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The house of representatives committee on appropriation says the budget defence by ministries, departments, and agencies (MDAs) will begin on Tuesday.
Abubakar Bichi, chairman of the committee, spoke in Abuja on Monday while addressing journalists ahead of the budget defence.
On December 18, President Bola Tinubu presented the proposed 2025 budget of N49.7 trillion to the national assembly.
Tinubu said the proposed budget reinforces his administration’s roadmap to secure peace, prosperity, and hope for a greater future for Nigeria.
“This budget christened, “Budget of Restoration: Securing Peace, Rebuilding Prosperity,” strikes at the very core of our Renewed Hope Agenda and demonstrates our commitment to stabilising the economy, improving lives, and repositioning our country for greater performance,” Tinubu had said.
On December 19, the appropriation bill scaled the second reading at the senate and house of representatives.
After a meeting with members of the committee on Monday, Bichi told journalists that the defence will end on January 17.
He said the reports on the exercise will be presented before the house on January 31.
“We are going to study the budget. All our committees will study the budget. I believe the budget is for Nigerians (and) for our development—infrastructure and other important things—and I am sure Nigerians will be happy with it,” the lawmaker said.
“We just had an integration meeting today for the 2025 appropriation bill. You have been aware that the president has presented the budget to us, and by tomorrow we will start the budget defence by all the MDAs.
“From tomorrow to the 17th, we are going to do our budget defence and we will likely harmonise by the 22nd.”
The federal capital territory (FCT) police command says two men were killed and two other persons were injured in an explosion that occurred at the Tsangayar Sani Uthman Islamic School in the Kuchibuyi village under the Bwari area council.
In a statement on Monday, the command said a team of police operatives, including its explosive ordnance disposal (EOD) team and the area commander of Kubwa, mobilised to the scene.
“The area was immediately cordoned off to protect residents and facilitate a thorough investigation,” the statement reads.
“During the rescue operation, victims were promptly evacuated and rushed to the hospital for medical attention. Preliminary investigations revealed that three men from Katsina had visited the owner of the Islamic school, Mallam Adamu Ashimu.
“The three visitors are suspected of having brought the explosive device with them.
“Tragically, two of the men died in the explosion while tampering with the improvised explosive device (IED) on the school veranda, while the third man and a female trader sustained severe injuries and are currently receiving treatment under police guard.
“The FCT Bomb Squad has confirmed that it was an IED explosion, as remnants of the device have been recovered. Mallam Adamu Ashimu, the owner of the school, has been taken into custody for questioning, and further findings will be communicated in due course.”
Seyi Makinde, governor of Oyo state, says those involved in the stampede that claimed the lives of 35 children must face justice regardless of their social status.
The incident occurred at a funfair organised for children at Islamic High School in Bashorun area of Ibadan in December 2024.
A magistrate court in Ibadan has remanded the organisers in custody after they were charged by the police.
The police filed a four-count charge against them, including conspiracy, negligent acts causing harm, and failure to provide adequate security and medical facilities at the event.
Speaking on Monday, Makinde said the rule of law will prevail, despite calls for clemency, pointing out that similar incidents in Anambra and the FCT were not punished.
Makinde noted that while granting bail to suspects is permissible, the judicial process will ensure justice is served.
“In the outgone year, we faced challenges. 2024 started for us here in Oyo State almost on a tragic note,” Makinde said.
“On 16th January 2024, we had an explosion here in Bodija. It affected even my office. The impact was felt all around Ibadan. We’re closing it out.
“And then, towards the end of the year, we had the stampede at Islamic High School, Bashorun. 35 innocent souls were lost; may we not see such again in Oyo State.
“Quite a number of people have been reaching out to me, saying, ‘Oh, this incident happened in Anambra State. It also occurred in the FCT. Nobody went to jail. Why is it that in Oyo State, some people are going to jail?’
“I said, ‘Well, Oyo State is not Anambra State, and no matter how highly placed, justice must be done.
“The judiciary is here; it’s in their court. If you think you can grant bail pending trial, I have nothing against it. But for the trial, the people must go on trial.
“So, people come to me, and I’ve been saying to them, ‘Oyo State, even if this entire country decides not to follow the rule of law, in Oyo State, we will follow; we will dare to be different. We will uphold the rule of law.”
Abia South Senator, Enyinnaya Abaribe, has expressed his willingness to stand as a guarantor for Nnamdi Kanu, leader of the Indigenous People of Biafra, IPOB.
Abaribe made the remark while addressing journalists after his visit to Governor Alex Otti of Enugu State.
He also urged President Bola Tinubu to listen to the Attorney General of the Federation, Lateef Fagbemi and other stakeholders over their calls to release Kanu.
Abaribe informed Tinubu that releasing Kanu would put a stop to the issue of criminalities in the Southeast.
He said: “I expect that the President will listen to both his Attorney General and every one of us who have been agitating that the issues in the Southeast; first of all the insurgency, the sit-at-home on Mondays and every other thing we have noticed in the Southeast, what we now know in the Southeast is that criminals and all other people who advocate violence have taken over and using the name Nnamdi Kanu to perpetuate all these their despicable acts.
"We know that the President, being a listening President, will also look at all the issues involved which we have presented to him from various mediums and that he will do the needful and release Nnamdi Kanu so that it will put a stop to all these things that are happening in the Southeast and bring back the Southeast as the hub of production in Nigeria.
“So he needs Nnamdi Kanu out so that all those things that are holding us down in the Southeast, that have made us not produce as much as we ought to produce, will not be there.
“So, we continue to call on President Tinubu to release Nnamdi Kanu and we are ready and willing to be guarantors for him to be released so that we can have life coming back into the Southeast and take it away from the criminals, kidnappers, the cultists and dangerous elements that are floating around us who have made it a point that they would perpetrate violence, do criminal activities and use Nnamdi Kanu’s name as their reason.”
Kanu remains incarcerated since June 2021 when he was rearrested and subjected to extraordinary rendition from Kenya to Nigeria.
Upon his return to Nigeria, the Appeal Court in Abuja ordered his release but the Nigerian government refused to let him off the hook.
Former staff members of the Central Bank of Nigeria (CBN) who were dismissed in a mass layoff last year, have sued the apex bank.
In a court document seen by TheCable on Monday, the workers alleged that the CBN violated internal policies, Nigerian labour laws, and their contractual rights.
The claimants, represented by Stephen Gana and 32 others, filed a class action lawsuit at the national industrial court of Nigeria (NICN), Abuja.
They said their termination process, carried out through letters, titled, ‘Reorganizational and Human Capital Restructuring’, and dated April 5, 2024, violated both the CBN human resources policies and procedures manual (HRPPM) and Section 36 of the Nigerian constitution.
The claimants said the process lacked the necessary consultation and fair hearing mandated by law.
The originating summons, filed on July 4, 2024, under the NICN Civil Procedure Rules 2017, raised several questions for the court to consider, including whether the claimants were denied their constitutional right to a fair hearing before and after their appointments were terminated.
The workers also claimed that the termination letters, issued on the basis of “restructuring,” were arbitrary, illegal, and unconstitutional.
Insisting that they continue to work for the apex bank, the claimants are seeking a court ruling that their dismissals are “void and useless”.
Additionally, they sought a restraining order to prevent the CBN from firing them without following the proper procedures, immediate reinstatement, and payment of salaries and benefits from the date of termination.
The court filing references Article 16.4.1 of the HRPPM, which mandates consultation with the joint consultative council (JCC) and adherence to fair procedures before employment actions adversely affect staff.
The claimants said the provision was flagrantly disregarded, as they were given just three days to vacate their positions and hand over official property.
They are also seeking N30 billion in general damages for psychological distress, hardship, and reputational harm caused by the dismissal; and an additional N500 million as the cost of the suit.
COURT ENCOURAGES AMICABLE RESOLUTION
In another document dated November 20, 2024, the court called for an amicable resolution of the matter.
Gana and their counsel represented the claimants while Inam Wilson alongside seven other lawyers represented the CBN (the defendant).
In the document, Obaseki Osaghae, the presiding judge of the industrial court, acknowledged the defendant’s preliminary objection, filed on November 4, 2024, challenging the suit’s admissibility.
The claimants responded with a counter-affidavit, which their counsel confirmed had been served.
In response, the judge encouraged both parties to explore a settlement under Section 20 of the National Industrial Court Act (NICA) of 2006.
“It is my view that parties should attempt an amicable resolution of this dispute,” Osaghae said.
The matter was, therefore adjourned to January 29 for the hearing of the preliminary objection or to review the progress of any settlement discussions.
BACKGROUND
In 2024, CBN terminated the appointments of about a thousand staff. The dismissal was said to have been conducted in four batches between March and May of the aforementioned year.
Some workers claimed that they received severance payments as low as N5,000, while others said their gratuities were absorbed entirely to offset outstanding loans.
Although the layoff was officially attributed to a “reorganisation” and “human capital restructuring”, the affected staff argued that the process violated the CBN Act, which mandates board approval for significant employment decisions.
On December 4 last year, the apex bank said its early exit package (EEP) was entirely voluntary and without any negative repercussions for eligible staff.
The CBN’s statement followed reports that 1,000 staff were sacked from the apex bank.
Reacting to the development, the house of representatives asked the CBN to suspend the “planned” retirement of 1,000 staff.
The lower chamber had also set up an ad hoc committee to investigate the “process and legality” of the exercise.
Speaking on the matter on January 3, Olayemi Cardoso, governor of the CBN, said the 1,000 staff who left the bank were not forced to leave.
Cardoso also said the early exit programme and the restructuring and reorganisation were to optimise the bank for enhanced efficiency.
Peter Obi, the Labour Party (LP) presidential candidate in the 2023 elections, says his life is under threat because of his criticism of President Bola Tinubu’s administration.
The former governor of Anambra made the allegation after Felix Morka, national spokesperson of the All Progressives Congress (APC), said, "Peter Obi has crossed the line so many times and has it coming to him whatever he gets".
During an interview with Arise Television, Morka described Obi as an “irrational being” and slammed his public commentary.
The APC spokesperson labelled Obi’s claims as "ridiculous" and "deceptive," criticising his 8-year tenure as Anambra governor for lacking legacy.
He added that Obi needs to figure out why he lost the 2023 presidential election and should stop being dishonest.
Obi, in his New Year message to Nigerians, criticised Tinubu and expressed concerns over "institutional corruption, mismanagement, poverty, hardship, and an escalating debt profile".
He noted that "corruption has been deeply entrenched in government" while "nepotism has become the norm on Tinubu's watch".
He also demanded "vigorous, positive actions" from the administration to bring succour to Nigerians.
'HAVE I REALLY CROSSED THE LINE?'
Reacting to Morka’s comments on his X page on Monday, Obi asked Nigerians if he has "crossed the line" after receiving threats against his life, family, and associates following his New Year’s message.
The LP chieftain added that he would continue to speak "truthfully," noting that Nigeria is drifting towards authoritarianism and undemocratic practices, which, according to him, must be addressed.
"Have I really crossed the line?" Obi asked.
"I ask the question because my New Year message has now led to threats against my life, my family, and those around me.
“While I have received all sorts of messages, one Mr. Felix Morka has gone further to accuse me of "crossing the line" and has warned that I will face the consequences.
"I find it necessary to share this message again and urge everyone who has not seen it to watch. If I have truly crossed the line, I invite anyone to point it out, as I remain committed to upholding decorum.
"However, I will not be silenced in my resolve to speak truthfully, especially as our nation continues to drift toward undemocratic practices.
"We are increasingly transforming into an authoritarian and repressive regime, where freedom of expression is being systematically suppressed.
The Economic and Financial Crimes Commission says it dismissed 27 of its officers last year for misconduct and fraudulent activities.
The anti-graft agency also said it was investigating “a trending $400,000 claim of a yet-to-be-identified supposed staff of the EFCC against a Sectional Head.”
The EFCC spokesman, Dele Oyewale, disclosed this in a statement on Monday.
He said the dismissals followed recommendations from the EFCC Staff Disciplinary Committee, which were ratified by the EFCC Chairman, Ola Olukoyede.
“In its quest to enforce integrity and rid its fold of fraudulent elements, the Economic and Financial Crimes Commission dismissed 27 officers from its workforce in 2024,” Oyewale said. “Their dismissal, following the recommendation of the Staff Disciplinary Committee of the EFCC, was ratified by the Executive Chairman, Ola Olukoyede.”
The statement quoted the EFCC Chairman as reaffirming the commission’s zero-tolerance policy toward corruption, emphasising that no officer is immune to disciplinary action.
He also assured the public that all allegations against EFCC staff would be thoroughly investigated, including a trending claim involving $400,000 against a Sectional Head by a supposed EFCC staff member.
“The core values of the commission remain sacrosanct and will always be upheld,” Olukoyede said, reiterating the commission’s commitment to combating corruption and ensuring accountability at all levels.
In addition, the EFCC issued a warning to the public about impersonators and blackmailers exploiting the name of its chairman to extort money from high-profile suspects under investigation.
“The commission also wishes to alert the public to the sinister activities of impersonators and blackmailers using the name of its Executive Chairman to extort money from high-profile suspects being investigated by the EFCC,” the statement read.
The EFCC revealed that two members of an alleged syndicate, Ojobo Joshua and Aliyu Hashim, were recently arraigned before Justice Jude Onwuebuzie of the Federal Capital Territory High Court in Abuja.
The pair allegedly contacted a former Managing Director of the Nigerian Ports Authority, Mr. Mohammed Bello-Koko, and demanded $1m to secure a “soft landing” in a non-existent investigation.
The commission noted that similar criminal elements are still at large and urged the public to report such individuals.
Oyewale further emphasised that EFCC Chairman is a man of integrity who cannot be influenced by monetary offers.
“Olukoyede remains a man of integrity who cannot be swayed by monetary influences. The public is enjoined to report such disreputable elements to the commission.”
The EFCC is also aware of attempts to blackmail its officers through unscrupulous means.
“Suspects under investigation for economic and financial crimes, who have failed to compromise their investigators, often resort to blackmail. These blackmailers should not be given any attention,” Oyewale added.
The daughter of the Secretary to the Sokoto State Government lost her life while trying to rescue her children from the fire that gutted their house around 12 midnight on Sunday.
Her husband who is the current permanent Secretary in the Ministry for Sport and Youth Development, Alhaji Muhammadu Yusuf Bello, was said to be away when the tragic incident occurred.
The house located at Nakasari area was completely destroyed by the fire which was said to have extended to parts of their neighbour’s houses before it was put off by the combined efforts of fire fighters, residents and passersby.
One of the fire fighters who spoke on condition of anonymity because he was not authorized to speak, said there were other people in the house but only the SSG’s daughter, her three children and housemaid lost their lives during the inferno.
“She died in a bid to rescue her children from the fire,” he said
The Spokesman of the Sokoto State Fire Service, Bello Garba, while confirming the death said apart from the four people that were killed, the fire destroyed properties worth millions of Naira.
“But we cannot give the details of the damage cause by the inferno and what caused it now as investigation is ongoing.
“But I can confirm to you that, four deaths were recorded, including the SSG’s daughter, her three children, her housemaid and many properties were destroyed.
However, tears flowed freely as the deceased were laid to rest at Sifawa, hometown of the SSG.
The funeral prayer which took place at the Sifawa central mosque was led by its Chief Imam, Professor Attahiru Ahmad who is also the new Commissioner of for Science and Technology in the state.
The deputy Governor of the State, Engineer Idris Gobir, led the state delegates to the burial ceremony.
Also in attendance was the Minister of Labour and Productivity, Muhammadu Maigari Dingyadi, who lost his mother recently.
[DailyTrust]
Aba Power, a Nigerian electricity distribution company, has announced a more than 50 percent electricity tariff hike for customers within its franchise in Abia State.
The company disclosed this in a notice to customers shared through its official X handle.
According to the Disco, the hike comes after the Nigerian Electricity Regulatory Commission, NERC, granted approval.
The new tariff regime kicked off on 1st January, 2025.
The increment showed that customers categorised under Band A feeders will now pay between N219.70 and N241.45 per kilowatt-hour from N99/kWh.
Electricity customers under Band B are to pay between N180.77 and N203/kWh, while Band C feeders will pay between N145 and N205/kWh.
Aba DisCo attributed the hike to macroeconomic realities it faced.
“We also wish to inform you that we have recently received an approval order from the Nigerian Electricity Regulatory Commission (NERC) for an adjustment of electricity tariffs, effective January 1, 2025.
“This adjustment will enable us to cushion the effects of recent macroeconomic developments in Nigeria on our ability to continue to deliver a high quality of service to our customers in compliance with regulatory standards.”
[DailyPost]
Solana, Avalanche Or Remittix? Top Analyst Predicts The Latter To Be The Biggest Gainer In 2025
Admin
Top analysts are forecasting a major shift in 2025, with Remittix (RTX) poised to surpass Solana and Avalanche in growth potential. While Solana and Avalanche continue to gain attention, Remittix’s innovative PayFi solutions and strong presale momentum make it a standout contender. As the platform attracts more investors and adoption, Remittix will become the biggest gainer by offering investors substantial returns in the decentralized finance (DeFi) market.
Industry Experts Predict Massive Rallies for Remittix (RTX) in 2025
Remittix (RTX) is a crypto protocol that enables fast crypto transfers and fiat-to-crypto conversion through bank transfers. Remittix is an efficient solution for bridging the gap between cryptocurrencies and traditional finance.
Using advanced blockchain technology, Remittix ensures transparent transactions. The protocol stands out from platforms like Stripe, Wise, and Coinbase by focusing on security, simplicity, and efficiency. These attributes make Remittix a superior choice for cross-border payments. Thorough audits by BlockSAFU and SolidProof highlight Remittix’s commitment to security and transparency, gaining trust from its growing community.
The Remittix Pay API is at the platform’s core, enabling businesses to integrate crypto payments easily. This opens up new customer opportunities and provides companies with tools to excel in the digital economy.
Remittix will be a leading crypto investment in 2025, with experts predicting significant growth for the RTX token in the coming months. The ongoing presale presents a prime opportunity for investors to enter at $0.172. The platform’s token vesting system ensures long-term value and stability. Remittix will experience explosive growth and significant rallies as the financial sector increasingly embraces crypto solutions.
Institutional Backing & Ecosystem Upgrades to Boost Solana’s Price in 2025
Solana is entering 2025 with strong momentum, driven by developments within its ecosystem. The introduction of Firedancer, a high-performance validator client created by Jump Trading, is set to boost Solana’s transaction speed and scalability when fully implemented.
The $173 million funding raised in Q3 2024, the highest since Q2 2022, highlights institutional confidence in Solana’s future. This growing adoption is seen in new integrations, such as Chainflip for cross-chain swaps and Coinbase’s cbBTC, which brings wrapped Bitcoin to Solana. Upgrades like Marinade V2 further strengthen Solana’s position in the DeFi sector. Analysts at InvestingHaven predict that SOL could reach $750 by the end of 2025.
Institutional demand is rising, with firms like VanEck and 21Shares proposing Solana spot ETFs. VanEck forecasts that SOL could soon surpass $500, paving the way for even higher targets. On-chain data shows that SOL’s ownership is shifting to long-term investors, signaling growing confidence. If Solana breaks key resistance levels at $250 and maintains its upward trend, analysts suggest that $750 and even $1,000 could be achievable by 2025.
Analysts Predict Avalanche to Trade Above $50
After staying below the $40 mark for most of 2024, Avalanche (AVAX) saw a surge in November, breaking through its yearly resistance to reach a peak of $55.70. However, the price has fallen, dipping below its monthly resistance of $44. Currently, Avalanche is trading between $35.00 and $41.38.
Avalanche is back testing lower levels and could surge towards its all-time high. The upcoming AVAX 9000 launch is a key event that could trigger this rally.
According to WalesBanks, Avalanche targets the $80 to $88 range, fueled by growing anticipation for the AVAX 9000 launch. Notable crypto analyst Grronk also predicts that Avalanche could reach $100 in the bullish DeFi market. Additionally, analysts believe AVAX could hit $75 by February 2025, citing strong bullish trends despite recent market corrections.
Remittix’s Presale Raises Over $1 Million
The RTX token is currently priced at $0.0172, offering early investors a unique opportunity to see a 50x increase in value in the coming months. The presale has already raised over $1.2 million, and over 70 million RTX tokens have been sold in just a few days. With strong investor interest and a limited supply of presale tokens, this is the perfect time for traders to get involved before this chance passes.
Join the Remittix (RTX) presale and community:
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The National Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) has urged President Bola Tinubu’s administration to prioritise tax reforms, including reducing corporate tax rates to 19% and maintaining Value Added Tax (VAT) at 7.5%.
This was disclosed in a statement signed by Dele Kelvin Oye, the association’s national president. NACCIMA argued that these adjustments would stimulate economic growth and lead to increased tax revenues for the government.
“We believe corporate taxes should be further reduced to 19% and VAT pegged at 7.5%. We believe this will grow the economy and result in higher tax revenues for the government. As a caveat to protect government revenues, each taxpayer must not pay less than the preceding tax year,” the statement read.
The current tax reform bills before the National Assembly propose a gradual increase in VAT rates, starting from 10% in 2025 to 12.5% (2026–2029) and reaching 15% by 2030. NACCIMA has expressed concerns over these plans, suggesting that maintaining the current VAT rate would better serve economic and fiscal stability.
Oye also criticised the public disputes between federal and state governments over revenue sharing, noting that these disagreements often ignore the fundamental interests of taxpayers.
“The current media engagement between federal and state governments in newspaper and press releases only further confirms the disconnect described above,” Oye said. “The beneficiary parties receiving taxpayer funds engage each other on how to secure a larger portion of taxpayer funds without consideration for the public or taxpayer interest.”
Highlighting the contributions of sectors like telecommunications to government revenues, Oye called for targeted reforms to unlock their growth and revenue potential.
“Significant taxpayers like the telecommunications sector, who require reforms that will result in increased tax revenues, should not be ignored,” he said.
NACCIMA also called for meaningful private sector inclusion in tax reform discussions, encompassing aviation, telecommunications, manufacturing, and operators in Free Trade Zones. The association criticized the current approach of relying on committees that merely “lecture taxpayers” without yielding actionable results.
“There must be real dialogue with genuine concessions to be made by all parties. The private sector—aviation, telecommunications, manufacturers, Free Trade Zones, and other stakeholders—must be engaged in written communication. Committees that come to lecture taxpayers are not giving positive outcomes,” the statement added.
NACCIMA suggested forwarding the outcomes of such engagements to the National Assembly through the office of the Attorney General, as directed by the President, for better coordination.
[Businessday]
Governor Makinde disclosed that bandits had already set their camps Fashola area of the state. He, however, assured that his administration would ensure all criminal elements are made to face the law.
He stated this while speaking at 2025 Annual Inter-faith Service for State Workers. The Inter-faith Service was attended by Labour leaders, workers, political appointees, community leaders, members of the judiciary and traditional rulers.
“The year 2024 has been a challenging year, even in terms of safety and security. We had a few fire incidents, armed robberies, and kidnappings, but what I would say is that we will redouble our efforts in 2025. Some of these issues, we will tackle squarely.
“Even just this morning, during the security briefing, we received updates about a special operation currently underway. Quite a number of the wrongdoers from the major northwestern zone are relocating here. But we will locate them, and we will deal with them.
“Because of the stampede last year, I chose to go to Fashola, just to lay low for my birthday, and I can tell you that within less than perhaps one and a half kilometres from where I was sleeping, there were bandits with camps established there,” he said.
The Oyo State Governor commended security agencies for their efforts in fighting crimes and criminality in the state.
While commending traditional rulers and community leaders for their support to his government, Makinde charged them to report every suspicious movement to security agencies and the government.
“So I would like to take this opportunity to thank our service commanders. You have been doing your part, and you have done very well for us in Oyo State. Nothing meaningful can occur in an atmosphere of insecurity. All the laudable things that we wish to achieve will not be possible if we don’t have a safe and secure environment.
“I want to encourage all of us; we come from different locations, we are from various zones, and our traditional rulers, you are the custodians of the environment within your domain. This is no joke; it’s a serious issue, and for us in Oyo State, they will never gain a foothold here. I will not rest until every inch of Oyo State is free of bandits and wrongdoers.
“But you must also do your part. If you see any suspicious movement, please report it to the authorities, and we will take action. It is in our collective interest,” the Governor added.
Recall that Naija News reported that Makinde at the event, also vowed to prosecute people involved in the Ibadan stampede. He said no amount of appeal would make him bow down from following the rule of law.
[NaijaNews]
Airtel Nigeria has added its voice to the industry-wide call for an upward review of tariffs in the telecom sector, saying the costs of operation have gone up by over 300%.
The Chief Executive Officer of the company, Mr. Dinesh Balsingh, who stated this in an op-ed, said the adjustments are critical for maintaining high-quality services and enabling further advancements in Nigeria’s digital transformation journey.
“For over a decade, tariffs have remained static despite the dramatic increase in operating expenses, which have surged by over 300% in the last 18 to 24 months alone.
“To continue providing high-quality services and meeting the growing demand for digital connectivity, it has become essential to realign our pricing structure with economic realities,” Balsingh said.
The need for more investments
The Airtel CEO also underscored the significant investments required to maintain and expand telecom infrastructure, which is pivotal to supporting Nigeria’s digital economy.
“The increasing demand for digital services across sectors such as education, banking, and healthcare requires us to continually upgrade our networks to deliver more capacity and improve service quality.
“These investments come at a cost, one that must be shared proportionally to guarantee long-term viability,” he said.
- The proposed tariff adjustments, Balsingh argued, will not only ensure the sustainability of the telecom sector but also improve service delivery.
- He added that by enabling the telecom operators to expand coverage, strengthen network security, and introduce cutting-edge technologies, the adjustments would directly enhance the quality of connectivity for Nigerians.
- According to him, the telcos’ priority is to ensure that no one is left behind in the country’s digital transformation journey.
What you should know
Last week, the Chief Executive Officer of MTN Nigeria, Mr. Karl Toriola, said telecom operators in the country had requested an approximately 100% increase to ensure the industry’s sustainability rather than boost short-term profitability.
- Sharing the same sentiment as Airtel’s CEO, Toriola said the telecom industry is now facing a sustainability threat that must be addressed through a tariff review.
- He, however, noted that the telecom regulator, the Nigerian Communications Commission (NCC), may not approve the 100% increase requested.
“We’ve put forward a request of approximately 100% tariff increases to the regulators. I doubt they’re going to approve that quantum of increases because they’re very sensitive to the current economic situation in the country,” he said.
The two telecom industry associations in Nigeria, the Association of Licensed Telecom Operators of Nigeria (ALTON) and The Association of Telecommunication Companies of Nigeria (ATCON) have also been at the forefront of advocacy for tariff review in the industry for over two years, citing increase in costs of operations.
[Nairametrics]
Sam Altman, the chief executive officer (CEO) of OpenAI, says the company is incurring losses on its ChatGPT Pro product.
The product, introduced in late 2024 at a subscription rate of $200 per month, offers users access to the upgraded o1 Pro model and removes usage limits across other OpenAI tools.
However, in a recent post on X, Altman said the plan has been less profitable than anticipated.
“Insane thing: we are currently losing money on openai pro subscriptions! people use it much more than we expected,” he wrote.
Responding to comments, Alman said the pricing was designed to generate profits.
“I personally chose the price and thought we would make some money,” the CEO added.
Despite its valuation of over $80 billion, OpenAI reported a $5 billion loss in 2024 — with revenues reaching $3.7 billion.
On October 2, 2024, the company said it raised $6.6 billion in funding, attracting significant investment from firms like Thrive Capital, Khosla Ventures, Nvidia, and its largest corporate backer, Microsoft.
Since its inception in 2015, OpenAI’s journey has been marked by growth intertwined with controversy.
In November 2023, Altman was abruptly removed as CEO by OpenAI’s board for not being “candid in his communications”.
He was reinstated shortly after the board reached an agreement.
Also, Elon Musk, a co-founder of OpenAI who later parted ways with the organisation, has openly criticised its transition to a “for-profit model”.
In December 2024, Musk, who leads his own AI startup, xAI, filed a court injunction against OpenAI.
He claimed the company’s shift betrayed its nonprofit roots, straying from its original mission and creating unfair competition for rivals like xAI.
[TheCable]