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Articles by Harrison Edeh
Paying for darkness: Anambra residents decry losses under estimated billings
The Electricity Act 2023 unbundled Nigeria’s power sector and empowered states to invest in generation and set up holding companies. In Anambra, First Power Electricity Limited has failed to meet basic consumer needs. Many still face estimated billing; businesses and communities bear high costs, and consumer satisfaction remains low despite reform promises. In this report, the ICIR spotlighted customer concerns as the electricity market gradually evolves.
Tinubu sacks NMDPR boss Saidu Mohammed, nominates Rabiu Umar as replacement
PRESIDENT Bola Tinubu has sacked Saidu Mohammed as head of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) Consequently, he has nominated Rabiu Abdullahi Umar to replace him, but the appointment still requires Senate approval. This was disclosed in a statement signed by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, on Wednesday, April 29.
Dangote raises petrol price by N75, ex-depot price hits N1,275
DANGOTE Petrochemical Refinery has again raised the ex-depot price of petrol by N75 per litre, fueling fears of fresh fuel price hikes nationwide. Price data from Petroleumprice.ng and a Dangote refinery official confirmed the hike on Wednesday, April 29. The refinery increased its petrol loading price from N1,200 per litre to N1,275 per litre, as coastal supply prices climbed to N1,215 per litre.
Tinubu seeks Senate approval for $516m Sokoto–Badagry Superhighway loan despite oil windfall
PRESIDENT Bola Tinubu has asked the Senate to approve a fresh external borrowing of $516.3 million to support the Sokoto–Badagry Superhighway project. The fresh loan request was despite the oil windfall for the Nigerian government, with a budget benchmark of $64.85 per barrel, and Brent currently selling for $102.2 per barrel, according to data from oilprice.com.
Will Nigeria’s power supply get worse or better after Adelabu’s exit?
NIGERIA’S Minister of Power, Adebayo Adelabu, on Wednesday, April 22, announced his exit from President Bola Tinubu’s cabinet to pursue his governorship ambition in Oyo State. In a resignation letter he addressed to Tinubu, the former minister informed that his resignation would take effect from April 30 to allow for a smooth transition and proper handover of responsibilities.
Why Tinubu sacked Wale Edun, Dangiwa
PRESIDENT Bola Tinubu on Tuesday sacked the Minister of Finance and Coordinating Minister of the Economy, Wale Edun. Edun was sacked alongside the Minister of Housing and Urban Development, Umar Dangiwa. Sources said the finance minister’s sack was not unconnected with his deteriorating health. An informed source who pleaded anonymity told The ICIR that “Edun was released to go and attend to his deteriorating health condition.
NMDPRA assures of aviation fuel sufficiency, counters domestic airlines’ price claim
THE Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has countered the aviation airline price hike claim. It affirmed that there is sufficient aviation fuel supply in the country, amid concerns over rising prices. The regulatory authority’s position came on the heels of domestic airlines’ threat to suspend operations from April 20 over the rising cost of Jet A1, also known as aviation fuel.
Tinubu signs N68.32tn 2026 budget, approves extension of 2025 implementation
PRESIDENT Bola Tinubu has assented to the 2026 appropriation bill, which provides for an aggregate expenditure of ₦68.32 trillion. This was revealed in a statement by Bayo Onanuga, the President’s Special Adviser on Information & Strategy, on Friday, April 17. The president has also signed the bill extending the implementation period for the 2025 budget from March 31, 2026, to June 30, 2026.
NRS unveils Rev360 to improve tax accountability, ease of business
THE Nigeria Revenue Service (NRS) has announced plans to launch a new digital tax payment platform targeted at improving efficient tax administration and sustaining the ease of doing business. This was disclosed in an official statement by the revenue body via its official X account on Thursday, April 16.
US-Iran war: what Tinubu government can do to support Nigerians – Experts
DEBATES over the Nigerian government’s poor support for vulnerable Nigerians are getting heated, with the US-Iran conflict also creating more economic problems for many citizens. Transport and energy logistics have continued to eat into Nigeria’s household spending, as many workers pay more for goods and transport.
IMF advises Nigeria as debt rises to N159. 28 trillion under Tinubu
THE International Monetary Fund (IMF) has advised Nigeria on wholistic review of the country’s debt situation to avoid economic crisis. The Director of the African Department at the IMF, Abebe Aemro Selassie, disclosed on Thursday at the Press briefing-African Department session at the ongoing IMF spring meeting in Washington DC United States. “These kinds of issues, whether to borrow externally or domestically, have to be seen in totality for possible optimisation.
Nigeria’s inflation rises to 15.38% in March
NIGERIA’S headline inflation rate rose to 15.38 per cent in March 2026, reflecting a modest increase from the 15.06 per cent recorded in February. This is according to the latest data released from the National Bureau of Statistics (NBS) on Wednesday, April 15. The Consumer Price Index (CPI) increased to 135.4 in March 2026, reflecting a 5.4-point increase from the preceding month (130.0).
Despite ₦418.8bn subsidy, power supply remains poor in Q4
Despite epileptic power supply in the country, the Nigerian Electricity Regulatory Commission (NERC) has disclosed that the Federal Government paid N418.79 billion subsidy in the fourth quarter (Q4) of 2025. NERC disclosed in its latest quarterly electricity market report for the fourth quarter. Power sector governance experts are worried that such a payment, which addresses the market shortfall and liquidity problems in the sector, has been unable to solve concerns of poor power supply.
More knocks for World Bank over petrol imports advisory for Nigeria
THE World Bank’s petrol imports advisory to Nigeria is attracting more condemnations as Nigeria’s local refineries continue to meet demands and have excess for export. The World Bank, in its Nigeria Development Update released on April 7, recommended that Nigeria should prioritise petroleum imports. According to the World Bank, imported fuel is cheaper than the domestically refined version, with Dangote Refinery already registering its footprint in petroleum export worldwide.
How Nigerian economy is surviving economic shocks triggered by US-Iran conflict – FG
NIGERIA’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said that Nigeria’s economy is surviving the economic shocks triggered by the US-Israel-Iran conflict.
Airstrike: Jilli market shut 5 years ago over insurgents’ activities – Zulum
GOVERNOR Babagana Umar Zulum of Borno State has revealed that the state government shut down Jilli market five years ago for allegedly being a hub for insurgents and their logistics suppliers. This statement comes after an airstrike at the market claimed over 50 lives on Saturday, April 11. In a statement issued Sunday, April 12, by his Special Adviser on Media, Dauda Iliya, Zulum warned residents against aiding or harbouring Boko Haram insurgents.
Nigeria slashes tariffs on vehicles, palm oil, others in new fiscal policy review
IN a new fiscal policy move, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has approved the implementation of 2026 policy measures, including downward tariff adjustments on about 30 items. Part of the policy is a list of 127 tariff lines with reduced import duty rates, seeking to “promote and stimulate growth in critical sectors of the economy.” The minister conveyed the Fiscal Policy Measures (FPM) via a circular dated April 1, 2026.
‘It’s fake’: CBN dismisses Polaris bank liquidation claim
THE Central Bank of Nigeria (CBN) has debunked rumours suggesting that Polaris Bank is undergoing liquidation, while affirming that the bank is safe and secure for its customers, investors and depositors. The apex bank disclosed this in a post on X, assuring the public that the country’s banking system remained stable and secure.
Petrol prices set to fall as crude drops below $95 after US-Iran ceasefire
PETROL prices are expected to fall globally following Iran decision to reopen the Strait of Hormuz for two weeks as part of temporary ceasefire agreement with the United States. The ICIR reports that Nigeria’s crude – Bonny Light – fell below $95 a barrel on Wednesday from over $130 hours before the announcement. Petrol, currently selling at an average of N1,370 per litre in several parts of the country, is expected to experience a marginal drop should the ceasefire stand.
Obi, experts fault Tinubu’s ₦3.3tn power sector fund
FORMER Labour Party (LP) presidential candidate, Peter Obi, and key power-sector governance experts have faulted President Bola Ahmed Tinubu’s recent N3.3 trillion settlement plan for the country’s decade-old power sector debt. The controversy comes after presidential spokesperson, Bayo Onanuga, stated on Sunday that Tinubu had finally approved N3.3 trillion to settle legacy debt owed to power generation companies.
Don’t panic, CBN tells Union, Keystone, Polaris depositors over recapitalisation
ALTHOUGH the March 31st deadline for their recapitalisation was not met, the Central Bank of Nigeria (CBN) has advised depositors with Union, Keystone, and Polaris banks not to panic about their funds. The apex bank said the banks were still undergoing judicial and regulatory procedures, while assuring depositors about the safety of their funds.
Middle East tension: Australia, India, others offer economic relief while Tinubu borrows more
ON the heels of the US-Iran conflict, several countries across the World are offering economic relief to their citizens to cushion the impact of the higher global energy prices, while Nigeria is borrowing more money despite selling oil at a higher price of $100 per barrel. Already, there is a growing concern as the Nigerian government expected relief is not forthcoming.
Tech issues, poor awareness stall tax filing in FCT as Lagos extends deadline
TECHNOLOGY glitch and poor sensitisation are hindering tax filing efforts in the Federal Capital Territory (FCT) as many residents fail to meet the March 31 deadline set by the FCT Internal Revenue Service (IRS) The ICIR reports that many residents are struggling to file their tax returns, with some making last-minute attempts to beat the deadline and avoid penalties.
What FONER’s inauguration means for power sector regulations
On Wednesday, March 25, the Nigerian Electricity Regulatory Commission (NERC) inaugurated the Forum of Nigeria’s Electricity Regulators (FONER) to facilitate coordination and effectiveness in electricity regulation. The inauguration seeks to promote regulatory alignment between the states and the NERC in accordance with the unbundling of the electricity sector under the Nigerian Electricity Act, 2023, as amended, which has given states regulatory responsibilities in the electricity reforms.
Recapitalisation deadline: 17% credit to businesses sparks heated debate
NIGERIAN commercial banks and deposit money banks’ 17 per cent total lending to businesses, specifically to small and medium enterprises (SMEs), have sparked debates as the Central Bank of Nigeria (CBN) recapitalisation approaches the 31 March deadline. Available records from the CBN showed that 32 banks have already met the new minimum Capital requirements as of Friday, March 27, 2026.
Dangote Refinery reduces petrol price by N85/litre
DANGOTE Petroleum Refinery and Petrochemicals has reduced its gantry price for petrol to N1,200 per litre and its coastal price to N1,153 per litre. The company disclosed this in a statement by its spokesperson, Anthony Chijiena, on Thursday, March 26. The 650,000 per day refinery dropped its petrol by N85 to N1,200 per litre from N1,285 per litre.
Poor electricity: Why local gas companies choose EU over Nigerians
DRIVEN by higher market gains, Nigeria’s gas generation companies are currently prioritising European markets over domestic markets amid the United States-Iran conflict, which is disrupting global supply. Moreover, pricing disparity between domestic and exported gas pushes gas companies to target European markets.
FG benefits more from naira-for-crude deal than Dangote – Official
The Chief Executive Officer (CEO) of Dangote Petrochemical Refinery, David Bird, said on Wednesday that the Federal Government is the primary beneficiary of the Naira-for-crude swap deal, highlighting foreign exchange gains from the strengthening of the naira as the government’s main advantage.
Experts dismiss Adelabu’s pledge to fix electricity in two weeks
NIGERIANS may have to wait longer for solutions to epileptic power supply in the country, despite the two-week assurance from the Minister of Power, Adebayo Adelabu. Some power sector governance experts who spoke against the backdrop of the minister’s assurance said there were no quick remedies to Nigeria’s power sector problems.
Benin, Togo bypass Nigerian government to buy power directly from GENCOs
AT a time when Nigeria’s electricity supply is arguably at its worst in decades, West African neighbours namely Benin, Togo and Burkina Faso are currently jostling for more electricity load offtake from Nigeria, The ICIR can authoritatively report. Benin and Togo already have bilateral agreements with Nigeria on electricity supply.
Nigerians seek pricing relief as naira-for-crude fails to stop petrol price hike
NIGERIANS are seeking relief from high transport costs and rising prices from both the federal and state governments as global oil price shocks push up pump prices across the country. Despite a naira-for-crude swap between Dangote Refinery and some modular refineries with the Federal Government, Nigerians have to bear the brunt of volatile global oil shocks through intermittent price increases.
Nigerian inflation drops to 15% in February – NBS
NIGERIA’s headline consumer inflation slowed slightly in February, to 15.06 per cent year-on-year from 15.10 per cent in January, the National Bureau of Statistics (NBS) said on Monday. The latest data was the 11th consecutive monthly slowdown, though the declines were minimal in January and February. The Central Bank of Nigeria (CBN), which resumed monetary policy easing with a small interest rate cut last month, expects inflation to continue falling.
Relief as Dangote cuts fuel prices
Dangote Refinery has lowered petrol and diesel prices by N100 as costs are expected to decrease further with oil prices falling below $90 on Tuesday, March 10. The slash is not unconnected with President Donald Trump’s latest signals confirming the de-escalation of the United States-Iran conflict.
NERC tightens rules on electricity theft
THE Nigerian Electricity Regulatory Commission (NERC) is tightening electricity theft rules with a new directive urging the electricity distribution companies to take more responsibility in sanctioning offenders. The new directive is focused on the Standard Operating Procedure (SOP) guiding Distribution Companies (Discos) in handling cases of unauthorised electricity access, meter tampering and power bypass across the country.
30 banks meet threshold
FEW days to the March 31 deadline, Nigeria’s banking sector recapitalisation drive has gained significant momentum with 30 banks already meeting the new minimum capital requirements. This is even as three lenders are still undergoing regulatory verification, the Central Bank of Nigeria (CBN) said.
Nigeria gains as Qatar warns oil price may hit $150/barrel
NIGERIA is currently benefiting from a price surge as oil prices are forecast to reach $150 per barrel within three weeks if the conflict in the Middle East escalates further and disrupts energy supplies from the Gulf. Nigeria has its oil price for the 2026 budget estimates premised on $64.85 per barrel, but data from oilprice.com shows that Brent crude currently sells at $88.32 per barrel, which would add more buffer to Nigeria’s net external reserves.
Disu removes Hundeyin as Force PRO - Report
THE Nigeria Police Force (NPF) has removed its Public Relations Officer (PRO), Benjamin Hundeyin, an Assistant Commissioner of Police (ACP), six months after he assumed the role. A report by Sahara Reporters said the approval for his removal was granted on Thursday, March 5, although details surrounding the development remain unclear as of the time of filing this report.
FEC approval of grid management company raises questions about TCN, NISO responsibilities | The ICIR- Latest News, Politics, Governance, Elections, Investigation, Factcheck, Covid-19
THE establishment of Grid Asset Management Company (GAMCO) to address national grid and blackout challenges in Nigeria is raising questions about agency duplication responsibilities in the power sector. The Transmission Company of Nigeria (TCN) has been unbundled, and currently maintains the grid, repairs lines and substation. It also sustains field operations related to transmission.
Executive order on NNPC remittance undermines Host Community Trust - Accountability Lab | The ICIR- Latest News, Politics, Governance, Elections, Investigation, Factcheck, Covid-19
THE Accountability Lab Nigeria said the recently signed Executive Order on oil and gas revenues remittance would undermine contributions to Host Community Development Trusts (HCDT). President Bola Tinubu had on February 18 signed the executive order directing the Nigerian National Petroleum Company Limited (NNPC) to remit oil and gas revenues directly to the federation account. This move seeks to boost government earnings, block leakages, and strengthen oversight in Nigeria’s petroleum sector.
Petrol sells above N1,000/litre in parts of Nigeria
THE ongoing US-Iran conflict has driven up global oil prices, with filling stations in Nigeria raising pump prices to nearly N1,000/litre. The increase comes amid sharp rises in global crude oil benchmarks as brent crude futures surpassed $80 per barrel on Tuesday and are currently trading at around $84.2 per barrel. Checks by The ICIR revealed that the Nigerian National Petroleum Company Limited (NNPCL) and other filling stations have effected a hike in petrol pump price.
NERC: 109,556 customers metered by DisCos in December
THE Nigerian Electricity Regulatory Commission (NERC) said 11 Electricity Distribution Companies (DisCos) operating in Nigeria metered 109,556 customers in December 2025. In its latest report on metering, the Metering Factsheet for November and December 2025, released by the Commission on Tuesday, March 3, NERC provided a breakdown of metering progress across the country.
US-Iran war: Nigeria's external reserve may hit $55bn by end of March | The ICIR- Latest News, Politics, Governance, Elections, Investigation, Factcheck, Covid-19
THE Nigerian government will experience a huge leap in net external foreign reserves to $55 billion if the conflict between the United States and Iran lasts until the end of March, some economic watchers have said. Already, global oil prices have surged beyond $80 per barrel, driven by disruptions to supply chains across Middle Eastern countries due to the conflict. The external reserves specifically help stabilise the currency, pay for imports, and service external debts.
US/Iran war: Dangote Refinery raises petrol price to N875/ltr
IN what appears to be the first major fallout of US-Iran war in Nigeria Dangote Petroleum Refinery has increased its Premium Motor Spirit (PMS) gantry price by N100, bringing the ex-depot rate to N874 per litre from the previous N774. Consequently, retail outlets across the country are already adjusting to the new price. Economic watchers say the rise was a result of a spike in global oil prices occasioned by the United States and Israel’s attack on Iran.
Oil price spike benefits Nigeria
THE Nigerian government is currently reaping the benefits of rising oil prices following the disruptions in global oil supply occasioned by the United States and Israel’s attacks on Iran. Already, concerns about supply disruptions sent Brent crude surging roughly by 10 per cent on Monday to over $82 a barrel. Nigeria’s proposed budget is premised on a crude oil price of $64.85 per barrel. However, the oil spike means more revenue accruals for the Nigerian government.
'No steady power, no second term': Tinubu taunted by election promise as electricity supply worsens | The ICIR- Latest News, Politics, Governance, Elections, Investigation, Factcheck, Covid-19
IN the buildup to elections, political actors charge up the electoral space with various campaign promises; however, in most cases, such promises trap them when they go unfilled. This is the case of President Bola Ahmed Tinubu, Nigeria’s current President, who is under intense public scrutiny for an election promise to deliver a constant power supply.
Lagos alerts taxpayers to March deadline for filing individual annual returns | The ICIR- Latest News, Politics, Governance, Elections, Investigation, Factcheck, Covid-19
THE Lagos State Internal Revenue Service (LIRS) has informed all taxpayers in the state to file their annual tax returns for the 2026 year of assessment on or before March 31, 2026. The statutory filing requirement applies to all taxable persons, including self-employed individuals, business owners, professionals, persons in the informal sector, and employees under the Pay-As-You-Earn (PAYE) scheme.
Peter Obi 'escapes assassination' as hoodlums allegedly shoot Obidient members in Edo
THE National Coordinator of the Obidient Movement, Yunusa Tanko, on Tuesday, February 24, raised the alarm over an alleged attack on former presidential candidate, Peter Obi and his Obidient members in Benin, Edo State. Tanko disclosed that armed thugs had shot at Obi and members of the movement during the formal defection of a former governorship candidate Olumide Akpata to the African Democratic Congress ((ADC), in the state capital.
Peter Obi escapes assassination as hoodlums shoot Obidient members in Edo | The ICIR- Latest News, Politics, Governance, Elections, Investigation, Factcheck, Covid-19
THE National Coordinator of the Obidient Movement, Yunusa Tanko, on Tuesday, February 24, raised the alarm over an alleged attack on former presidential candidate, Peter Obi and his Obidient members in Benin, Edo State. Tanko disclosed that armed thugs had shot at Obi and members of the movement during the formal defection of a former governorship candidate Olumide Akpata to the African Democratic Congress ((ADC), in the state capital.
Business lending to cost less as CBN cuts interest rates to 26.5%
BANKING and other financial lending institutions are expected to adjust their cost of funds for businesses as the Monetary Policy Committee (MPC) meeting of the Central Bank of Nigeria (CBN) cut interest rates to 26.5 per cent on Tuesday, February 24. The CBN Governor, Olayemi Cardoso, announced the reduction at the end of the committee’s 304th meeting held in Abuja.
GENCOs reject Presidency's N2.8tn debts claim | The ICIR- Latest News, Politics, Governance, Elections, Investigation, Factcheck, Covid-19
THE Association of Power Generation Companies (APGC) has rejected Presidency’s claim that N2.8 trillion is the newly verified and final settlement of legacy debts owed to electricity generation companies, describing the figure as inaccurate and misleading.
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