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Discos Monthly Revenue Rise By N5bn Amid Outage

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Amid complaints of low power generation, the electricity distribution companies were able to raise monthly revenue from N95bn in January to N100bn in March 2024.

According to data released by the Nigerian Electricity Regulatory Commission, N97bn revenue was generated in February.

The rise in revenue occurred at a time when the country experienced a huge drop in power supply as a result of gas shortages.

Data from the NERC showed Discos received 2,577 gigawatt-hours of power and billed 2,072GWh of the energy received, recording 80 per cent billing efficiency in January.

It was stated that N130.9bn was the total billing, while the total revenue collected stood at N95bn, representing 72 per cent billing efficiency. The allowed average tariff rate in the month was N59.89k per kilowatt-hour, and the actual average collection was N36.97k/KWh.

It was noted that the total energy received by the Discos in February dropped to 2,149GWh, out of which 1,759GWh was billed by the Discos, adding that N97bn revenue was collected from N113bn billings.

The 1,975GWh energy was billed in March from the 2,468GWh received, while N100bn was generated from N126.5bn billings.

The rise in revenue is traceable to an increase in tariff, as the NERC said the allowed average tariff for March was N62.73k/KWh while the actual average collection was N40.69k/KWh.

In March, the Ikeja Disco had the highest revenue of N20bn, followed by Eko and Abuja Discos with N16.7bn each.

Ibadan Disco generated N10bn during the period under review, while Benin and Enugu raked in  N7.5bn and N6.9bn, respectively, according to NERC.

The newly inaugurated Geometric Power, otherwise known as Aba Power, generated N1.1bn while Yola Disco earned N1.5bn.

Within the first quarter of 2024, the Discos were said to have generated N292bn.

In January, Nigeria was thrown into nationwide blackouts due to gas shortages as gas companies refused to supply gas to electricity-generating companies due to unpaid debts.

The power generation that had been hovering around 4,000MW dropped drastically below 2,500MW at a point, affecting the capacity of the distribution companies to supply electricity to their consumers.

Then, the Discos apologised to their customers, saying, “We cannot give what we don’t have.”

While the issue of gas shortages had yet to be fully resolved, the NERC removed electricity subsidies in areas categorised as Band A, raising the tariff to N206 per kilowatt-hour.

As labour unions took to the streets to kick against the tariff hike, calling for a reversal, the Minister of Power, Adebayo Adelabu, said the reversed tariff would transform the Nigerian power sector with enough liquidity.

Adelabu stated that the policy was already attracting local and foreign investors to the power sector.

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Edun Champions Nigeria’s Fiscal Reset  At The UN Finance Summit 

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In a bid to drive economic growth and development, the Honourable Minister of Finance and Coordinating Minister of the Economy Mr Wale Edun has today emphasized the need for fiscal reform and international cooperation when he delivered the country’s statement at the 4th International Conference on Financing for Development (FFD4), holding in Sevilla, Spain. 

Speaking at a high-level roundtable on domestic public resource mobilisation, HM Edun called for a rebalancing of global finance to better reflect the realities of developing economies. He highlighted Nigeria’s reforms to improve tax administration, drive fiscal discipline, and create an enabling environment for private sector investment.

*In today’s evolving global landscape, self-reliance is essential. We are prioritising digital infrastructure, transparency, and institutional reform to deliver more for Nigerians with every naira spent,* the Minister noted. 

He also stressed the urgent need for stronger international collaboration on tax fairness and illicit financial flows, areas where African economies continue to face systemic disadvantage.

The event brought together senior officials from the United Nations, OECD, EU, and development banks, alongside finance ministers from countries including Nepal, Malawi, and Uruguay.

As the Nigerian government continues to drive economic reforms, HM Edun’s message at the UN Finance Summit underscores the country’s commitment to achieving sustainable economic growth and development for the benefit of all Nigerians

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Nigeria Emerges As Pan -African  Trade  Powerhouse  As Edun  Charts Path  To Economic Dominace  At Afreximbank  Meetings 

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The 32nd Annual Meetings of the African Export-Import Bank (Afreximbank) provided a platform for Nigeria to showcase its economic prowess, with the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, highlighting the country’s emergence as a regional hub for trade, development finance, and industrial growth.

Speaking during a high-level session of delegates from across Africa and the diaspora at the Annual Meetings in Abuja on Friday, the Minister underscored Nigeria’s partnership with Afreximbank as a model for effective collaboration between governments and development finance institutions. *We are not just participating in a summit. We are advancing a shared vision for Africa’s prosperity, with Nigeria playing a leading role in its delivery,* Edun said.

He highlighted further that Nigeria has secured over $52 billion in Afreximbank financing, with targeted interventions across energy, infrastructure, healthcare, and SME development, including the Africa Trade Centre in Abuja, the African Medical Centre of Excellence, and the proposed Africa Energy Bank, with $5 billion in capital, to be headquartered in Abuja.

The Minister also pointed to Nigeria’s recent formal adoption of the Pan-African Payment and Settlement System (PAPSS), calling it a game-changer for intra-African trade and financial independence. *With PAPSS, Nigerian businesses can settle cross-border transactions in local currencies, reducing foreign exchange pressures and creating a more stable trade environment,* he stated.

HM Edun applauded the innovative leadership of Afreximbank President Prof. Benedict Oramah and urged the Nigerian private sector to leverage the full suite of Afreximbank instruments, including FEDA, AQAC, and CANEX, to expand market access and scale impact. *The enabling institutions are in place. The infrastructure is growing. Now is the moment for Nigeria’s entrepreneurs and investors to go bigger, bolder, and regional,* he added.

The 32nd Afreximbank Annual Meetings convened top public and private sector leaders to advance dialogue on trade integration, financing solutions, and industrial growth across Africa.

As the African economy continues to evolve, Nigeria’s emergence as a pan-African trade powerhouse positions the country for sustained growth, investment, and prosperity. With strategic partnerships and innovative solutions, Nigeria is poised to play a leading role in shaping the continent’s economic future.

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Nigeria, Rwanda Sign Double Taxation Treaty To Unlock Cross-Border  Investment

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On the sidelines of the 32nd Afreximbank Annual Meetings, holding in Abuja, Nigeria, the Federal Republic of Nigeria and the Republic of Rwanda today signed a landmark Agreement on the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income, reinforcing their shared commitment to deepening economic cooperation and facilitating private sector-led growth across Africa. 

The high-level signing ceremony, held in Abuja, was presided over by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, alongside his Rwandan counterpart, Yusuf Murangwa, Minister of Finance and Economic Planning.

HM Edun hailed the agreement as a strategic milestone following the recent passage of four landmark tax reform bills in Nigeria. *This agreement is a critical tool for promoting cross-border investment, ensuring tax certainty, and eliminating the risk of being taxed twice on the same income,* he stated. Edun added that the agreement *supports our broader objective of unlocking private sector capital, accelerating intra-African trade, and positioning Nigeria as a competitive destination for investment under the African Continental Free Trade Area (AfCFTA).*

The treaty simplifies tax administration, improves transparency, and aligns Nigeria with global standards, ensuring that both governments can protect taxpayers, reduce loopholes, and combat fiscal abuse. It is expected to bolster confidence among investors operating in both countries, particularly in sectors such as technology, finance, agriculture, and logistics.

Rwanda’s Finance Minister, Yusuf Murangwa, echoed the sentiment of partnership and long-term ambition: *This agreement is a testament to the strong partnership between Rwanda and Nigeria, and a critical step in creating a unified, investor-friendly Africa. We believe this will serve as a model for deeper regional integration and shared prosperity.*

Both ministers acknowledged the dedication of their technical teams, whose professionalism and foresight shaped the framework for this outcome. The agreement not only cements bilateral tax cooperation but also opens the door for enhanced trade, technology collaboration, and capital flows, laying the foundation for a more resilient, integrated African economy.

As Africa continues to evolve, partnerships like this pave the way for a brighter economic future, fostering growth, investment, and prosperity across the continent.

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