General
Remittances to Nigeria, Sub-Saharan Africa to Drop 23.1% in 2020

By Adedapo Adesanya
The World Bank has said remittances to Nigeria and other Sub-Saharan African nations will decline sharply by about 23.1 percent this year, due to the economic crisis induced by the COVID-19 pandemic and shutdown.
The Bretton Wood Institution said in a press statement that, globally, a reduction of 20 percent has been projected and this is set to be the sharpest decline in recent history.
This is largely due to a fall in the wages and employment of migrant workers, who tend to be more vulnerable to loss of employment and wages during an economic crisis in a host country.
Remittances alleviate poverty in lower- and middle-income countries, improve nutritional outcomes, are associated with higher spending on education, and reduce child labour in disadvantaged households.
So, as a result of the fall in remittances affect families’ ability to spend on these areas as more of their finances will be directed to solve food shortages and immediate livelihoods needs.
Remittances to Sub-Saharan Africa registered a small decline of 0.5 percent to $48 billion in 2019. Due to the COVID-19 crisis, remittance flows to the region are expected to decline by 23.1 percent to $37 billion in 2020, while a recovery of 4 percent is expected in 2021.
The anticipated decline can be attributed to a combination of factors driven by the coronavirus outbreak in key destinations where African migrants reside including in the EU area, the United States, the Middle East, and China.
According to the World Bank Group President, Mr David Malpass, “Remittances are a vital source of income for developing countries. The ongoing economic recession caused by COVID-19 is taking a severe toll on the ability to send money home and makes it all the more vital that we shorten the time to recovery for advanced economies.”
“Remittances help families afford food, healthcare, and basic needs. As the World Bank Group implements fast, broad action to support countries, we are working to keep remittance channels open and safeguard the poorest communities’ access to these most basic needs,” he added.
According to the global lender, remittances to low and middle-income countries (LMICs) are projected to fall by 19.7 percent to $445 billion, representing a loss of a crucial financing lifeline for many vulnerable households.
With remittance flows expected to fall across all regions globally, Europe and Central Asia will equally experience the highest fall with 27.5 percent.
Sub-Saharan Africa will follow with 23.1 percent. Others include: South Asia (22.1 percent), the Middle East and North Africa (19.6 percent), Latin America and the Caribbean (19.3 percent), and East Asia and the Pacific (13 percent).
The large decline in remittances flows in 2020 comes after remittances to LMICs reached a record $554 billion in 2019.
Even with the decline, remittance flows are expected to become even more important as a source of external financing for LMICs as the fall in foreign direct investment is expected to be larger (more than 35 percent).
In 2019, remittance flows to LMICs became larger than FDI, an important milestone for monitoring resource flows to developing countries.
The World Bank then estimated that remittances to LMICs will recover next year and rise by 5.6 percent to $470 billion.
General
FG To Deliver 275,000 Electricity Meters In Next Two Months

By Adedapo Adesanya
The federal government has pledged to deliver the first batch of a promised three million electricity meters, amounting to 275,000 units, in the next two months.
The move is part of efforts to close the seven million metering gaps in the country, a statement signed by the Special Adviser on Strategic Communications and Media Relations to the Minister of Power, Mr Adebayo Adelabu, Mr Bolaji Tunji, revealed
The Minister said 75,000 meters under the International Competitive Bid 1 are expected by April 2025 and the second batch of 200,000 meters will follow in May 2025.
“While challenges persist, the facts tell a more balanced story – one of sustained effort, financial commitment, and structured implementation plans by the Federal Government of Nigeria to close the metering gap”, the statement noted.
“Despite claims of stagnation, metering installations have been progressing steadily. As of December 2024, a total of 5,502,460 customers had been metered, representing about 55 per cent of the 10,114,060 active electricity customers in Nigeria.
“In 2024 alone, 572,050 meters were installed. While the government acknowledges the existing metering gap, it is actively working to close it as quickly as possible. However, the fact remains that a sizable portion of active electricity users already have meters, countering the exaggerated portrayal of an industry in crisis,” Mr Adelabu stated.
According to the statement, though installation rates have varied over the years, the sector has maintained a yearly average of about 668,000 meters of installation annually.
Structured financing and government-backed initiatives are expected to accelerate deployment beyond the current pace, ensuring that the metering gap is addressed efficiently, the minister added.
“To bridge this gap, the government has put in place key initiatives aimed at significantly improving metering across the country. The Distribution Sector Recovery Programme (DISREP) is set to deliver 3,205,101 meters by 2026.
“This will be achieved through different procurement models, including 1,437,501 meters through International Competitive Bid 1 (ICB1), 217,600 meters through National Competitive Bid (NCB), and 1,550,000 meters through International Competitive Bid 2 (ICB2).
“As part of this plan, the first batch of 75,000 meters under ICB1 is expected by April 2025, followed by the second batch of 200,000 meters in May 2025.
“In addition to the DISREP, the N700 billion Presidential Metering Initiative (PMI) is another key intervention designed to accelerate metering. The initiative, which has already secured N700 billion from the Federation Account Allocation Committee (FAAC), is structured to ensure large-scale meter procurement and deployment,” the minister added.
According to the power minister, a Special Purpose Vehicle (SPV) has been established to oversee the implementation of the initiative, with the government setting a target of deploying two million meters annually for five years, with the tender for the first batch of two million meters expected to be released by the third quarter of 2025.
These structured interventions, the minister explained, provide a clear roadmap for addressing the metering gap in an effective and sustainable manner.
According to the statement, further that while the metering gap remains a concern, the notion that it will take over a decade to resolve is misleading.
“With the ongoing DISREP and PMI initiatives, Nigeria’s metering landscape is set to experience significant improvement before the end of the year. The focus should be on the execution of these well-structured plans rather than a blanket critique that overlooks the real progress being made,” the minister added.
General
NUPENG, PENGASSAN Resist External NNPC Appointments

By Adedapo Adesanya
The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) and the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) of Nigerian National Petroleum Company (NNPC) Limited Group Executive Council (GEC) have expressed concerns over the recent filling of top management position with externally recruited personnel.
President Bola Tinubu last Tuesday sacked the entire 11-person board of the NNPC and replaced the chief executive, Mr Mele Kyari with a former Shell executive, Mr Bashir Bayo Ojulari.
Mr Ojulari previously served as Managing Director of Shell’s Nigeria deepwater exploration and production unit. He was most recently chief operating officer of Renaissance Africa Energy, the consortium that bought Shell’s Nigeria onshore division.
The new board will be led by Mr Ahmadu Musa Kida, a former Total executive.
On Friday, the NNPC announced the appointment of a new 8-man senior management team. The company said the appointments takes immediate effect.
In a letter, addressed to the NNPC Chief Human Resources Officer, NUPENG and PENGASSAN said they cannot accept or support the recruitment of senior and management staff from outside the company.
The letter, titled Filling of top management positions in NNPC Limited with externally recruited personnel is unacceptable to PENGASSAN and NUPENG GEC, was signed by GEC Secretary at PENGASSAN, Ms Amaoge Chukwudi; its chairman, Mr Solomon Orieji; and the GEC Secretary at NUPENG, Mr Paulosa Paulosa and its chairman, Mr Baba Kaumi.
The letter was also sent to the new Group Chief Executive Officer (GCEO), Executive Vice President (EVP) Business Services, of the state-oil company.
“We extend our warm congratulations to the newly appointed Group Chief Executive Officer (GCEO) and Board Members of NNPC Limited. We wish them success in their new roles and pray for excellence in their assignments.
“However, we must draw urgent attention to a matter of serious concern to avert avoidable consequences. Based on past experiences, we have observed a recurring trend whenever a new GCEO is appointed externally – the temptation to fill top management positions with external recruitment rather than promoting staff members from within NNPC Ltd.
“As a matter of caution, we must state clearly that we cannot accept, accommodate, or support the recruitment of senior and Management staff from outside NNPC Limited and that any plan in such direction be stopped immediately,” the letter reads.
It said NNPC Limited is home to thousands of experienced, competent, and dedicated Nigerian professionals across various fields.
They argued that these individuals, who include their members, have dedicated quality years to sustaining the legacies of the company and are eager to take on higher responsibilities.
“Denying them career advancement opportunities and overlooking them in favor of external recruitment is grossly unjust and wasteful, and it will also disrupt the company’s steady progress towards greater profitability and efficiency.
“We must therefore caution against any unjust action that undermines the career growth of deserving staff members of our company. If this warning is ignored, we cannot guarantee the continuation of industrial harmony within NNPC Limited.”
Therefore, they said the letter serves to put the management and the Board of NNPC Limited on notice that PENGASSAN and NUPENG categorically reject any recruitment or appointment of senior or management staff above the SS6 cadre (specifically within the SS5 to M2 cadre) from outside the organisation.
“Any attempt to do so will be met with strong resistance, including a total shutdown of operations. Please accept our assurances of continued support and regards,” the letter read.
General
Former Oyo Governor Omololu Olunloyo Dies at 89

By Modupe Gbadeyanka
A former governor of Oyo State, Mr Victor Omololu Olunloyo, has died some days to his 90th birthday, precisely April 14, 2025.
He was said to have breathed his last in the early hours of Sunday after battling with old age-related ailments for the last few weeks.
In a statement signed on behalf of the family by Mr Oladapo Ogunwusi, it was stated that the deceased was a source of pride to his family and associates and serve the nation and humanity.
“With a heavy heart but gratitude to the Almighty, we announce the passing into glory of Dr Victor Omololu Olunloyo, former governor of Oyo State, mathematician and engineer and renowned technocrat, a few days before his 90th birthday.
“The Balogun of Oyo and Otun Bobasewa of Ife, Dr Olunloyo was first Rector, Ibadan polytechnic and first Rector, Kwara State Polytechnic among other notable appointments.
“His long record of service to the nation and humanity is a source of pride to his family and associates even as we come to grip with this devastating event.
“The Olunloyo family will appreciate the understanding of the press and the public as they commence efforts to give him a befitting burial.
“Even from everlasting to everlasting, He is God,” the statement read.
Business Post reports that Mr Olunloyo was the Governor of old Oyo State between October and December 1983.
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