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Cleaner energy: Nigeria on path to meeting global demands – Osibanjo

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Prof-Yemi-Osinbajo.j
vice President Osibanjo
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The Federal Government says it is working conscientiously to ensure that the country meets the global demands on cleaner energy.

Vice-President, Yemi Osinbajo, said this on Tuesday at the opening of the 2021 Nigeria Oil and Gas Conference holding at the International Conference Centre in Abuja.

Osinbajo represented by the Minister of State for Petroleum, Chief Timipre Sylva, noted that the country had no option than to move with the global trend being signatory to international protocols on cleaner energy.

He said the Federal Government was leaving no stone unturned at ensuring that the country moved to cleaner renewable energy but that the step must be gradual.

Osinbajo explained that government had already directed stakeholders in the oil and gas sector to focus on natural gas resources as a transition fuel that would function as a bridge between the dominant fossil fuels and the cleaner energy.

“Natural gas has the intrinsic abilities to meet the increasing global requirements for cleaner primary energy use, while at the same time enabling much needed domestic industrialisation for rapid economic growth in very few endowed countries such as Nigeria.

“We are not unmindful of the peculiar challenges confronting the gains from oil and gas operations in Nigeria.

“From infrastructural deficiency and insecurity to high cost of operations, to mention just a few, the government is working conscientiously to tackle all without lagging behind on our path to meeting the cleaner energy global demands.

“In spite of the current global challenges in the industry, government has been supporting the aggressive implementation of the nationwide gas infrastructure blueprint.

“This informed our recent declaration of year 2021-2030 as “the Decade of Gas” after the successful kickoff with the National Gas Expansion Programme in 2020,” Osinbajo said.

Also speaking at the event, Mr Bitrus Nabasu, Permanent Secretary, Ministry of Petroleum, who represented the Minister of Petroleum, said the signing of the PIB would help the country to  move faster in achieving a cleaner energy.

“The PIB cannot come at a better time than now that the COVID-19 pandemic caused uncertainty in the oil and gas sector.

“We are on the part of witnessing another investment in our oil and gas sector and it will help have a good administration and infrastructure and ensure development of the country to make life more meaningful for the citizens.

“Natural gas will help government achieve it’s aspirations and very soon we will reap the benefits of our decade of gas programme.

“These include auto gas vehicular movement, industrial application, welfare gas pipelines for electricity and domestic usages will help Nigerians even in rural areas to improve life.”

The minister said gas had a lot of role to play in the country’s quest for cleaner energy resources.

Malam Mele Kyari, the Group General Manager, Nigerian National Petroleum Corporation, (NNPC) said investment in the oil and gas industry had dwindled by 30 per cent due to the impact of the COVID-19 pandemic.

Kyari said energy transition was not just about moving from fossil fuel to renewable energy but that it was creating the right balance.

“There is this mistake that by 2050 fossil fuel will go away and we will only have renewables; that is not true.

“For us, we know for sure that oil will still be relevant for us because today we have deficit of electricity, infrastructure and so many other things and we have to deal with them.

“We must ensure we produce the quick oil; quick oil means that we have to monetise every resources that is available today, so that we help the resources that will create the future.

“And oil will provide that fulcrum for us to procreate the wealth but one thing we are also sure is that gas is everything.

“So, our focus today is to deepen gas monetisation, not necessarily consumption and that means we have to do both domestic and export, so that we can take value from both ends,” Kyari said.

He  said the focus now was to see how to accelerate development and monetisation in gas.

(NAN)

 

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Business & Economy

FG Rules Out Electricity Tariff Hike, Targets 24-Hour Power Supply

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The Federal Government has ruled out any plan to increase electricity tariffs, saying its priority is to improve power supply and ensure reliable electricity across the country.

The Minister of Power, Joseph Tegbe, gave the assurance in Ibadan, Oyo State, on Thursday, amid concerns and speculation about a possible increase in electricity tariffs.

Tegbe spoke during the groundbreaking ceremony for five interconnected mini-grid projects with a combined generation capacity of 17.7 megawatts and a 17.74-megawatt-hour Battery Energy Storage System (BESS).

“I want to say this clearly and without ambiguity: there is no plan to increase electricity tariffs. What we are planning is a power sector that works around the clock. Our commitment is 24/7 power,” the minister said.

He urged Nigerians to disregard reports suggesting an impending tariff hike, stressing that the government was focused on improving electricity generation, transmission and distribution.

The five mini-grid projects are located in Bola, Jiboye, Molade-Adelubi, Ogo Oluwa and Sooko-Elega. They are expected to provide electricity to communities across Akinyele, Ido, Ibadan North, Egbeda and Lagelu Local Government Areas of Oyo State.

According to the minister, the projects are designed to expand electricity access, reduce dependence on petrol and diesel-powered generators, and create a more favourable environment for businesses, investment and job creation.

Tegbe said the Federal Government was also implementing a broader energy strategy aimed at improving electricity supply through designated energy corridors, including the Lagos-Ogun, Abuja-Kaduna-Kano and Benin-Enugu-Port Harcourt corridors.

He added that efforts were underway to strengthen the national grid and upgrade generation and transmission infrastructure across the country’s eastern, western and central corridors.

The minister described the mini-grid initiative as part of President Bola Tinubu’s Renewed Hope Agenda, noting that similar electricity interventions had been implemented in communities across several states with support from the Rural Electrification Agency (REA).

He commended Tinubu for his leadership and acknowledged the contributions of the REA, project developer Paras Energy and Natural Resources Development Limited, the World Bank and the Ibadan Electricity Distribution Company.

Tegbe also recognised the Oyo State Government, traditional rulers and other stakeholders for their roles in facilitating the projects.

The initiative is expected to improve electricity reliability in the beneficiary communities, support local economic activities and reduce energy costs for households and businesses.

 

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Oyedele Warns Against New Taxes, Urges Governments to Explore Revenue Alternatives

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President Bola Ahmed Tinubu
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Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has cautioned governments against imposing new taxes or increasing the tax burden on vulnerable citizens and productive sectors amid economic pressures.

Oyedele spoke on the sidelines of the 2026 annual meetings of the International Monetary Fund (IMF) and the World Bank in Bangkok, Thailand, where he presented the communiqué of the Intergovernmental Group of Twenty-Four (G24), which he chairs.

The minister said governments should prioritise identifying areas of savings, improving revenue mobilisation and strengthening fiscal management rather than introducing additional tax burdens that could further strain households and businesses.

“This is the wrong time to impose new taxes or increase the burden of tax, particularly on the vulnerable population and productive sectors of the economy,” he said.

Oyedele made the remarks while responding to questions on how developing countries could reduce debt-servicing costs without cutting essential public expenditure.

He urged governments to look inward for savings and explore more efficient ways of generating revenue while protecting vulnerable populations from further financial pressure.

On public borrowing, the minister said debt financing remained necessary to support economic growth but stressed that borrowed funds should be deployed to stimulate job creation and promote inclusive development.

He noted that governments should prioritise limited public resources for essential services, including healthcare and education, while leveraging private capital to support other investment needs.

Oyedele also cautioned against treating taxation and borrowing as mutually exclusive options, explaining that both have economic implications and must be carefully balanced.

According to him, excessive taxation of vulnerable households could reduce their capacity to afford basic necessities, including food, healthcare and education.

He described public debt as a future tax burden, emphasising the need for governments to adopt fiscal policies that balance present revenue needs with long-term economic sustainability.

“Debt is future taxes, so it’s not one or the other. It’s to strike a balance, bearing in mind ultimately that the essence of tax and of debts is to cater for the people,” he said.

The minister’s remarks underscore the need for developing economies to strengthen domestic revenue mobilisation, improve public spending efficiency and manage debt sustainably without undermining household welfare or productive economic activities.

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Over 67,000 Nigerians Benefit From Consumer Credit Scheme — Tinubu

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President Bola Ahmed Tinubu
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President Bola Tinubu has said that 67,512 Nigerians across 25 states and the Federal Capital Territory (FCT) have so far benefited from credit backed by the National Credit Guarantee Company (NCGC).

Tinubu disclosed this on Monday in a series of posts on his official X account as Nigeria prepares to celebrate its 66th Independence Day.

According to the President, the NCGC has issued ₦21.59 billion in guarantees, enabling participating financial institutions to provide ₦46.95 billion in loans.

He said 11,374 of the beneficiaries are women, while 33.5 per cent are first-time formal borrowers.

Tinubu noted that more than 22,000 Nigerians had entered the formal credit system for the first time through the scheme, giving them an opportunity to build credit records that could improve their access to future loans.

The consumer credit scheme was launched in July 2026 by the Nigerian Consumer Credit Corporation (CREDICORP), in partnership with the Federal Ministry of Communications, Innovation and Digital Economy.

The President said the initiative was part of his campaign promise to move Nigeria towards a credit-based economy and make financing more accessible to individuals and businesses.

He said CREDICORP enables working Nigerians to access consumer credit, while the National Education Loan Fund (NELFUND), Bank of Industry and Development Bank of Nigeria provide financing in other sectors.

Tinubu explained that the NCGC was established to reduce the risks faced by financial institutions when lending to businesses and individuals without sufficient collateral or credit history.

He said the company currently works with 19 financial institutions, comprising 13 commercial banks, three microfinance banks and three development finance institutions.

The President added that businesses supported through the NCGC scheme were estimated to have created 661,291 direct and indirect jobs.

He said the impact of the scheme showed how government reforms could translate into economic opportunities for Nigerians.

“Our reforms laid the foundation. Credit gives Nigerians the means to build on it,” Tinubu said, adding that the Federal Government would continue to expand access to credit across the country.

He described the development as evidence of his administration’s efforts to fulfil its campaign promises, saying, “Promise made, promise kept. We are moving from reforms to opportunities. Nigeria First.”

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