News
FG, States to Share Electricity Subsidy Burden in 2026 Budget
President Bola Ahmed Tinubu has directed all government ministries, departments, and agencies (MDAs) to apply existing laws to ensure a more practical and transparent sharing of electricity subsidy costs among the federal, state, and local governments.
Beginning with preparations for the 2026 budget, the President aims to ensure that the heavy burden of electricity subsidies is no longer borne solely by the Federal Government.
This directive was disclosed on Monday in Abuja by Tanimu Yakubu, Director-General of the Budget Office of the Federation.
Speaking during a training session for government officials, Yakubu explained that if any tier of government chooses to reduce electricity tariffs for its residents, that level of government must clearly outline how the intervention will be funded.
The objective, he said, is to ensure that subsidy costs are properly tracked and financed so they do not become “hidden debts” that undermine the power sector.
Yakubu described the policy shift as a move toward fairness, stating:
“It also means that if any tier of government chooses affordability interventions, the funding responsibilities must be clear, agreed, and enforceable. This is not punishment; it is alignment.”
He further explained that when every level of government bears its fair share of the cost, there will be stronger incentives to improve efficiency in the power market. He noted that the Federal Government will no longer be regarded as the sole entity responsible for absorbing the cost of artificially low electricity tariffs.
“In 2026, we will stop pretending that this bill can be left to the Federal Government alone, especially where the policy choice or political benefit is shared across tiers of government,” Yakubu added.
BusinessDay reports that electricity subsidy payments will be financed through the Power Consumer Assistance Fund (PCAF).
The PCAF is a government-supported funding mechanism designed to reduce electricity costs for economically disadvantaged and vulnerable households, making power more affordable amid rising tariff rates. The fund aims to expand energy access and strengthen the electricity sector through targeted assistance programmes rather than broad-based subsidies.
More than 18 states have established operational electricity regulatory agencies, while others are in the process of doing so.
The states include Lagos, Ondo, Osun, Ekiti, Edo, Delta, Bayelsa, Akwa Ibom, Cross River, Abia, Anambra, Imo, Kogi, Niger, Nasarawa, Plateau, Gombe, and Jigawa.
Beyond electricity, the President also issued directives on public project planning. He cautioned that a long list of uncompleted projects represents a “map of disappointment.”
For the 2026 budget cycle, all projects must be implementation-ready, with completed designs and clear financing and execution plans.
“A long list of projects is not a development strategy. It is often a map of disappointment. What citizens feel is delivery — completed roads, reliable power, functional schools, and working hospitals,” Yakubu quoted the President as saying.
To prevent a deeper debt burden, the President has also ordered a review of the rules guiding public expenditure. Yakubu told officials that MDAs must now justify every kobo requested, clearly stating how the spending aligns with fiscal rules, sustainability goals, and measurable outcomes for Nigerians.
“You will not only be asked what you want to spend. You will be asked how it fits the fiscal rules, how it affects sustainability, and what measurable results it will deliver,” he said.
The new approach means that the 2026 budget will prioritise completing a smaller number of high-impact projects rather than initiating numerous projects that risk abandonment.
Under the new framework, every funding request must demonstrate realism, alignment with national priorities, and value for money.
News
Lagos Residents Protest Unreliable Power Supply, Demand Immediate Action
Residents of Lagos on Friday took to the streets to express their frustration over persistent electricity outages, condemning the state’s power supply as “epileptic” and unsustainable for daily life and business activities.
A video circulating on social media showed dozens of mainly young protesters marching through the Fadeyi area, holding placards and chanting for a consistent electricity supply.
The demonstrators criticised what they described as the collapse of the nation’s power sector, stressing that erratic electricity is undermining livelihoods and making life increasingly difficult across Lagos.
Placards displayed messages such as “No More Estimated Billing,” “No More Epileptic Power Supply,” “No Light, No Life, No Nation,” and “You’re Destroying Businesses; Give Us Regular Light.”
One protester declared, “We are not asking for too much. Give us light!”
Local business owners also highlighted the severe impact of inconsistent power supply on their operations, noting that reliance on fuel-powered generators has significantly increased operating costs.
A shop owner at the protest lamented: “We cannot continue like this. Every day we spend money on fuel because there is no electricity. Many small businesses are closing because they cannot cope.”
The demonstration underscores growing public dissatisfaction with electricity supply in Lagos, as residents call on authorities and power operators to ensure a stable and reliable power supply.
News
Tinubu Mourns Former Super Eagles Coach Festus Onigbinde
President Bola Ahmed Tinubu has expressed deep sorrow over the death of former Super Eagles head coach, Festus Adegboye Onigbinde, who passed away on Monday at the age of 88.
In a statement issued on Tuesday by his Special Adviser on Information and Strategy, Bayo Onanuga, the President extended his condolences to the late coach’s family, associates, and the entire Nigerian football community.
Tinubu also sympathised with the Nigeria Football Federation (NFF), the National Sports Commission, professional colleagues, and football fans across the country over the loss of the respected football administrator.
The President described Onigbinde as a trailblazer whose contributions significantly advanced the growth and development of football in Nigeria.
He noted that the late coach made history as the first indigenous coach of the Super Eagles in 1982, praising his leadership and dedication to the sport.
“Chief Onigbinde distinguished himself as the first indigenous coach of the Super Eagles in 1982,” the statement said.
Tinubu further highlighted Onigbinde’s role in guiding Nigeria to the final of the 1984 Africa Cup of Nations, describing the achievement as a landmark moment in the country’s football history.
The President also commended the late Modakeke High Chief for his commitment to grassroots football and his efforts to strengthen football administration in Nigeria.
He said Onigbinde would be remembered for his discipline, integrity, foresight, and passion for the game.
Tinubu prayed for the repose of the late football icon and asked God to grant comfort to his family and loved ones during this difficult time.
News
Again, Dangote Refinery Hikes Petrol To ₦1,175/Litre, Diesel To ₦1,620/Litre — Report
Dangote Petroleum Refinery has revised its ex-depot prices, increasing the gantry price of Premium Motor Spirit (PMS), also known as petrol, to ₦1,175 per litre, while Automotive Gas Oil (AGO), commonly known as diesel, has been raised to ₦1,620 per litre.
The latest revision marks the fourth consecutive price review in less than two weeks amid global market volatility, according to a report by Petroleumprice.ng.
Quoting industry sources, the report noted that the new pricing template has been communicated to marketers, following earlier adjustments this month.
Under the revised structure, the ₦1,175 per litre petrol price reflects a significant jump from the previous ₦995 per litre, while diesel has surged sharply from its prior ₦1,430 per litre level, underlining the continued upward trend in domestic fuel pricing.
The increases coincide with a sharp rise in international crude oil benchmarks as of 1:00 pm WAT: Brent crude at $102.8 (+10.91%) and WTI crude at $101.0 (+11.08%), driven by the Middle East energy crisis.
The development is likely to have a ripple effect across Nigeria’s downstream petroleum market, as depot operators and fuel marketers adjust supply costs in response to the revised prices announced by the country’s largest refining facility.
The refinery had yet to issue an official statement on the development as of the time of filing this report.
Oil prices surged by 30 per cent on Monday on fears over supply disruptions in the Middle East, as the US-Israeli war against Iran continued into a second week with no sign of easing.
Concerns that the conflict could drag on intensified after US President Donald Trump said only the “unconditional surrender” of Iran would end the war.
He added over the weekend that the spike in prices was a “small price to pay” to eliminate Iran’s nuclear threat, reiterating the White House’s insistence that the rise is temporary.
Since the beginning of the war, WTI has risen by more than 75 per cent, while Brent has increased by over 60 per cent.
Attacks on oilfields were reported in southern Iraq and in the northern autonomous Kurdistan region, forcing a US-run oilfield to cease production. Meanwhile, the United Arab Emirates and Kuwait have begun reducing output.
This comes as maritime traffic in the Strait of Hormuz — through which about one-fifth of global crude oil and gas supplies pass — has been halted since the war began on February 28.
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