Business

Inefficient Policies Impeding Power Sector Progress – Reps

Published

5 years ago

August 13, 2021

The House of Representatives Committee on Power, has attributed the crisis in the power sector to lack of efficient and dynamic policies.
The Chairman of the Committee, Rep. Magaji Aliyu, said this on Wednesday in Abuja, at the third annual general meeting of the Association of Rural Electrification Contractors of Nigeria (ARECON).
Aliyu said that the relocation of certain parastatals and agencies under the ministry of power to other ministries was an aberration and one which was causing confusion in the sector.
According to him, there must be a desired formula that ensures that irrespective of inherent politics, the Minister of Power must be allowed to drive power processes in the country without interference.
“Today, you will hear that a particular part of ministry of power has been shifted to another organisation, which I believe is an aberration of the concept.
“For example, Nigeria Bulk Electricity Trading Company, there is a tug of war, where does the organisation belongs, is it in power or is it in Ministry of Finance, there is an issue of Hydro-Power Development Authority is it going to the presidency, or is this going to power?
“I believe that there are political machinations not to allow power grow in this country.”
He said it was understandable that the sector had multi-dimensional problems which were evident in distribution, transmission and generation.
Aliyu said that the problems in the sector were enormous as Nigerians were paying for the power they did not consume, a situation he said was undesirable.
He, however debunked strongly the allegation that lawmakers interfere in the procurement process in contract awards to contractors, saying it was untrue.
Former Chairman, Mr Sam Amadi, Nigerian Electricity Regulatory Commission (NERC), said that that one of the ways to improve the sector was to promote local content law to help industrialisation to begin the manufacturing of the equipments needed.
According to him, if this is realised, it will help local manufacturers to optimise production, create wealth and jobs.
On tariffs, he said there was need for regulatory credibility and stability, adding that independent regulators help to attract more investors into the sector.
“If you set up a group like this and empower them, you can set up and use them to ensure that there is little or no project failure.”
He advised ARECON members to organise themselves to be a real trading section in the sector as was obtainable in other sectors of the economy.
Amadi, also said that as a major player in the sector, they should build their capacity to be a voice to determine how policies ensures the growth of the sector.
Chairman of ARECON, Mr Uchenna Akubuobi said that since privatisation in 2013, the sector was yet to satisfy the yearlings of electricity consumers in Nigeria.
He said that some of the factors militating against achieving power sector goals were low daily generation, weak transmission grid resulting in frequent system collapse and vandalisation of electricity infrastructure.
Others are poor funding by private investors after the take over of the acquired assets and Distribution Companies (DISCOs) incapacity to take load from transmission stations.
“ARECON is prepared to work with the government to ensure that electricity gets to the rural communities within the shortest possible time.
“This will stem rural migration to cities and engender economic prosperity.”
He, however, urged the Federal Government to increase budgetary allocation to the Rural Electrification Agency to allow for more projects to the rural communities.
He added that a law should be enactedÎ to restrain any other government agencies from carrying out rural electrification projects in any part of the country.

Business

Boat Mishap Kills Pastor, Wife And Church Members In Brass Water

Published

2 days ago

May 18, 2026

The Tide

A boat accident in Bayelsa state has killed a serving Pastor, Wife and other church members along Brass waterways

The sad incident happened at Odioama in Brass local government area of Bayelsa State when the Pastor, wife and members of his church were in a programme.

?Tide confirmed that the lifeless body of the Pastor’s wife has been found and deposited in a mortuary while the remains of her husband ,the Pastor is yet to be recovered

as search party are still ongoing.

Although the real cause of the boat Mishap is not yet known as at the time of this report, our Correspondent gathered that the identities of the Pastor, wife and church members were not disclosed to the public.

The mishap, Tide gathered occurred on Friday morning when the church members were on a boat transit

The Bayelsa State government and the state police command are yet to issue official statement’s on the sad accident

By: CHINEDU WOSU

Business

Rivers Workers Seek Scrapping Of Contributory Pension Scheme

Published

2 days ago

May 18, 2026

The Tide

The Rivers State Council of Nigeria Civil Service Union has called on the State Government to urgently scrap the contributory pension scheme, describing it as unfavourable to long-serving civil servants in the state.

Chairman of the union, Chukwuka Osuma, said this in an interview with newsmen in Port Harcourt, recently.

Osuma said the current pension structure has continued to worsen post-retirement hardship for workers.

He noted that the contributory pension scheme had failed to provide adequate retirement security for workers who had spent many years in service, especially those approaching retirement age.

According to him, civil servants who had served for more than 20 years were among the worst affected under the scheme, insisting that many retirees could no longer cope with prevailing economic realities.

He also informed that the Union has made moves to showcase their concerns, pleading with Governor Siminalayi Fubara to abolish the pension policy and introduce a more favourable arrangement for affected workers.

“The union was not opposed to pension reforms, the contributory scheme should only apply to newly employed workers or those with fewer years in service”, he said.

Osuma explained that workers who had already spent decades in the civil service ought to remain under a more secure pension structure capable of guaranteeing stability after retirement.

The labour leader further noted that inflation and the rising cost of living had continued to erode the value of retirement savings, thereby increasing the suffering of pensioners across the country.

He also appealed to the state government to consider extending the years of service in the civil service from 35 to 40 years and the retirement age from 60 to 65 years.

Osuma argued that such adjustment had become necessary in view of present-day economic realities and changing conditions in the workplace.

The unionist also reviewed that similar policies had already been adopted in some sectors and jurisdictions, expressing optimism that the State could also implement the reforms for the benefit of workers.

He however, commended Governor Fubara for approving an N85,000 minimum wage for workers in the state, noting that the amount was above the national benchmark of N70,000.

Osuma also acknowledged the government’s efforts in the area of workers’ promotions and bonuses, but insisted that pension reforms and extension of years of service remained critical to the long-term welfare and stability of civil servants in Rivers State.

By: King Onunwor

Business

FG Begins South-West Tour To Promote New Cooperative Bank

Published

7 days ago

May 13, 2026

The Tide

The Federal Government has launched the South-West zonal engagement and ministerial advocacy tour on the Cooperative Bank of Nigeria share capital mobilisation, sensitisation and cooperative sector digitalisation.

Reports say the initiative was launched through the Federal Ministry of Agriculture and Food Security.

According to reports, the advocacy tour, organised by the ministry’s Federal Department of Cooperatives, began on Monday in Lagos.

Speaking at the event, the Minister of State for Agriculture and Food Security and Supervising Minister of Cooperative Affairs, Dr Aliyu Abdullahi, said the initiative was part of President Bola Ahmed Tinubu’s Renewed Hope Agenda.

Abdullahi described the exercise as a strategic effort to reposition the cooperative sector as a key driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity.

“Today represents a defining moment in our collective determination to reposition the cooperative sector as a major driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity,” he said.

The minister noted the modern cooperative movement in Nigeria originated in the South-West following the 1934 Strickland Report, which led to the enactment of the Cooperative Societies Ordinance of 1935.

According to him, the decision to commence the sensitisation and share capital mobilisation tour in the region is symbolic, as it marks a return to the roots of cooperative development in the country.

Abdullahi said the advocacy tour was a direct outcome of resolutions reached at the 8th Regular Meeting of the National Council on Cooperative Affairs held in Abuja in March 2026.

He said the council approved the Renewed Hope Cooperative Reform and Revamp Programme, a comprehensive framework designed to strengthen the cooperative sector and align it with the administration’s goal of building a one-trillion-dollar economy.

“The reform programme focuses on seven strategic pillars, including governance reforms, cooperative financing and the establishment of the Cooperative Bank of Nigeria, digitalisation, capacity building, value chain development, inclusion of youths, women and persons with disabilities, and strategic partnerships,” he said.

He said the establishment of the Cooperative Bank of Nigeria and the digitalisation of the cooperative sector were the two major transformational initiatives under the programme.

“The Cooperative Bank of Nigeria is aimed at rebuilding a strong cooperative financial system capable of supporting cooperators, farmers, artisans, traders, SMEs, youths, women and persons with disabilities with accessible and affordable financial services,” he said.

Abdullahi emphasised that the proposed bank would be government-enabled but not government-funded.

“Government is not establishing the bank as an owner, nor will it rely on Treasury Single Account funds.

“The role of government through the FMAFS is to provide policy support, stakeholder coordination, regulatory facilitation and an enabling environment under the Renewed Hope Cooperative Reform and Revamp Programme,” he said.

Also speaking, the Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose-Medebem, reaffirmed the state government’s commitment to cooperative sector transformation.

She described cooperatives as critical tools for promoting inclusive growth, grassroots productivity, food security, financial inclusion and community wealth creation.

Ambrose-Medebem said Lagos State would continue to support reforms and collaborate with stakeholders to ensure the successful implementation of the Renewed Hope Cooperative Reform and Revamp Programme (2025–2030).

“Together, let us build a cooperative ecosystem that is modern, transparent, digitally enabled, financially inclusive and globally competitive.

“Let us build cooperatives that not only mobilise savings, but also mobilise prosperity,” she said.