logo
Nigeria reduces electricity subsidies by 35% following tariff hike for heavy users

Nigeria reduces electricity subsidies by 35% following tariff hike for heavy users

Yahoo21-04-2025
Nigeria has achieved a 35% reduction in electricity subsidies after last year's tariff increase for certain consumers, as announced by Power Minister Adebayo Adelabu, reported Reuters.
The country, which is Africa's most populous, has been grappling with a power sector plagued by an unreliable grid, gas shortages, and financial challenges.
Nigeria was previously allocating nearly N200bn ($125.01m) monthly to electricity subsidies due to non-commercially viable tariffs.
The government's decision to remove subsidies for the top 15% of electricity consumers, encompassing both households and businesses with high consumption rates, has led to a substantial financial turnaround.
During a press briefing in Abuja, Adelabu highlighted the positive impact of the targeted tariff adjustment with "the market generating an additional N700bn in revenue, reflecting a 70% increase.'
This strategic move has not only alleviated the financial burden on the state but also contributed to improved power generation and a reduction in the government's tariff shortfall from N3tn to N1.9tn.
Despite these advancements, Nigeria's power sector continues to face significant challenges.
With an installed capacity of 13GW, the country often produces just one-third of this potential, leading to a heavy reliance on expensive alternative power sources.
The Nigeria Sovereign Investment Authority (NSIA), Sustainable Energy for All (SEforALL), the International Solar Alliance (ISA), and Africa50 have recently introduced the $500m Distributed Renewable Energy (DRE) Nigeria Fund.
The fund is designed to support the development and financing of DRE projects within Nigeria. It will concentrate on investments in mini-grids, solar home systems, commercial and industrial power solutions, embedded generation projects, and innovative energy storage technologies.
The goal is to deliver more reliable and cost-effective power to Nigerian homes and businesses, furthering the country's journey towards energy sustainability.
"Nigeria reduces electricity subsidies by 35% following tariff hike for heavy users" was originally created and published by Power Technology, a GlobalData owned brand.
The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Trump Admin Insider Blows Lid Off Tariffs: ‘It's All Fake'
Trump Admin Insider Blows Lid Off Tariffs: ‘It's All Fake'

Yahoo

time34 minutes ago

  • Yahoo

Trump Admin Insider Blows Lid Off Tariffs: ‘It's All Fake'

A source deeply embedded in the Trump administration's ongoing trade talks accused the Republican president of waging a tariff war for TV ratings. '[Donald] Trump knows the most interesting part of his presidency is the tariff conversation,' the White House insider, who chose to remain anonymous out of fear of reprisal, told Politico. 'It's all fake. There's no deadline. It's a self-imposed landmark in this theatrical show, and that's where we are.' In April, the MAGA figurehead paused his sweeping 'Liberation Day' tariffs to announce a three-month window for the world to negotiate new trade agreements with the United States—or face the full fury of his levies. In a subsequent interview with Time magazine, Trump claimed to have in principle already 'made all the deals' with more than 200 foreign partners, before later suggesting the real number would likely be closer to just a few dozen. Yet ahead of a self-imposed July 9 deadline, only the UK and China have inked relatively limited arrangements, with less than four days now left to go. As global markets brace for the Wednesday deadline, Trump has lately appeared full of tough talk in his public appearances, telling reporters Friday he'd already signed more than 12 'take it or leave it' letters to various countries reminding them of the levies they'll face if a deal is not soon reached, Reuters reported. On other occasions, Truymp appeared to revel in the uncertainty that his tariff regime has created. 'We can do whatever we want,' he said of the deadline during a White House press conference Tuesday, CNBC reported. 'We could extend it, we could make it shorter. I'd like to make it shorter.' That ambivalence apparently has some of the president's allies questioning just how far he's willing to go to net new trade opportunities for the country. 'You have wins. Take them,' as the White House insider put it to Politico. 'You only have to assume he doesn't want to take them because he likes the game too much.' In a statement to the Daily Beast, White House spokesman Kush Desai said 'the hollowing out of American Main Streets and industries by unfair foreign trade practices is not a theatrical show.' Desai added, 'President Trump pledged to use tariffs to level the playing field and restore American Greatness, and the Administration is committed to delivering on this pledge.'

CIA admits shadowy officer monitored Oswald before JFK assassination, new records reveal
CIA admits shadowy officer monitored Oswald before JFK assassination, new records reveal

Axios

time4 hours ago

  • Axios

CIA admits shadowy officer monitored Oswald before JFK assassination, new records reveal

For the first time since President Kennedy's assassination nearly 62 years ago, the CIA has tacitly admitted that an officer specializing in psychological warfare ran an operation that came into contact with Lee Harvey Oswald before the Dallas killing. Why it matters: The disclosure Thursday — nestled in a batch of 40 documents concerning officer George Joannides — indicates the CIA lied for decades about his role in the Kennedy case before and after the assassination, according to experts on JFK's slaying. The linchpin document: A Jan. 17, 1963, CIA memo showing Joannides was directed to have an alias and fake driver's license bearing the name "Howard Gebler." Until Thursday, the agency had denied that Joannides was known as "Howard," the case officer name for the CIA contact who worked with activists from an anti-communist group opposed to Cuban dictator Fidel Castro called the Cuban Student Directorate. For decades, the agency also falsely said it had nothing to do with the student group, which was instrumental in having Oswald's pro-Castro stances published soon after the shooting. The bottom line: "The cover story for Joannides is officially dead," said Jefferson Morley, an author and expert on the assassination. "This is a big deal. The CIA is changing its tune on Lee Harvey Oswald." The information comes to light as part of President Trump's order that the government meet its obligations to disclose all documents under the JFK Records Act of 1992. Little was known of Joannides' involvement in the case until disclosures in 1998 under the records act. New disclosures of previously hidden records keep adding slices of information to the story. Zoom in: Joannides was the deputy chief of the CIA's Miami branch, overseeing "all aspects of political action and psychological warfare." That included covertly funding and directing the Cuban student group, commonly referred to as DRE for its Spanish-language initials. On Aug. 9, 1963, more than three months before Nov. 22 assassination, four DRE operatives got into a scuffle with Oswald in New Orleans when he was passing out pro-Castro "Fair Play for Cuba Committee" pamphlets. The subsequent court hearing was covered by local news media. On Aug. 21 , 1963, Oswald debated DRE activists on local TV, providing more media attention to him as a communist. After the assassination, DRE's newsletter identified Oswald as a pro-Castro communist, and the Miami Herald and Washington Post covered the story. A year before Oswald became known as pro-Castro, the Pentagon formulated a plan called Operation Northwoods to stage a false-flag attack in the United States, blame Cuba and then attack it. Zoom out: The new documents don't shed any additional light on Kennedy's shooting or settle the controversy over whether Oswald acted alone. Nor is there any evidence showing why the CIA covered up Joannides' ties to DRE. All the records disclosed so far show how the CIA lied about financing or being involved with DRE. That includes the agency's interactions with the Warren Commission (1964), the Church Committee (1975), the House Select Committee on Assassinations (1977-78) and the Assassination Review Board (until 1998). The intrigue: Joannides didn't just have knowledge of Oswald before the assassination — afterward he played a central role in deceiving the House Select Committee on Assassinations. At the time, the CIA appointed Joannides to be its liaison with the committee. But he and the agency hid the fact that he was involved with DRE and therefore the Kennedy case, slow-walked the CIA's production of records, and lied. The committee's chief counsel, Robert Blakey, testified in 2014 that he asked Joannides about "Howard" and DRE, and that "Joannides assured me that they could find no record of any such officer assigned to DRE, but that he would keep looking," Blakey said. A former committee investigator, Dan Hardway, testified before a House Oversight committee last month that Joannides was running a "covert operation" to undermine the congressional probe into the assassination. Two years after stonewalling the committee, Joannides was awarded the Career Intelligence Medal by the CIA in 1981. He died in 1990. What they're saying: Rep. Anna Paulina Luna, a Florida Republican overseeing the House committee examining the newly released JFK documents, said Joannides was "1,000 percent" involved in a CIA coverup. Morley and some others who've written extensively about Kennedy's assassination believe rogue CIA agents might have been involved in the killing, but Morley's not ready to say Joannides was one of them. Others, such as author Gerald Posner, believe Oswald was the lone gunman. But all are in agreement that the CIA acted in bad faith after Kennedy was killed. "It's vintage CIA. They never provide transparency. They don't tell the truth. They obscure. They obfuscate. And when the documents come out, they look bad," Posner said. A CIA spokesperson told Axios the agency "has fully complied and provided all documents — without redactions — related to the assassination of former President John F. Kennedy to NARA consistent with President Trump's direction in an unprecedented act of transparency by the agency."

Ukraine pummels Russia airbase, Moscow continues massive drone assault on Kyiv — hopes of a mediated truce grow dimmer
Ukraine pummels Russia airbase, Moscow continues massive drone assault on Kyiv — hopes of a mediated truce grow dimmer

New York Post

time6 hours ago

  • New York Post

Ukraine pummels Russia airbase, Moscow continues massive drone assault on Kyiv — hopes of a mediated truce grow dimmer

Ukraine inflicted significant damage on a Russian airbase Saturday, amid Moscow's continued drone attacks on Kyiv, which killed at least one person overnight — part of a prolific Russian assault that has seemed to dash any hopes of a truce in the war. Ukrainian forces struck the Borisoglebsk airbase in Russia's Voronezh region near the Ukrainian border, hitting a depot containing glide bombs, a training aircraft and 'possibly other aircraft,' the military said. The calculated strike targeted fighter jets Russia regularly uses in its air strikes, in an effort to put a dent in the Kremlin's military capabilities, according to Ukrainian officials. 4 A Ukrainian anti-aircraft cannon is seen here firing at night. via REUTERS Moscow's Defense Ministry said it reported no casualties and claimed no damage. Last month, Kyiv destroyed more than 40 Russian planes stationed at several of the Kremlin's airfields in a surprise drone attack. Meanwhile, Moscow fired 322 drones and decoys into Ukraine overnight into Saturday, Ukraine's air force posted on Telegram. Most of the attacks were aimed at the city of Starokostiantyniv, an important military hub in western Ukraine's Khmelnytskyi region. The army said it was able to neutralize 292 of the incoming Russian drones. But some also struck cities in Ukraine's northeastern Kharkiv region, where firefighters were seen battling enormous blazes. A 55-year-old woman was killed, and 15 other civilians were injured, including two children, according to Kharkiv Gov. Oleh Syniehubov. 4 Firefighters battled a large fire in the Kharkiv region in Ukraine, following a Russian drone attack overnight. STATE EMERGENCY SERVICE HANDOUT/EPA/Shutterstock Syniehubov said Russia used Iranian-made Shahed — so-called 'kamikaze' drones — in the attack, a powerful autonomous weapon designed to attack ground targets from a distance, before being destroyed. Ukrainian officials have warned of ramped up production of the Iranian weapon in recent days. 4 Smoke could be seen rising over Kyiv at night following a Russian strike Friday morning. AP The Saturday offensive came on the heels of Russia's largest air strike since the 2022 conflict began. Moscow pounded Kyiv with a record 550 drones and a dozen missiles Friday in an onslaught that killed two people and injured 57 others during a seven-hour barrage on the capital city — just hours after President Trump admitted he was 'disappointed' with Russian President Vladimir Putin following a Thursday phone call between the two leaders. 4 Kyiv's mayor Vitali Klitschko visited the site of a missile attack on a residential building Friday. AFP via Getty Images The attack damaged roughly 40 apartment blocks, passenger railway infrastructure, five schools and kindergartens, cafes and cars in six of Kyiv's 10 districts, according to Ukrainian officials. Trump also spoke by phone with Volodymyr Zelensky on Friday, and the Ukrainian president described the conversation as 'very important and productive.' Zelensky said he was 'grateful for all the support' from the US as the duo talked about boosting Ukraine's air defenses amid Russia's escalations on the battlefield.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store