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The National President of the Petroleum and Natural Gas Senior Staff Association of Nigeria, Festus Osifo, has projected that the cost of Premium Motor Spirit (petrol) may rise soon if crude oil continues to increase in price.
Osifo said this at the PENGASSAN’s National Executive Council Meeting on Thursday in Lagos.
He called for better exchange rate management, warning of potential price hikes as crude prices rebound.
“The crude price rose to $80 per barrel today. Without exchange rate improvements, PMS prices will increase in the coming weeks,” Osifo stated.
He also pointed out that the exchange rate collapse was behind high fuel prices nationwide, despite the commencement of the operations of domestic refineries, though not at full capacities.
He dismissed misconceptions about refining processes, emphasising that achieving a quality Premium Motor Spirit requires multiple refining stages.
Osifo, said, “The old Port Harcourt refinery is functional, and there is significant progress at the Kaduna and Port Harcourt refineries. Refineries globally engage in blending operations; it is a normal part of the process.”
On the high cost of PMS in Nigeria, the PENGASSAN official said it was due to the fluctuations in the exchange rate, stressing its impact on Nigeria’s economy.
“The price of PMS is directly linked to our weak naira. If the exchange rate improves to below N1,000 to a dollar, PMS could sell for N500–N600 per litre,” he noted.
Comparing Nigeria to countries like Venezuela and Zimbabwe, he highlighted the critical role of currency management.
“The oil and gas business is conducted in USD (United States dollar), from equipment to expatriate salaries. Weak currency translates to higher costs, including PMS,” he added.
He also debunked claims that local refining would drastically lower prices, explaining that cost margins are essential.
“Producing locally does not mean selling below cost. Even farmers calculate their production costs before adding margins,” Osifo emphasised.
In another development, Osifo criticised Nigeria’s 2025 budget of ₦49tn (approximately $30bn), labelling it insufficient to address the country’s challenges and inadequate for a nation of over 230 million people.
“The budget of $30bn is abysmally low for a country like Nigeria, especially when you compare it with nations like South Africa, which has a population of about 60 million but operates on a budget of over $120bn,” he stated.
Osifo emphasised the need for Nigeria to harness its abundant natural and mineral resources to expand its revenue base and reduce dependence on loans.
The Central Bank of Nigeria has unveiled two digital innovations—the Document Flow System and the Ministries, Departments, and Agencies Naira Payment Solution—at an event held on Wednesday, January 15, 2025, at its headquarters in Abuja.
A press statement released on Thursday described the projects as part of the “Digital First” transformation initiative launched by the Governor, Olayemi Cardoso, in December 2023.
The statement read: “The Governor of the Central Bank of Nigeria, Mr Olayemi Cardoso, has launched two transformative initiatives, the Document Flow System and the Ministries, Departments, and Agencies Naira Payment Solution.”
Cardoso, in his remarks, stressed the significance of the DocFlow system in overhauling document management processes within the Bank.
He explained that the system aims to digitise operations, reduce paper use, and streamline approval workflows to enhance efficiency.
He also described the MDAs Naira Payment Solution as a vital tool for automating cash withdrawal processes for MDAs, noting its potential to improve service delivery and client support.
Cardoso praised the in-house development of both systems, citing the associated cost savings and their contribution to sustainability through technological progress.
The Deputy Governor of Operations, Emem Usoro, said the launch highlighted the Bank’s commitment to innovation and operational excellence.
She highlighted the MDAs Naira Payment Solution’s benefits, including improved service delivery, reduced errors, and stronger measures against fraud.
The Acting Director of the CBN’s Information Technology Department, Mrs Jide-Samuel, stated that the MDAs Naira Payment Solution had been successfully tested with several MDAs and aligns with the Bank’s goal of “Excellence in Central Banking Operations.”
The statement added, “The MDAs Naira Payment Solution is considered a game-changer in the CBN’s financial transaction management. It is projected to improve payment turnaround time by 70 per cent and further enhance Nigeria’s financial ecosystem.”
![[PRESS RELEASE] Lagos Govt Reiterates Commitment To Women's Empowerment, Financial Inclusion](/media/k2/items/cache/77cfda104d86bdfa184d296d790f566d_M.jpg)
•Office of SDGs, HCD Africa, others educate Epe women on financial literacy
The Lagos State Government on Wednesday restated its commitment to women's empowerment and financial inclusion in hard-to-reach communities for them to be independent and self-reliant.
The Special Adviser to Governor Babajide Sanwo-Olu on Sustainable Development Goals, SDG, Dr. Oreoluwa Finnih, spoke on Lagos State Government's commitment during an advocacy programme for over 100 women at Odomola in the Eredo Local Council Development Area (LCDA) of the Epe area of Lagos State.
Speaking at the event held at the Aimasiko Compound, Alasko Hospital Bus Stop in Odomola, Finnih advised women to ensure they are engaged in one business or the other, no matter how small, to be financially empowered, with a call on them to imbibe saving culture.
Dr. Finnih, represented by her Technical Assistant, Dr. Oluwunmi Akinlade, said the advocacy programme in partnership with Human Capital Development (HCD) Africa was to increase advocacy for women's financial inclusion in hard-to-reach communities as well as increase awareness of data's role in delivering better HCD outcomes.
She said it was important to educate women on financial literacy to empower them.
"Our advice to women is to make sure that they save. We want every woman to be able to fend for herself. We want women to be financially independent. We don't want them to depend solely on any man. We don't want to depend on other people, especially if we have children. We want to take care of our children and make sure that we have enough money to do whatever we want," she said.
Also speaking, representatives of the Lagos State Residents Registration Agency (LASSRA), Mr. Kayode Yusuf, and the National Identification Management Commission (NIMC), Mr. Saheed Adebayo, while educating the women in Epe on the importance of data for development, urged the women to ensure they are captured for the exercise.
Yusuf said LASSRA registration is very important for Lagos residents because it helps the State Government to plan on how to meet the community needs in terms of planning and provision of amenities, while Adebayo said NIN is important for every citizen of Nigeria.
Speaking during the event, some of the beneficiaries, especially those who were captured for NIN and LASSRA as well as those who opened bank accounts with some financial institutions on the ground, commended the Lagos State Government, HCD Africa, and other partners for coming to their communities for the advocacy programme which they noted has changed their orientation on financial inclusion and the importance of data.
Mrs. Oyinade Ilesanmi, Halimot Abiodun, and Alaba Oshin, among others who spoke to journalists during the event, said they learnt a lot of things on how to manage, invest, and spend their money.
They also commended the organisers for providing an avenue for them to open accounts with some financial institutions and doing NIN and LASSRA registrations.
Commending the Lagos State Office of the Sustainable Development Goals (SDGs), the Human Capital Development (HCD) Africa and other partners, the CDC Chairman of Eredo LCDA, Mr. Yakubu Akingbade, said the programme will have a positive effect on the women.
He said: "We appreciate the Lagos State Government, particularly the Office of SDGs and other partners for the advocacy programme. It is an empowering programme and I believe they will make good use of everything they learnt to improve their businesses. I want to urge the government to give them soft loans to empower them more in their businesses."
The advocacy programme tagged “Promoting Human Capital Development through Advocacy for women’s financial inclusion in hard-to-reach communities” is organised by the Office of SDGs in collaboration with HCD Africa, Pay Business (Opay), Cowrywise, Lagos State Resident Registration Agency (LASRRA), and National Identity Management Commission (NIMC).
The programme is aimed at equipping women in underserved areas across 12 Local Government Areas and Local Council Development Areas (LCDAs) in Lagos State with essential financial literacy, entrepreneurship training, and access to vital financial services.
Zamfara State Governor, Dauda Lawal, on Wednesday said the recent military airstrike in the North-Western state was not intentional.
Lawal stated this during an interview on Channels Television’s Politics Today, where he commiserated with the families of the incident.
“It was not intentional. It was in the process of fighting these bandits (that) they were struck,” he said.
“The Chief of Air Staff has set up a committee to commiserate with the state government as well as the people that were affected. They also went there yesterday to do on the spot assessment to see who was involved and what happened to guide against future occurrence.”
He said he was aware of the military operation before the tragedy occurred, saying that he personally invited the Air Force to neutralise some bandits who were attacking the area.
During the programme, he expressed hope that the military has all the capacity to tackle bandits activities within one month.
The governor said the days of notorious bandits leader, Bello Turji, are numbered, saying he would soon be eliminated just as other top bandits have been neutralised.
On January 11, over 16 residents were killed after a military air strike tore through the Tungar Kara community in the Maradun Local Government Area of Zamfara State.
Worried by the situation, the Nigerian Air Force deployed a fact-finding team deployed to investigate the recent military air strikes tragedy in the state.
The team met with Governor Lawal on Tuesday at the Government House in Gusau.
Security operatives have been battling bandits have been terrorising north-west and central states. The bandits raid villages, burn homes and kill and abduct residents for ransom.
Several accidental air strikes have occurred in recent months including a Christmas Day attack that killed at least 10 civilians in neighbouring Sokoto state.
In 2023, at least 85 civilians, mostly women and children, attending a Muslim religious gathering at a village in Kaduna state were killed after they were mistaken for bandits.
In January 2017, at least 112 people were killed when a jet struck a camp housing 40,000 people who had been displaced by jihadist violence in a town near the Cameroonian border.
The Nigerian National Petroleum Company Limited (NNPCL) has remitted ₦10 trillion to the federation account, making it the highest taxpayer in the country and remains the only company in Nigeria that publishes 100% of its account statements annually.
This is according to the Group Chief Executive Officer (GCEO), Malam Mele Kyari, who stated this on Wednesday during a presentation on NNPCL’s 2024 revenue performance and 2025 projections to the National Assembly’s joint committee on Finance.
The NNPCL boss also called for a forensic audit of the funds spent by NNPCL on fuel price stabilization and ensuring uninterrupted petrol supply between January and September 2024.
“Until October 1, 2024, NNPCL, as mandated by the Petroleum Industry Act (PIA), acted as the supplier of last resort for fuel supply,” he said.
“A forensic audit is needed to determine the financial obligations of NNPCL and any owed entities. Our transactional accounts are transparent and published annually, reinforcing our status as the top taxpayer and the highest contributor of royalties and dividends.”
Regarding the company’s 2025 revenue projections, Kyari indicated that a definitive figure would be provided after the upcoming board of directors meeting in two weeks. He assured the committee that the parameters for the 2025 budget were both realistic and achievable.
In a related development, the National Assembly raised the 2025 projected revenue for the Nigerian Ports Authority (NPA) to ₦1.75 trillion, underscoring the need for increased revenue generation across key government agencies.
The federal government has proposed a 30-60% increase in telecom tariffs to sustain the critical telecommunications sector while ensuring affordability for Nigerians.
The Minister of Communications and Digital Economy, Dr. Bosun Tijani, who disclosed this in an interview on Channels Television yesterday, stated that recommendations from independent consultants, including KPMG, had been received.
Rejecting demands by operators for a 100 per cent hike, Dr. Tijani explained that the government was considering a more moderate increase to strike a balance between affordability for consumers and the sustainability and continued growth of the sector.
He said: “The telecommunications sector contributes over 16 per cent to our GDP, employs thousands of Nigerians, and is essential to the nation’s digital economy. However, it is crucial to ensure that services remain accessible while maintaining the sector’s viability.”
Announcing key updates from the ministry, Dr. Tijani emphasized that the tariff review would prioritize consumer interests and sector sustainability.
He said the Nigerian Communications Commission, NCC, was overseeing the process, with recommendations based on data-driven analysis.
On rural connectivity investments, he said: “To address connectivity challenges in underserved areas, the government is deploying 90,000 kilometers of fiber-optic networks and building telecom towers in remote regions through Special Purpose Vehicles, SPVs.”
Dr. Tijani also addressed Nigeria’s leadership in global telecommunications infrastructure resilience, citing recent efforts to manage submarine cable disruptions.
He reiterated the government’s commitment to harmonizing taxes and declaring telecom infrastructure as critical national assets.
Assuring Nigerians of improved service delivery, the minister said operators would be held accountable for disruptions.
“We are implementing measures to ensure swift resolutions to service interruptions and better experiences for consumers.
“We are committed to ensuring meaningful connectivity for all Nigerians—25 Mbps in urban areas and 10 Mbps in rural areas—while fostering a sustainable environment for private and public investments,” he said.
![[PRESS RELEASE] We Don't Need Sanusi's Stamp Of Approval For Our Laudable Policies](/media/k2/items/cache/725e8e862ef7caf752227936b6fba754_S.jpg)
The Federal Government notes the recent remarks by His Highness, Emir Muhammadu Sanusi II, regarding the economic reforms introduced under President Bola Ahmed Tinubu's administration, at a public event in Lagos.We note the emir's acknowledgement of the noble initiatives which, he said, he could explain away but for his decision "not to help the government".
First, we acknowledge that Sanusi, and indeed any Nigerian, has the inalienable right to express opinion either in form of commendation or criticism on how the government is being ran. However, we find it amusing that a leader, more so one from an institution that ennobles forthrightness, fairness, and justice would publicly admit to shuffling off saying the truth because of personal interest hinged on imaginary antagonism.
It is pertinent to state that Nigeria is at a pivotal juncture where bold and decisive actions are necessary to tackle entrenched economic challenges. This administration has implemented transformative reforms not because they are easy, but because they are essential for securing Nigeria’s long-term stability and growth, as Emir Sanusi had consistently advocated.
The temporary pains currently experienced from these inevitable decisions, as Sanusi himself acknowledged, are "necessary consequence of decades of irresponsible economic management" more than anything else.
These reforms are already delivering measurable progress. The unification of exchange rates has bolstered investor confidence, which has contributed to increased foreign reserves and strengthened Nigeria’s ability to shield itself from external economic shocks. The removal of the fuel subsidy has freed up significant resources, allowing for greater investment in critical sectors such as infrastructure, education, and healthcare. Projections from respected institutions, including the World Bank, show an upward trajectory in Nigeria’s GDP, signaling that our economy is firmly on the path to recovery. Additionally, by addressing inefficiencies, the country has reduced its debt service-to-revenue ratio, creating a more sustainable fiscal framework for future generations.
It is deeply disappointing that reforms widely recognized as essential by global experts—including by Emir Sanusi II himself—are now being subtly condemned by him because of shift in loyalty. His Highness, given his background in economics, has a unique responsibility to contribute constructively rather than undermine reforms aimed at collective progress because he feel estranged from his "friends" in government.
We urge the Emir to rise above personal interests and partisan undertones and prioritize the greater good of Nigerians.
Rebuilding Nigeria requires unity, focus, and sacrifice from all stakeholders. As a government, we urge esteemed leaders to refrain from rhetorics that undermine public trust. Instead they owe it a duty to champion the collective goal of a prosperous Nigeria. This is a critical time for our country, what is needed is collaboration, not unnecessary distractions.
President Bola Ahmed Tinubu’s administration remains resolute in its mission to lead Nigeria towards economic inclusivity, sustainability, and shared prosperity. The challenges we face demand courage and collective effort, not divisive narratives. This administration is open to constructive dialogue with all well-meaning stakeholders, while remaining steadfast in putting the interests of Nigerians above all else.
Let history record this moment as a turning point—when leaders and citizens alike choose to prioritize the nation’s destiny over personal gain. Together, we will deliver on the promise of renewed hope and a better Nigeria for all.
Mohammed Idris, fnipr
Honourable Minister
The Emir of Kano, Muhammadu Sanusi II, on Wednesday, criticised the handling of the economy by President Bola Tinubu’s administration, asserting that things are not being done correctly.
He also posited that the government lacked persons of pedigree to articulate its policies for Nigerians to understand.
Sanusi, however, said unlike in the past when he offered economic advice to the Federal Government, he would not do the same for the Tinubu’s administration because the government had not acted like a friend to him.
The former Governor of the Central Bank of Nigeria spoke in Lagos at the 21st Memorial Lecture of Chief Gani Fawehinmi organised by the Nigerian Bar Association, Ikeja branch.
He chaired the lecture with the theme “Bretton Woods and the African Economies: Can Nigerians Survive Another Structural Adjustment Programme?”
The Tinubu-led Federal Government has faced intensed criticisms over its decision to remove fuel subsidy and float the naira, leading to mounting inflation and widespread economic hardship in the country.
Positing that the Federal Government had not handled the economy well, Sanusi remarked, “Is everything being done correctly? No. When I’m ready to discuss the economy, I will.”
Elaborating on his decision on his position not to offer economic advice to the government, Sanusi said, “I can provide insights into the challenges we face, how they were predictable, and even avoidable. But I won’t. I’ve chosen not to comment on the economy, reforms, or anything that could benefit this government. They are my friends, but if they don’t act like friends, I won’t act like one either.”
Sanusi was in 2020 deposed as the Emir of Kano by ex-governor Abdullahi Ganduje, who is now the National Chairman of the ruling All Progressives Congress.
Ganduje banished Sanusi and replaced him with Aminu Ado Bayero.
However, the incumbent Kano Governor, Abba Yusuf, sacked Bayero last year and reinstated Sanusi.
The development sparked a crisis in the ancient city, snowballing in court cases as Bayero refused to step down. He moved to a smaller palace where he enjoyed security protection, indicating he had federal support.
On Wednesday, Sanusi critised the government’s image makers, saying they lacked pedigree.
“They don’t even have people with the pedigree to articulate their policies to the public. Let them explain to Nigerians why they are implementing these measures. I started out helping, but I’ve stopped,” he said.
He attributed the current economic struggles partly to years of poor governance. “What we’re experiencing today is, at least in part, the result of decades of irresponsible management. People warned about the consequences of our actions, but those in power ignored them,” he noted.
Sanusi hinted that he might address the economy in the future but emphasised that now was not the time.
Efforts to get the reaction of the Presidency were unsuccessful as the presidential spokesmen, Bayo Onanuga, Sunday Dare and Daniel Bwala, could not be reached. Calls placed to their mobile lines were not picked up and they had yet to respond to text messages as of the time of filing this report.
In addition to his comments on governance, Sanusi urged Nigerian lawyers to emulate the integrity and virtues of the late Gani Fawehinmi, a renowned human rights activist and legal icon.
He lamented the decline of ethical standards in the legal profession, describing Fawehinmi as a symbol of good character and moral excellence.
Also speaking at the event, the Minister of Aviation and Aerospace Development, Festus Keyamo, (SAN), lauded the enduring legacy of the late Fawehinmi, describing him as a symbol of courage and justice.
Keyamo, who was represented by a Director in the Federal Airport Authority of Nigeria, Mr. Henry Agbebire, in his goodwill message, praised the organisers for ensuring Fawehinmi’s ideals remain a cornerstone of national discourse.
“The late Chief Gani Fawehinmi left an indelible mark on human rights advocacy, public service, and the legal profession. His legacy inspires us all with its courage, resilience, and unwavering commitment to justice for the common man,” he said.
Reflecting on his own legal journey, Keyamo acknowledged Fawehinmi’s mentorship as pivotal in shaping his activism and career.
“As someone whose human rights activism began under the mentorship of Gani Fawehinmi, I take pride in the continued relevance of issues he championed, including citizens’ rights, accountable governance, and equitable public policy. These principles guide my work today,” he remarked.
Keyamo also commended the lecture’s focus on Nigeria’s economic challenges, expressing confidence that the discussions would generate ideas to promote sustainable development and social justice.
“I trust the deliberations will offer solutions that can guide our nation towards economic progress and fairness,” he added.
While expressing regret for his absence, the minister assured attendees of his commitment to initiatives that uphold the values of justice, human rights, and socio-economic advancement.
Other prominent guests at the event were the NBA President, Afam Osigwe (SAN); Lagos State Attorney General and Commissioner of Justice, Mr Lawal Pedro (SAN), and human rights lawyer, Mr Femi Falana (SAN), amongst others.
President Bola Ahmed Tinubu has called on Nigerians to embrace peace and unity, urging them to eschew violence and divisive tendencies in the quest for a prosperous and harmonious nation.
His appeal came as the country commemorated the annual Armed Forces Remembrance Day, a solemn occasion to honor those who have sacrificed their lives in defense of Nigeria’s sovereignty.
In a message he posted on his verified X handle, @officialABAT, the President emphasized the critical need for national and global peace, reminding Nigerians of the ultimate sacrifices made by the country’s ex-servicemen and women.
He noted that the observance is not only an opportunity to express gratitude, but also to reflect on the ongoing efforts of military personnel who continue to safeguard Nigeria’s territorial integrity.
Highlighting the significance of unity, President Tinubu urged all citizens to become ambassadors of peace, stressing that collective efforts could pave the way for a future filled with hope and optimism.
He reaffirmed his commitment to fostering a nation where peace and unity serve as the foundation for development.
Tinubu extended heartfelt gratitude to the nation’s armed forces and called for renewed dedication to the ideals for which they stood.
He reaffirmed his administration’s commitment to honoring the sacrifices of the nation’s heroes.
“The Armed Forces Remembrance Day allows us to express our gratitude and pay tribute to our ex-servicemen and women who selflessly sacrificed their lives to defend the territorial integrity of Nigeria and other nations.
“Our nation is in dire need of peace, and so is the World. As we mark this solemn event today, remember that people laid down their lives, and many still do so to guarantee our peaceful co-existence.
“Therefore, let us eschew violence and divisive tendencies for a peaceful and prosperous nation. Let us all become ambassadors of peace. We can build a future of hope and optimism together, where peace and unity reign supreme.
“Thank you, and long live the Federal Republic of Nigeria”, he said.
Latest data by the National Bureau of Statistics (NBS) has shown that headline inflation rose to 34.80% in December 2024 relative to the November 2024 headline inflation rate of 34.60%.
The food inflation rate in December 2024 was 39.84% on a year-on-year basis, a 5.91% points higher compared to the rate recorded in December 2023 (33.93%).
The NBS said the rise in food inflation on a year-on-year basis was caused by increases in prices of some food items, including yam, sweet potatoes and beer.
The December 2024 inflation figure indicated a marginal increase of 0.20% compared to the November 2024 inflation rate. “This was due to December festive period increases in demand for goods and services,” the bureau said in a statement on its X handle on Wednesday.
On a year-on-year basis, the headline inflation rate was 5.87% higher than the rate recorded in December 2023 (28.92%). This shows that the inflation rate (year-on-year basis) increased in December 2024 compared to the same month in the preceding year (i.e., December 2023).
On the contrary, the month-on-month basis, the headline inflation rate in December 2024 was 2.44%, which was 0.20% lower than the rate recorded in November 2024 (2.64%).
This means that in December 2024, the rate of increase in the average price level is slightly lower than the rate of increase in the average price level in November 2024.
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The Nigerian Senate has written an emotional tribute in remembrance of soldiers killed in the line of duty, and those in active service as the world marks the Armed Forces Remembrance Day on the 15th of January.
A statement signed by the Chairman Senate Committee on Army, Senator Abdulaziz Yar’adua on Wednesday, described their sacrifices for the defence of the country as selfless.
He wrote “On behalf of the Senate Committee on Nigerian Army, I wish to pay tribute to our fallen heroes who have made the ultimate sacrifice in defence of our great nation.
“I wish to also commend our serving officers and soldiers who are currently maintaining the peace and ensuring that our nation is secured and safe from internal and external aggression. January 15th is a day set aside to remember and celebrate the bravery, patriotism, and selflessness of our military personnel who have lost their lives in the line of duty.
“As Chairman of the Senate Committee on Army, I am deeply humbled by the sacrifices of our Armed Forces. Their bravery and unwavering commitment to our nation’s unity and security have not gone unnoticed. They have consistently put their lives on the line while upholding the territorial integrity of our nation, and ensuring that our citizens can live in peace and safety.
“The sacrifices of the dead officers and soldiers in the last year will not be forgotten.
“We remember their families, who have been left behind to bear the pain of their loss. We hope that the nation will continue to care for them, providing support and comfort in their time of need.
“As we celebrate our fallen heroes today, we are reminded of the importance of unity, patriotism, and selflessness. We must continue to work together to build a nation where our military personnel can operate in an environment that is conducive to their safety and well-being.
“Once again, I salute our fallen heroes and their families. May their sacrifices not be in vain. May we continue to work towards a nation where peace, unity, and prosperity reign supreme.”
The Nigerian Communications Commission has authorised telecommunications companies to disconnect the Unstructured Supplementary Service Data codes assigned to nine financial institutions due to unpaid debts.
This directive was made in a Tuesday public notice signed by NCC’s Director of Public Affairs, Reuben Muoka.
The telecom regulator said affected banks must settle their outstanding obligations by January 27, 2025, or risk losing access to their USSD codes.
These codes, essential for enabling mobile banking services, could be reassigned to other applicants if the debts remain unresolved.
The commission revealed that, as of Tuesday’s close of business, nine out of 18 financial institutions had not complied with regulatory directives.
While other banks have cleared their debts, the total amount initially owed by the financial institutions was reported to exceed N200 billion.
However, the regulator did not disclose the precise debt currently owed by the affected banks.
According to the NCC, some of the unpaid invoices have remained unpaid since 2020, indicating a prolonged financial dispute between the banks and telecom operators.
Part of the notice read, “By the information made available to the commission as at close of business on Tuesday, 14th January 2025, of a total of 18 financial institutions, the nine institutions listed below have failed to comply significantly with the directives in the Second Joint Circular of the Central Bank of Nigeria and the commission dated December 20, 2024, for the settlement of outstanding invoices due to MNOS, some since 2020.”
The regulator noted that banks’ failure to comply with the CBN-NCC joint circular also means that they are unable to meet the good standing requirements for the renewal of the USSD codes assigned to them by the commission.
It added, “In fulfilment of its consumer protection mandate, the commission wishes to inform consumers that they may be unable to access the USSD platform of the affected financial institutions from January 27, 2025.”
The affected financial institutions include Fidelity Bank Plc, First City Monument Bank, Jaiz Bank Plc, Polaris Bank Limited, Sterling Bank Limited, United Bank for Africa Plc, Unity Bank Plc, Wema Bank Plc, and Zenith Bank Plc.
The affected USSD codes include 770, 919, and 822, among others.
The NCC emphasised that the financial institutions had been duly notified of the need for immediate compliance and warned that consumers may face service disruptions if the issues remain unresolved.
This development highlights ongoing tensions between telecommunications companies and financial institutions over unpaid USSD-related debts, a challenge that has persisted for years.
Meanwhile, data from the CBN revealed that 252.06 million transactions worth N2.19 trillion were conducted via USSD between January and June 2024.
This represents a significant growth compared to 2023 when 630.6 million transactions valued at N4.84tn were completed using USSD codes.
Originally designed by telecom operators for services like airtime purchases and subscriptions, USSD has become a key tool in the banking sector, offering financial services to users without requiring an Internet connection.
The Speaker of the House of Representatives, Abbas Tajudeen has said the priority of the House is to ensure the passage of the Appropriation Bill and the Tax Reform Bills.
The Deputy Speaker, Ben Kalu, while delivering a speech on the resumption of the House from the Christmas and new year recess on behalf of Abbas said both bills are pivotal to economic recovery and fiscal stability.
He said: “The legislative agenda of the House for 2025 prioritises the passage of the Appropriation Bill and the Tax Reform Bills, both of which are pivotal to economic recovery and fiscal stability.
“These reforms are essential for broadening the tax base, improving compliance and reducing dependency on external borrowing.
“The House will ensure that these reforms are equitable and considerate of the needs of all Nigerians, particularly the most vulnerable.”
Abbas said as the lawmakers engage with the budget and other legislative priorities, they must remain meticulous in their scrutiny, ensuring that every proposal aligns with national objectives and delivers tangible benefits to the citizenry.
He was of the opinion that the planned Citizens’ Town Hall on the budget would further reinforce transparency and inclusivity in our decision-making processes.
The national electricity grid will remain prone to collapse due to the government’s inability to repair a crucial transmission line in northern Nigeria owing to persistent insecurity.
This is according to the Minister of Power, Adebayo Adelabu, who spoke during the 2025 budget defense session with the Senate Joint Committee on Power.
Adelabu highlighted the impact of the damaged Shiroro-Kaduna-Mando line, which has been out of service since a vandalism incident in October 2024. This failure has placed immense pressure on the grid, leading to frequent collapses.
“The Kaduna-Shiroro-Mando line was one of the two major lines transmitting power to the north. The second, the Ugwuaji-Makurdi line, was also vandalized but has been repaired. The Shiroro-Mando-Kaduna line, however, remains down due to insecurity,” he said on Monday.
“This is why our grid is so fragile, as it relies on a single line, causing unnecessary strain.”
The minister emphasized that while grid collapses are expected to continue, the government is focused on reducing their frequency and ensuring quick restoration times.
He underscored that the collaboration especially with the office of the National Security Adviser (NSA) Nuhu Ribadu is critical to addressing vandalism, which remains one of the most significant challenges facing the power sector.
The minister equally announced a N2 trillion budget for the ministry and its agencies, out of which N229 billion belongs to the ministry.
He revealed a N700 billion fund allocated to the Power Metering Initiative (PMI), aimed at significantly reducing the metering gap by next month, to particularly enhance billing transparency and reduce fraud in the system.
“We recognize the issues with full or partial grid collapses, but our focus is on reducing the time it takes to restore power. We are actively collaborating with security agencies to achieve this,” Adelabu said.
The minister also disclosed plans to invest N36 billion in the distribution of transformers across the six geopolitical zones.
As part of efforts to address insecurity, Adelabu has proposed the installation of solar lights and Closed Circuit Television (CCTV) cameras on highways across the country, aimed at monitoring the movements of vandals and other criminal elements, enhancing security and protecting critical infrastructure.
The proposal is included under a N200 billion sub-head in the 2025 budget.