nigeria,’ the IMF reiterated the importance of eliminating the subsidies to redirect resources towards more targeted and impactful social welfare programmes.

Amidst the prevailing cost-of-living crisis, the IMF proposed targeted social transfers to provide temporary assistance to the most vulnerable segments of the Nigerian population.

LEADERSHIP reported that the government may have concluded plans to hike electricity tariff to relieve pressure on fiscal spending. The federal government had now reduced electricity subsidies for 15 per cent of consumers to reduce its N3.3 trillion ($2.6 billion) cost, part of a series of reforms to ease pressure on public finances.

With the recent price hike, LEADERSHIP analysis indicates that an average Band ‘A’ consumer with the following appliances: one deep freezer, one fridge, three fans, two air conditioners, 15 bulbs, one pressing iron, one microwave oven and one electric kettle, who needed an average of N50,000 monthly to power his or her appliances before now, will now need N170,000 on the average to power his home, due to the new 240.9 per cent increase in tariff.

Also, the N50,000 electricity expenses, which could previously provide 757.57KwH or units, will now purchase only 222.2KwH or units.

Justifying this extra charges which will put further strain on the finances of many Nigerians, the NERC explained that these premium customers can now comfortably reduce or completely do away with their expenses on diesel and petrol generators as they will be enjoying quality power supply of 20 hours or more.

Oseni also gave assurance that where the stipulated hours are not fulfilled by the DisCos, the customers will be downgraded to lower bands.

Reacting to the new tariff regime, Labour groups and electricity consumers have frowned at the decision of the federal government to hike electricity tariffs for customers in Band A across the country.

This is even as Nigeria’s manufacturing sector is considering establishing its own power generation facility to cushion the effect of the new tariff announced by the federal government.

While the leadership of Nigeria Labour Congress (NLC) has warned the federal government against plunging Nigerians into further hardship amidst the current cost of living crisis, electricity consumers, especially Small and Medium Enterprises (SMEs) have said such increase in electricity tariffs will lead to higher operational costs, coupled with the fact that so many goods and services are already on the high side at the moment.

NLC said additional hike in electricity tariff despite the poor supply at this critical time will not be a good decision.

The union noted that, with Nigerians trying to survive the current economic realities, a good government ought to think of how to address the their immediate needs rather than embarking on an over 300 per cent hike in electricity tariff.

NLC acting deputy general secretary, Comrade Ismail Bello, in a chat with LEADERSHIP, reiterated the earlier call by Labour against privatisation of the sector.

He said, “What is happening now is reconfirmation of what we told the general public and federal government during the privatisation period – that privatisation was not the solution to the problem in the sector.

“During the clamour for the privatisation, we told the government the ills of privatisation but they went ahead against the wish of Labour. We then warned the government that privatisation without good services will have effects on the population.”

Comrade Bello called on the government to have a rethink on the hike as it will add additional burden on the already suffering citizens, and push more Nigerians under the poverty bar.

‘What Nigerians need most at this period is to address the current economic realities rather than pushing them into more hardship with further hike in electricity tariff,’ he said.

Speaking with LEADERSHIP yesterday, the immediate past chairman of the Apapa branch of the Manufacturers Association of Nigeria (MAN), Frank Onyebu said that, already, manufacturers are incapacitated by irregular supply which makes in-country produced goods not competitive. He stated that the decision is ill-timed and insensitive given the prevailing economic situation in the country.

According to him, stakeholders were not properly carried along in the hurried decision, and the manufacturers’ association may have no option but to fast-track the establishment of its power generation facilities.

According to him, since the government is not considering the plight of the informal sector, they will take strategic steps to support their businesses.

He recalled that the International Monetary Fund (IMF) had been pushing for the hike which had met resistance from Nigerians but lamented the government had chosen to move along in that direction.

Onyebu, who is also the managing director of Universal Luggage Limited, said corruption is endemic in the management of electricity and petroleum industries.

Government, he said, should rather begin to think of how to boost food production and deploy infrastructure to support economic activities, noting that there is nothing to signify that money realised from petrol subsidy removal has been well utilised whereas the cost of running government is rising daily.

In his reaction, the convener of PowerUp Nigeria, Adetayo Adegbemle, said the increment is a long time coming.

“We have spoken so much about the federal government not being able to continue to carry the huge subsidy on electricity, and this is them acknowledging everything we have been telling them,” he said.

According to Adegbemle, the hike is not about helping the distribution companies, but it is about appropriate pricing for electricity.

He argued that this pricing is also along the whole value chain.

“You will recall that gas pricing also recently changed, so there’s no way the price of electricity will remain the same, especially with all macroeconomic indices having also increased.”

“We also need to understand that the power sector is mostly a private concern now, and it is no longer a government utility; so appropriate pricing is needed for us to see the growth of the industry,” he noted.

On adequate metering, he said the regulatory commission spoke about metering initiatives by the government, and at this point it is important that these metering initiatives are pushed through.

“We are also asking that institutional financing should be encouraged through regulations, maybe amending the MAP Regulations so that the huge metering gap can be closed up,” he added.

On his part, the chief executive officer (CEO) of Centre for the Promotion of Private Enterprise (CPPE), Dr Muda Yusuf, said the power sector issue had become a major conundrum in the economy, stating that there is a major funding and liquidity crisis which is posing significant risks to investments in the electricity value chain.

“Costs across the chain have been rising as a result of the multiple macroeconomic headwinds. Meanwhile, the system is not generating the desired liquidity to match the escalating costs. Tariff review is thus an inevitability, but a 300 per cent increase in one fell swoop is difficult to justify,” he said.

He, however, expressed relief that the increase is not across board as only 15 per cent of electricity consumers are affected, targeting the segment with the highest ability to pay, which reflects some attributes of equity in pricing.

Dr Yusuf pointed out fundamental issues that need to be addressed in the electricity value chain.

“There are issues of technical and commercial losses which are yet to be addressed. These are inefficiency costs that consumers are compelled or expected to pay for as part of the cost recovery argument. And these costs are in billions of naira.

“There is also the exploitative practice of estimated billing. Millions of electricity consumers are yet to be metered,” he stated.

He noted that there is the problem of over centralisation of the power supply through the national grid model, saying there are capacity issues with some of the electricity distribution companies which contribute to the lapses in electricity delivery outcomes.

“The energy mix programme is yet to gain an impressive traction. It is important to fix these fundamental issues in the power sector. Fiscal policy measures should be immediately deployed to reduce costs across the entire electricity value chain,” he added.

A consumer, Sylvanus Okpara’ stated that for small and medium enterprises (SMEs), an increase in electricity tariffs will lead to higher operational costs coupled with the fact that prices of commodities are on the high side at the moment.

“This will have an adverse impact on their businesses, competitiveness and profitability, potentially leading to job cuts or reduced expansion opportunities,” he said.

He urged the government to ensure that vulnerable populations are not disproportionately affected, even as he decried the suddenness of government policies.

A project manager,  Adeniyi Julius, noted that the increment will affect low-income families who find themselves in the category of those that would be affected as they are already financially strained.

According to him, “Low-income families may find it challenging to cope with higher electricity bills. This could lead to decreased usage of electrical appliances, affecting their quality of life and productivity.”

He, however, said the social and political implications cannot be ruled out as Nigerians are going through a lot.

“Electricity is a basic necessity, and any perceived unfairness in tariff increases can lead to public discontent and protests,” he stressed.

Similarly, a resident of Gbagada, Lagos, Blessing Oladipo, said she was not in support of the increase in the electricity tariff.

She queried “Is it the light that is almost nonexistent they are increasing the amount per kilowatt? I don’t even know what they are trying to do.

“For hours and days, we could not see a blink of light. We use prepaid metres. Since the beginning of February, we have hardly seen light. Phones and other appliances will be off for hours without a power source. I don’t know, if you ask others their story may be different, but for me, that has been my experience, and I do not buy into it.”

Also, an Ogun State resident, Ola  Michael said increasing the electricity tariff is not a prudent decision at present.

“It would place undue strain on the populace given the current state of the economy. Furthermore, the inadequate lighting situation is unlikely to encourage compliance with any proposed price hike,” he said.

 [Leadership]

Three residents of Takum town in Taraba State have lost their lives following a severe windstorm that struck the area twice in two days.

The first incident, according to a resident, Mallam Maiwada Takum, occurred on Tuesday evening, causing extensive damage to residential, commercial, school and office buildings.

Takum said the weather initially brought heavy rainfall, followed by a powerful windstorm that lasted for over an hour and a half.

“The impact was devastating, with some buildings collapsing and many people trapped. Flying debris, including zinc sheets, caused injuries to many residents,” he said.

Yakubu Adamu, another resident, described the windstorm as highly destructive, resulting in significant damage to property and infrastructure, in addition to the loss of lives.

He said three fatalities had been confirmed, and many others sustained injuries.

“The number of casualties and injuries may rise as rescue and recovery efforts continue,” he added.

James Gangum called for urgent assistance from the state government and the National Emergency Management Agency (NEMA) to support those affected by the windstorm.

On Wednesday, another powerful windstorm struck Takum town, causing further destruction to buildings and injuring many people.

The windstorm, accompanied by heavy rainfall, started shortly after Governor Agbu Kefas entered the town to inspect the damage caused by the earlier windstorm on Tuesday evening.

It was gathered that the storm, which began around 2:30 pm on Wednesday, led to the destruction of numerous buildings, including residential homes, schools, electric poles, and trees.

The second incident has hampered the governor’s efforts to assess the previous day’s damage caused by the windstorm.

Mr Emmanuel Bello, the Senior Assistant to Governor Agbu Kefas on Media and Digital Communication, said the governor had entered Takum to inspect the damage caused by the windstorm and that the town experienced another heavy rainfall.

Also, one person has been reported killed and several others injured by a windstorm that also destroyed over 100 houses in Agbashi community, Doma Local Government Area of Nasarawa State.

The Vice Chairman of Doma LGA, John Bako-Ari, confirmed the incident, stating that it occurred on Tuesday evening.

According to Bako-Ari, the windstorm caused extensive damage, including the destruction of over 100 residential houses, the Agbashi Central mosque, part of Pilot Primary School Agbashi, and various other public infrastructure.

Mr Anthony Oshinyeka, the acting Chairman of Agbashi Development Association (ADA), expressed sadness over the incident and the severe impact on the Bassa settlement in Iponu, where one person died and seven others were injured.

Oshinyeka called for urgent government intervention to assist the affected residents.

He specifically requested the immediate release of relief materials and medical aid by the government and charitable individuals to support the affected communities.

 [DailyTrust]

Following the approval of a 250 per cent electricity tariff hike by the Nigerian Electricity Regulatory Commission on Wednesday, DAILY POST outlines what Nigerians should know about the hike.

Recall that NERC approved N225 per Kilowatt for ‘Band A’ electricity customers in Nigeria.

The development represents a significant shift from electricity subsidy in the Nigeria Electricity Supply Industry amid persistent epileptic power supply nationwide.

Customers Affected by Hike

NERC said that only Band A customers received at least 20 hours of power supplies from the eleven electricity distribution companies.

According to the Vice Chairman of NERC, Musiliu Oseni, only 15 per of the 12.12 million electricity customers in Nigeria are affected.

He explained that the tariff hike would not affect customers on B, C, D, and E, having less than 20 hours of power supply.

Implication of New Electricity Tariff

The hike implies that electricity consumers under Band A will pay 250 per cent more to get a power supply.

This means a complete electricity subsidy removal for customers under Band A.

Band A customers fall within 15 per cent of households in Urban areas in Nigeria.

According to NERC, Band A customers consume 40 per cent of electricity in the country.

However, the hike will not lead to an improvement in the electricity supply to the affected customers.

Date of hike commencement

According to the new tariff order, Discos commenced the implementation of the new electricity tariff on Wednesday, 3rd April 2024.

This means customers under Band A have begun paying 300 per cent more for electricity.

Meanwhile, since January 2024, customers across all bands have suffered epileptic power supply in Nigeria.

The Minister of Power, Adebayo Adelabu, blamed gas constraints for the erratic power supply in Nigeria.

Air Peace, the Nigeria’s flag carrier commenced Lagos-London flight services last Saturday March 30 after seven years of test of endurance. Allen Onyema, the airline chief executive officer (CEO) deserves accolades for a hard-won victory which has also been hailed by many as victory for Nigeria and Nigerian air travellers.

And to discerning Nigerians, it cannot be anything less.  To those who are passionate about our country, it is a victory over swindling of Nigeria of about N3.7 billion annually by foreign airlines including British Airways that was by 2014 charging non-competitive fare of $10,070 for a First Class return seat from Abuja to London while the same facility through Accra costs $4, 943. It is also a relief for Nigerians relieved of the burden of having to travel to Ghana, South Africa or Morocco in search of cheap foreign airline tickets. It is also hoped this victory will bring into a closure ex-minister, Stella Oduah’s battle against deliberate violation of Nigeria’s aviation laws by foreign airlines.

And for those who have faith in our country, it is also a victory over local powers and principalities who cannot stand the success of their fellow compatriots but will rather cooperate with outsiders to kill their own “sun’ (apologies to Saro Wiwa) whether he be Chinua Achebe’s Okonkwo, Ghana’s Kwame Nkrumah, Congo’s Patrice Lumumba or Nigeria’s Obafemi Awolowo.

The betrayal by Nigeria Civil Aviation Authority (NCAA), as narrated by Onyema during his ARISE TV interview was despicable.  And no less repulsive was the complicity of corrupt bureaucrats in the  avoidable  frittering away of N200m by Air Peace to secure the services of consultancy firms from IATA just as  the action of unpatriotic government officials  who deliberately derailed the commencement of services operations long after the Nigerian flag carrier had  “actually procured their three-triple seven because of this route’,  because they wanted to give it the blow that it deserved at that time” cannot be anything but loathsome.

Onyema also did not forget to remind us of the international aero-politics which he admitted while speaking with ARISE Television on Monday, can be very dirty. He must  have been referring to having to clear his name over U.S. Attorney’s Office, Northern District of Georgia’s  November 22, 2019 press release alleging fraud and money laundering for moving more than $20 million from Nigeria through United States bank accounts out of which ‘over $3 million of the funds used to purchase the aircraft allegedly came from bank accounts for Foundation for Ethnic Harmony, International Centre for Non-Violence and Peace Development, All-Time Peace Media Communications Limited, and Every Child Limited.’. Added to this international conspiracy was the Gatwick authorities’ unusual demand of non-refundable 20 million pounds deposit, before Air Peace could start operation”.

Last Saturday victory lap was anchored by Onyema who took a leading position in the private airline operators’ battle against government’s proposed national carrier they argued was detrimental to the survival of airline local operators.

Buhari had in 2014 disclosed that President Jonathan fleet of about 11 aircrafts would form the nucleus of his planned national carrier.  It was not until July 18, 2018, that “the name, logo, colour scheme, structure, and types of airplanes of Nigeria’s national carrier were unveiled at Farnborough International Public Air show in London”. There we were informed about $308.8m had been set aside to cover aircraft acquisition and running costs for the airline’s take-off, with five of the projected 30 aircraft needed expected in Nigeria by December 19 2014. The new national carrier, we were told would operate 40 domestic, regional and sub-regional and 41 international routes. And that it would be a private sector driven ‘Nigeria Air’ in which government would own only 5% with Nigerians owing 46 per cent equity, while 49 per cent shares were reserved for strategic foreign investors.

Unfortunately, Buhari had credibility deficit especially with Hadi Sirika last minute stampeding of Air Ethiopia as favoured strategic partners on terms the current minister whose official report is yet to be released said was unfavourable to Nigeria,

Nigerians derived little joy from government past interference in the activities of the airlines especially the Stella Oduah’s ‘N330b Aviation Intervention Fund meant to address the financial challenges faced by airlines in the country” with N232.6b of it paid to 21 participating banks.  But records as at 2015, when Jonathan left government, showed that domestic airlines like Arik, Aero and Air Nigeria whose managing director led the crusade and got N35.5 billion government bail-out were owing AMCON over $700m debt

The mishandling of Nigerian Airways, Virgin Nigeria, Nigerian National Shipping Line, the four public refineries in Port Harcourt, Warri and Kaduna, of Ajaokuta Steel Rolling Company, Nigeria Railways Corporation” NEPA PHCN, banks oil companies, insurance, hospitality industry only increased Nigerians apprehensiveness about involvement of government in setting up of a national carrier or involvement of government in any business for that matter.

 And counting in favour of anti-national carrier, domestic airline operators and Air Peace this time around is the fact that they are not asking for government bailout. Their battle cry is that past government interference had been a disaster.

But while we celebrate the success of Air Piece and the triumph of domestic airline operators, it is important to remind Nigerians youths who lack a sense of history and the rest of Nigerians, who often suffer from collective amnesia, that there is nothing wrong with public enterprises. The problem was with our ill trained military men and their thieving new breed politicians

Our founding fathers following in the footsteps of Europe adopted the Keynesian macroeconomic model which supports government intervention for the purpose of national development instead of depending on market economy to liberate our people from poverty.  And this paid off as most of the public enterprises established by our founding fathers brought rapid development until after the civil war.  For that season, public enterprises formed the backbone of our economy. In fact, it was the golden era of Nigeria when the naira was as strong as pound sterling and stronger than the dollar with Nigeria giving interest free loans to some African and European nations. Up to 1983, estacode for those visiting Britain who by the way needed no visa, was N500 (five hundred naira).

Our nightmare started with Babangida’s ill-advised commercialization and Structural Adjustment Programme which saw many thriving federal and state-owned public enterprises sold to retired military personnel and their fronts who were never equipped to run such enterprises. Obasanjo and his military baked new breed politicians completed this betrayal when from 1999, they sold Nigeria’s total investment of about $100 billion acquired between 1959 and 1999 for a paltry $1.5 billion.

From then on, public enterprises became the scape goat to cover up the greed of politicians. It was used as an excuse by politicians without vision to justify underfunding of public universities to allow those who have access to state funds set up their own private universities, sabotage public water supply, the mainstay of our urban centres in the 60s and 70s to pave the  way for a regime of private water merchants  and to destroy Nigerian Airways to justify the setting up of Albarka, Okada, Oriental, Concord, Harka, EAS, Triad, Harco, Savannah, Bellview, ADC airlines their today’s reincarnations.

Onyema, like Dangote and other members of their tribe might be good corporate citizens, always aiding Nigerians in distress, celebrating Falcons, after victory and flying our national colours. But at the end, he is profit-driven business man running aviation business, perhaps one of the most sophisticated businesses in the world. He has to recoup costs of all the aircrafts he claims to own while the aircrafts must be certified globally.

Onyema is not into charity. He is in business to make money. And making money under market economy means taking advantage of the less privileged that our abandoned public enterprises were designed to protect.

The Federal Government plans to begin the issuance of domestic foreign currency-denominated bonds from this quarter, Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, said yesterday.

A Reuters report quoted the minister as speaking at a parley with business leaders in Lagos.

The government move is expected to herald domestic issuance of similar bonds by companies and sub-nationals, a plan already given provisional approval by the country’s apex capital regulator.

The sovereign domestic foreign currency issuance aligns with government’s move to attract more forex inflows to stabilise the naira. Dollar shortages have had significant adverse impact on the naira.

Edun told his audience that the government would seek to sell forex bonds to Nigerians at home and abroad who, “because of lack of faith in the currency, have decided to try to hold and save in dollars.”

“All the funds in the diaspora, we are targeting them. There are all these funds that you have brought into your (local foreign currency) accounts, we are targeting them,” said Edun.

The minister said President Bola Ahmed Tinubu in October 2023 signed executive orders to allow domestic issuance of instruments in foreign currency and also allow all cash outside the banking system to be brought into the banks.

He said that the government had not issued the bonds earlier because it sought to first build confidence in its fiscal policy and gain the trust of citizens who are sceptical of government policies.

Nigeria spends around 78 per cent of its revenue on debt servicing and the government has vowed to cut this to around 50 per cent.

“When they say what keeps you awake at night, I will say paying the debt service (cost),” said Edun.

Nigeria’s apex capital market regulator, Securities and Exchange Commission (SEC) had given a provisional “no-objection” to the proposal to allow companies and governments to undertake dollar-denominated listings on the Nigerian stock market.

The proposal, being pushed by the Nigerian Exchange (NGX), involves creation of a new listing platform for high-valued issuers to raise capital through dollar-denominated debts and equities issuances.

The proposal is considered as one of the quick-interventions to bolster the country’s foreign exchange (forex) position by exploring alternative sources and redirecting remittances and informal sources to a formal market.

Securities and Exchange Commission (SEC) Director-General Lamido Yuguda said the apex regulator has “no problem” with the proposal for dollar-denominated listings by qualified issuers.

According to him, the basic premise of regulation is full disclosure and demonstrated ability of an issuer to meet the required obligations imposed by the issuance.

He said SEC would treat such dollar-denominated listings by companies or governments on the same basis of the ability to meet the required obligations as contained in the issuance documents, and in line with extant rules at the capital market.

Lamido said investors’ protection is deeply ingrained in all regulatory consideration by the Commission as it continues to explore ways to further deepen the capital market.

The listing of dollar-denominated bonds and shares at the Nigerian stock market is targeted at easing access to forex for select companies, especially high-valued companies that require substantial forex for their operations.

Under the proposed two-phased plan, the NGX plans to start with quotation of dollar-denominated debt issues such as bonds and then move to listing of dollar-based ordinary shares and other quasi-equities.

The provisional approval by SEC is a major boost for the NGX forex proposal.

NGX Chief Executive Officer (CEO) Temi Popoola said the Exchange would work with the SEC to create the required regulatory framework for the dollar-based listing.

Changes to listing regulations can be achieved within a “relatively short time”, Popoola said.

He explained that the Exchange was banking on the market-oriented stance and reforms of the Tinubu administration to push the dollar-listing proposal through.

Popoola said the Exchange would be targeting companies operating from the special economic free trade zones and those earning foreign currency

The primary objective, he noted, is to enable these companies to issue bonds denominated in dollars and eventually offer equity in dollars.

“It could potentially address the challenges posed by fluctuations in foreign currency,” Popoola said in an interview with Bloomberg.

 Bloomberg reported that companies Nigeria consistently cite getting access to the dollars they need for raw materials as their biggest challenge.

The NGX also plans to work with SEC to initiate a framework that allows companies with home listing to pay dividends in dollars. Few companies with dual listings already pay dividends in dollars.

The NGX, which did not give a timeline for the launching of the plan, said government’s willingness to consider market reforms increases the prospect of success.

 “Given the proactive stance of the current administration, it is reasonable to anticipate that these objectives can be achieved,” Popoola told Bloomberg.

He pointed out that both retail and institutional investors have “substantial” amounts of dollars that domestic capital markets can tap to encourage more local listings.

“If the target companies cannot access dollars within our market, many of them may opt to list abroad,” he said.

[TheNation]

Recently, the CEO of Air Peace, Allen Onyema, got on the wrong side of the internet when he said anyone earning N200,000 monthly in Nigeria is better off than someone earning £2,000 in the United Kingdom. According to him in a TV interview, the Nigerian with a mere N200,000 can afford a maid, a driver, and other domestic staff while the person who earns £2,000 in the UK can barely get by. His superficial comparison somehow reminds me of Nigerians who conclude they live a better life after comparing the cost of Coca-Cola in their country to the US/UK.

Now, thanks to the internet, Onyema has received more than enough riposte to warrant him thinking hard and long (if he cares to anyway) about the degree to which he is out of touch with the Nigerian reality. If he believes that a person earning N200,000 in a country with a bag of rice around N80,000 can hire at least three others, it also tells you how poorly he thinks wage workers should earn. Yes, he is a private individual with the right to his opinion, but he also hires people and that is why his opinion on wages matters.

But what I find interesting about his comparison between England and Nigeria and the subsequent pushback from the inhabitants of social media is that it leaves off the important question of how much Nigerians should earn. What amount would be sufficient for an average household in Nigeria to live? Without an empirical determination of what people should be paid to live, the best we can do is to resort to facile comparisons about what a sum of money can buy under regimes of their respective currencies without factoring other intangibles being bought along. The way Nigerians—particularly the ones who cannot get over other people’s “japa” decisions—talk about how hard life can be abroad because people there pay bills, bills, and more bills makes you wonder if they are even aware of the extent to which their own supposedly “bill-less” society relatively over-taxes them. Nigerians probably pay far more—at least relative to their income—in social services than their foreign counterparts.

While a society like the UK might pay people a sum as low as £2000 (in Onyema’s estimation by the way), hardly anyone is left to live on just their income. Their public infrastructure and social security are so relatively excellent that even though one might not have enough cash to stack up in the bank, one is unlikely to be shouting “ebi ń pa wá!” on the streets either. In a place like the United States, a person with that low an income will qualify for public health insurance, food stamps, and possibly even rent assistance. So while they might be considered “poor” by their society’s (and Onyema’s) standards, their poverty is not as stark as that of a society with no such provisions.

The question of what a Nigerian household should earn to live is complicated by differing ideas of what constitutes a standard household in Nigeria and what it even means to “live.” In a culture where there is a high percentage of polygamous marriages and our family structures are largely communal, it is hard to benchmark a standard household. For one, “household” here is unlikely to be a nuclear family arrangement. Then, what it means to live varies because of the increasing privatisation of our entire lives. Those who live in societies where they earn a measly £2,000 monthly do not generate their own electricity and water, provide their own security, send their kids to third-rate private schools, or even be called to donate money towards ransoming an abducted relative. If they do not hire a driver, maid, and maybe even a gateman on their salaries, it is not simply because their incomes are too poor. It is because, despite their mere £2000, their system allows them to own a car (or at least have access to an efficient public transport system); they have home appliances that eliminate the need for a maid; and their mode of securing society does not involve high fences and metal gates manned by a “gateman.”

There are practical implications to not knowing what is a just and fair income and thereby making silly comparisons. One of my observations when hiring workers in Nigeria is that most lack an idea of proper calibration of their wages. Because they have not developed a statistical sense of value for what they do, they place the moral burden on you who is hiring them by telling you to pay what you consider fair. Value for their labour is thus negotiated, and contingent on moral considerations and sentiments rather than a standardised measure. Recently, I spoke with someone who pointed out how “corruption” was distributed through every aspect of our society. His example was an instance of price gouging by “pure water” vendors, but what came through in his complaints was the problem of not calibrating value. That is why even the modest attempts of a low-income vendor to make a living looked to him like a rip-off.

In 2019, I talked with some friends regarding the standard of living. There are a family of six (two parents, three children, and a relative). During our conversation, I argued that, for a household like theirs to live a relatively comfortable life, they should earn nothing less than N500,000 monthly. Husband and wife, both school teachers (in a public and private school), understandably laughed. They agreed their lives would considerably improve with a higher income, but who would ever pay teachers that amount? Of course, the question of who can pay such an amount as average income in the country is pertinent. Nigeria simply does not have enough economic activities for any employer, public or private, to pay people enough for them to live well. The minimum wage proposals the Nigeria Labour Congress has bandied about ranged from N500,000 to N1m, and people think the union leaders are being ridiculous. At the bottom of those figures being thrown up is the unsettled issue of how much people should earn in order to live and how to standardise it.

Meanwhile, about five years after I spoke to that couple, their income barely increased but the cost of living leaped up by many miles. Nigeria is no longer where it was in 2019; most people are barely coping. When people seeking to justify the Nigerian dysfunction mention the high costs of living in Western societies that drain their poor £2,000 salaries, I also remind them that as hard as things might be over there, they do not spend 80 to 120 per cent of their income just buying food. Nigerians earn so little that people even take loans to buy food. Not luxurious feasts, just enough food to survive. That does not make any sense.

Through the experiences of this couple and several others I would argue that to the matter of what Nigerians need to earn in order to live should be appended the question of how frequently those kinds of figures need to be updated. The Nigerian costs of living change so frequently that the income that hired three domestic wage workers years ago can barely sustain a four-person family now. Whereas the hypothetical person earning the £2,000 pittance can still do most of the things they were doing years ago. Their reality is not upended as quickly as that of Nigerians.

That is why, instead of wasting time and absolving responsibility by talking about what the person living abroad and ensconced within a system with tight social security and welfare benefits ultimately lacks, we should focus on fellow Nigerians and define what it would mean for them to really live.

Some communities in Abuja, Lagos and Nasarawa are currently experiencing power outages due to technical glitches.

The Ikeja Electricity Distribution Company on Tuesday said the service disruption was due to significant load restrictions across many of its transmission load centres.

According to the power distribution firm, the transmission stations affected include Oworo, Maryland, Itire, Isolo, Ogba, Alausa, Ejigbo, Alimosho and others.

“The current service disruption you are encountering is a result of significant load restrictions across many of our transmission load centres, particularly impacting:

“Oworo TS, Maryland TS, Itire TS, Isolo TS, Ogba TS, Alausa TS, Ejigbo TS, Alimosho TS, Ilupeju TS, Ayobo TS.

“We apologise for any inconvenience caused. We are actively collaborating with relevant stakeholders to restore normal operations,” the Ikeja DisCo said.

In the same vein, the Abuja Electricity Distribution Company informed its customers in Nasarawa that they were in darkness after windstorms brought down transmission lines.

Also, some areas in the FCT were said to be in darkness due to a technical fault.

“This is to notify residents in Nasarawa State: Uke, Gidan Zakara, Gora, Auta-Baleifi, Tukur Farm, CS Farm, Masaka, Keffi GRA, Luvu, Dunamis Community 1&2, Dadin Kowa, Keffi and its environs that the power outage currently being experienced is due to damage to the lines serving these areas, caused by strong winds.

[Punch]

Air Peace, Nigeria’s flag carrier, has announced an increase in capacity on its Lagos-London flights.

The airline made the announcement on its X page on Wednesday.

On March 30, Air Peace commenced its Lagos-London flight services.

During an interview on Arise TV on April 2, Allen Onyema, chief executive officer of Air Peace,  said the airline sold out tickets for the Lagos-London flights until September.

“Due to overwhelming demand and interest in our London route, we have decided to increase the capacity on the route,” Air Peace said.

“This means that more seats are now available.

“Air Peace would like to thank the Nigerian population, both in Nigeria and in the United Kingdom, for their support.

“We do not take it for granted, and we will be doing our best to continue to make the whole country proud.”

Meanwhile, on April 2, Onyema said the airline faced internal and external obstacles before it could commence Lagos-London flight operation, adding that it took the airline seven years to be able to commence operations.

He also said the country is being fleeced by all the airlines “going to London from this place”. 

Onyema said people were paying five times more than they should have been paying for flights.

[TheCable]

The Ondo State Attorney-General and Commissioner for Justice, Kayode Ajulo, has disclosed that he does not plan on paying his 273 aides from the coffers of the state government.

He explained that the designations are mainly honorary, adding that this means the lawyers do not have any right to receive financial remuneration or employment advantages from the Ondo State government.

He described the reaction that trailed the appointment as an “unfortunate misconception of issues.

Ajulo said that the aides will be classified as honorary and technical advisers, maintaining that they are comprised of professional and junior legal practitioners.

He noted that the aides would work closely with him to enhance what he described as ethical legal services to the state.

“Most of these designations are purely honorary, indicating that the lawyers do not have any right to receive financial remuneration or employment advantages from the Ondo State government.

A former national chairman of the Peoples Democratic Party (PDP), Uche Secondus, has lambasted the Minister of the Federal Capital Territory (FCT), Nyesom Wike, for describing him and a former Minister of Transportation, Abiye Sekibo, as “expired politicians” over their support for Rivers State governor, Siminalayi Fubara.

Recall that last week, Secondus, Sekibo, who was director-general of the party’s presidential campaign council in Rivers State; Senator Lee Maeba, Celestine Omehia, and Austin Opara, an ex-lawmaker, openly declared their support for Fubara and urged President Bola Tinubu to caution Wike.

But, Secondus in a statement by his media aide, Ike Abonyi, described Wike as “a showman noted for his double-speak, twisting of facts to score some cheap political points, and someone who stands the truth on its head.”

He further described the FCT Minister’s utterances during his media chat with select journalists as “appalling and rather unfortunate, more so he characterised our revered political leaders of Rivers State, casting them in a bad light by referring to them as transitional politicians, political vampires, and political buccaneers.”

[Leadership]