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We’re repositioning NPA for efficiency, safety – MD

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The Acting Managing Director of the Nigerian Ports Authority (NPA), Mr Mohammed Bello-Koko, has pledged management’s determination to reposition the nation’s seaports for greater efficiency, safety and accountability.

Bello-Koko made the pledge in a statement signed by Mr Olaseni Alakija, General Manager Corporate and Strategic Communications, on Monday in Lagos.

The Acting MD, while speaking at the just-concluded strategic retreat organised for NPA top management, said that the organisation was currently poised to creating and sustaining competitive advantage by offering its best in port operations.

The statement said that the retreat was designed to allow management staff to strategise and come up with “smart actionable steps“.

This, according to Bello-Koko, is with the view to ensuring growth, competitiveness and future readiness of the nation’s seaport systems.

“As part of efforts to position the agency towards greater efficiency, safety and accountability, the management has outlined factors that will enhance such prospects, as well as the capacity to garner greater market share.

“This will include infrastructural renewal and expansion, the introduction of barge operations, automation of truck transit through the electronic call up system and improvement in the sources of revenue and collection.

“Others include plugging income leakages and reducing overhead costs, elimination of monopolistic conduct, formulation and implementation of policies aimed to incentivise patronage of the Eastern Ports and encouraging competition,” he said.

Bello-Koko said that management was also keeping up with the dictates of Consolidated Revenue Fund and Fiscal Responsibility Act, compliance with international best practices, elimination of red tape, boosting workers’ morale and capacity building, among others.

He disclosed that these initiatives had laid the groundwork for some milestones with great potential for more as some of the reforms continue to transform into success evidenced by improved cargo throughput and revenue growth.

“Because excellence is a moving target, we cannot afford to rest on our laurels, we must redouble our commitment to continuous improvement as an organisational culture.

“Surpassing internal and external stakeholders’ expectations, which constitute a cardinal objective of this management, will require your unalloyed support as heads of directorates, divisions, locations, departments, port sections and units.

Bello-Koko said he expected that the retreat would churn out specific, realistic, measurable, achievable and time-bound goals and objectives by which NPA would be benchmarking itself in the next five years.

He said that the last time an event of this magnitude was held to chart a new direction for NPA was over a decade ago where the organisation’s present vision, mission and core values were crafted.

“We must, therefore, go beyond rhetoric to churn out implementable strategies aimed at making us equal to the exigencies of the very competitive edge and sector that we operate in,” he said.

Bello Koko pointed out that the disruptions caused by the outbreak of COVID-19 pandemic present a learning curve, especially for organisations such as NPA that operate in a sector that was global in scope to be constantly ready for dynamics in the form of increasing competition and innovation.

“Improving the turnaround time of vessels and reducing cargo dwell time is critical to attracting more vessels to our seaports.

“Optimising the business opportunities that the landlocked countries with whom we share borders presents a critical success factor in actualising our growth projections.

“The need to attract larger vessels and maximally benefit from the economies of scale that come with them show that the ongoing efforts to have deep seaports in Lekki, Badagry and Akwa Ibom, among others, are steps in the right direction,” he said.

He noted that in the meantime, NPA is constantly scaling up its responsibility of dredging the country’s channels to safely berth vessels of reasonable sizes whilst encouraging the use of flat bottom vessels (FBV) in areas of low draught.

He said that the current management would leave no stone unturned in its commitment in implementing the outcome of the retreat.

A highpoint of the event was the presentation of awards of excellence by Renner & Renner, in which the MD was honoured with the visionary leadership award.

The Executive Director Engineering, Prof. Idris Abubakar, was also honoured with the exemplary leadership award.  (NAN)

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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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