General
COVID-19: Reps Propose Free 2-Month Electricity for Nigerians
Speaker of the House of Representatives, Mr Femi Gbajabiamila, has disclosed that the lower chamber of the parliament is considering a fresh Stimulus Bill that will ensure that Nigerians get free electricity supply for two months to mitigate the effects of the COVID-19 pandemic.
According to him, the proposed bill is to help in boosting the economy through the informal sector as the country prepares for the aftermath of the coronavirus.
He said the bill, which will be the second Stimulus Bill by the Green Chamber, is to be considered immediately the House reconvenes from its ongoing break, declared due to the pandemic.
It has, however, been agreed by the leadership of the National Assembly that the resumption date, initially slated for April 7, will be extended by one week in compliance with government’s 2-week stay-at-home policy.
Speaking on Saturday during a meeting between the National Assembly leadership and the Minister of Finance, Mrs Zainab Ahmad; the Director-General of the Budget Office of the Federation, Mr Ben Akabueze, among others, Mr Gbajabiamila said the country could not afford to be unprepared for the effect of Covid-19 on its economy.
Explaining the necessity for the proposed stimulus bill for the electricity sector, the Speaker said electricity, being a commodity consumed by every household, has a greater effect on the people and that since more Nigerians are in the informal sector, the effects would be more felt by the economy.
“The issue of electricity, you’ll agree, because the Minister did say that she has been inundated by the public, just as we are, on several suggestions and ideas and I am almost a hundred percent sure that, from those ideas will be the issue of some kind of shelter, as far as electricity is concerned.
“It is one thing that will touch every household. As I said earlier, when we engaged, I discussed with the electricity Distribution Companies (DisCos) that packaged whatever they would require, if the government can give them, for us to allow for two months free electricity for Nigerians, they would be able to guarantee it.
“We have the figures. I think we should look very seriously into that as part of our package for economic stimulus, because stimulus means something that will stimulate the economy. When you are stimulating the economy, most of it will come from the informal sector.
“When you are saving people their electricity and the fact that they now have stable electricity for two months, you are also saving the monies that would go into the payment of those bills at least for two months,” he said.
On the need by the executive arm to source for funds in the fight against coronavirus and its socio-economic effects, the lawmaker restated the determination of the National Assembly to partner the Executive in efforts aimed at mitigating the effects of the disease on Nigerians and the economy.
He, however, noted that all government funds and private donations must be transparently accounted for.
“Definitely, you will be taking loans from the Special Accounts, and as the Senate President said, it has to be backed by law, which again emphasizes the need to collaborate as earlier stated by the Minister.
“There has to be a collaboration. It cannot be a unilateral decision from the National Assembly; it can’t be a unilateral decision from the Executive; there has to be a collaboration. I’m glad that we are on that trajectory.
“I’m glad that my earlier discussion with the Honourable Minister on food and other items seized by the Nigerian Customs Service (NCS) has been taken care of, as stated by the Minister.
“We need to, as soon as possible, and let the public know. On the issue of Presidential Task Force (PTF), none of us here, I don’t think any legislator can point to, who exactly is in charge. Where does the buck stop?
“Who is in charge of the disbursement? Who is in charge of the distribution of cash? Who decides what money goes where?
“Now, it is incumbent on the National Assembly to follow the money. Constitutionally, any money that comes into Nigeria, there has to be oversight.
“That is why, we in the House have directed our Committees on Health, Disaster Management and Preparedness and Donor Agencies to talk to the PTF, talk to the Minister of Health and the Central Bank of Nigeria.
“I wrote letters to all these people, but I wasn’t sure where exactly the buck stops. We need to clearly define exactly who is handling the money, who is handling what?” he said at the meeting.
Mr Gbajabiamila also urged the Finance Minister and her team to consider all options put forward by experts on preparation against the economic effects of coronavirus outbreak.
On his part, the Senate President, Mr Ahmad Lawan, noted that the meeting, the second in about 10 days, was a testimony of the commitment of both arms of government at addressing the issues holistically.
He assured that the Nigerian parliament would perform its constitutional roles towards ensuring that Nigerians benefit from all efforts aimed at mitigating the effects of the disease.
While noting that Nigerians must be assisted to weather the storm of the virus, Mr Lawan added that critical decisions needed to be taken but must be legal, which makes it important that the legislature is part of the entire process.
Earlier, the Minister for Finance said among other measures, the establishment of a N500 billion COVID-19 Crisis Intervention Fund is on the table.
She said the money is expected to be raised from various Special Funds and Accounts in consultation with and with the approval of the National Assembly.
The intervention fund will be utilized to finance the federal government’s support to state in improving their healthcare facilities and also finance the creation of a Special Public Works Programme
She also explained the need to revisit the 2020 national budget has become imperative, saying, “It has been established that Nigeria is currently facing significant fiscal risks due to the worsening global economic outlook.
“Specifically, Nigeria is highly vulnerable to the current global economic disruption caused by the COVID-19 crisis; and exposed to the risks of both a pronounced decline in oil prices and spikes in risk aversion in the global capital markets.”
By Adedapo Adesanya
The World Bank Group’s private-sector arm, the International Finance Corporation (IFC), and Standard Chartered on Wednesday announced a new risk-sharing facility aimed at strengthening supply chains and supporting business growth across Africa.
The programme will roll out across eight markets—Côte d’Ivoire, Egypt, Ghana, Kenya, Nigeria, South Africa, Tanzania and Zambia—targeting sectors including agriculture, healthcare and manufacturing, with a focus on improving access to working capital for suppliers.
This marks the IFC’s first project under its Global Supply Chain Finance Program and the Africa Trade and Supply Chain Recovery Initiative, supported by the International Development Association’s Private Sector Window Blended Finance Facility.
Global demand for supply chain finance continues to rise, reaching an estimated $2.7 trillion in 2025, an increase of 8 per cent year-on-year. However, access in emerging markets remains limited, as financial institutions tend to prioritise developed economies.
The facility will cover up to $300 million in supply chain and trade finance assets originated by Standard Chartered. It includes financing instruments such as payables finance, receivables discounting and pre-shipment finance programmes, which enable businesses to access funds earlier in the payment cycle.
The facility aims to address this imbalance by mitigating risk in short-term trade and supply chain finance portfolios, helping to unlock capital in underserved markets.
By accelerating payments to suppliers, the initiative aims to strengthen supply chain relationships, improve delivery reliability and support job creation across value chains.
IFC will provide guarantees of up to $150 million, with $100 million committed as an initial tranche. The facility will support transactions in both U.S. dollars and selected local currencies.
Over three years, the partnership is expected to enable approximately $1.9 billion in supply chain finance transactions, supporting more than 500 suppliers, including small and medium enterprises. The programme also has the potential to indirectly benefit over 1 million farmers.
Speaking on this development, Mr Mohamed Gouled, Vice President, Products & Clients at IFC, said, “Supply chain finance is among the fastest ways to narrow the growing finance gap that businesses, particularly small and medium enterprises, are facing in emerging economies. By partnering with Standard Chartered to support companies at the centre of strategic value chains, we can unlock much-needed working capital at scale for businesses across Africa, including smaller firms and farmers, making supply chains more competitive and boosting job creation.”
On his part, Mr Dalu Ajene, Chief Executive and Head of Coverage, Standard Chartered Africa, said, “This $300 million facility with IFC underscores our shared commitment to strengthening Africa’s supply chains and enabling sustainable business growth. As a super-connector bank with deep expertise across key trade corridors linking Africa to Europe, Asia, the Middle East and the Americas, we are uniquely positioned to channel capital and innovation into the real economy.”
“By expanding access to supply chain finance, we are helping African companies unlock liquidity, manage risk, and invest with confidence. Our collaboration unites Standard Chartered’s cross-border expertise with IFC’s development mandate to empower businesses – from major corporations to smaller local suppliers – to engage more actively in regional and global trade, fostering job creation and promoting inclusive growth,” he added.
By Adedapo Adesanya
The National Bureau of Statistics (NBS) has said that the average retail price of a litre of Premium Motor Spirit (PMS), otherwise known as petrol, rose by 22.55 per cent or N237.07 per litre to N1,288.54 in March 2026 from N1,051.47 in February.
In the Premium Motor Spirit (Petrol) Price Watch for March released on Tuesday, the NBS said on a year-on-year basis, the average retail price of fuel also increased by 2.13 per cent from N1,261.65 recorded in March 2025.
This surge in fuel prices could be linked to global disruptions brought on by the US-Israel war on Iran, which triggered the closure of the Strait of Hormuz and sent prices of crude oil above $100 per barrel.
While the country was not heavily hit by the impact, it felt the ripple effect of crude prices increasing, particularly as Dangote Refinery imported crude from other markets to cover for local feedstock shortfalls.
The data noted that by state, Anambra recorded the highest average retail price of N1,441.22 per litre, followed by Sokoto at N1,377.55 and Borno at N1,375.16.
However, the price was cheapest in Lagos at N1,162.71, followed by Ogun at N1,169.78 and Kaduna state at N1,193.40.
By zone, it was most expensive in the North East at N1,336.50 last month, while the South-West recorded the lowest at N1,232.46.
A look at the Diesel Price Watch Report for March showed that the average retail price paid by users rose by 16.05 per cent on a month-on-month basis to N1,648.08 per litre from N1,420.17 per litre a month earlier.
“On state profiles analysis, the highest average price of diesel in March was recorded in Ebonyi at N2,262.29 per litre, followed by Akwa Ibom at N1,895.72 and Osun at N1,872.15.
“On the other hand, the lowest price was recorded in Kogi at N1,383.40 per litre, followed by Katsina State at N1,438.25 and Enugu at N1,480.06,” parts of the report said.
By Modupe Gbadeyanka
The vice-presidential candidate of the Labour Party (LP) in the 2023 general elections, Mr Datti Baba-Ahmed, has left the party to join the Peoples Redemption Party (PRP).
Speaking on Channels Television’s Politics Today, the politician said he’s no longer interested in the way the Labour Party was being run.
He disclosed that there is no more peace in the political party he flew its flag in the last general elections because of greed.
He accused the ruling All Progressives Congress (APC) of destabilising opposition political parties to ensure President Bola Tinubu does not have a credible opponent in the 2027 presidential poll.
“What the Labour Party stood for is not the same now. We have a government of today which is interested in destroying other political parties,” he said.
“I am leaving the Labour Party tomorrow (today) by 12 midnight,” Mr Baba-Ahmed said when asked about his plans for next year.
I am leaving the Labour Party [at] midnight, and I am joining PRP. PRP is the new destination. PRP is the one with a history. It’s about 75 years old,” he further stated.
He further said, “When there was real peace in the Labour Party, someone was redeployed to the Labour Party and because of the antecedents of the person, [I don’t see things getting better].
PRP, a progressive Nigerian political party, was established in 1978 by Mallam Aminu Kano. It is rooted in social democratic principles and populist ideology, often focusing on the empowerment of the talakawa (common people).
Its current National Chairman, according to data obtained from the website of the Independent National Electoral Commission (INEC), is Mr Falalu Bello, while the National Secretary is Mr Babatunde F. Alli.
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