Federal government has said that it plans are ongoing to increase electricity tariffs “over the next few months”.

The government however, said that the planned increase needed to be balanced by subsidies for less-affluent electricity users.

Olu Verheijen, special adviser to President Bola Tinubu on Energy, , as giving this hint at the Africa Heads of State Energy Summit in Dar es Salaam, Tanzania, where Nigeria presented a $32 billion plan to expand electricity connections by 2030.

According to the presidential aide, Nigeria is trying to resolve the transition to a cost-efficient but cost-reflective tariff to attract private investors.

She said: “One of the key challenges we’re looking to resolve over the next few months is transitioning to a cost-efficient but cost-reflective tariff.

“So the sector generates revenue required to attract private capital, while also protecting the poor and vulnerable.”

Last year, the federal government approved a threefold increase in electricity tariff for customers under the Band A classification.

The fresh move to raise tariffs comes amid mounting pressure from Nigeria’s debt-burdened electricity distribution companies for tariffs to be cost-reflective so they can improve their finances.

The National Insurance Commission has issued fresh regulations on annuity business with effect from February 1, 2025, in a bid to sanitise that segment of the market.

An annuity is a contract between you and an insurance company that requires the insurer to make payments to you, either immediately or in the future. You get a fixed amount of money for the rest of your life in return for a lump sum payment or a series of instalments.

In a statement over the weekend, NAICOM released circular outlining additional regulatory requirements for life insurance companies carrying on annuity business in Nigeria.

The circular, dated January 29, 2025, signed by Director (Innovation & Regulation) A.I. Adamu, issued to Managing Directors/CEOs of all life insurance companies, aims to enshrine best practices in the management of annuity portfolios by insurance institutions.

The new rules mandate that insurance companies are required to have at least one qualified actuary responsible for assets-liability matching analysis and implementation of its adoption by the investment team of the company.

A part of the guidelines read, “An insurer that does not have an in-house qualified actuary shall make arrangements for a qualified one from an external actuarial firm to take on the ALM responsibility on its behalf for an interim period of no more than two years, subject to the Commission’s approval for an extension for two or more years thereafter.

“The appointment of an in-house or external qualified actuary, who shall sign off all ALM reports as required by the provisions of paragraphs 3.4.3, 7.3.1, and 8.1.5(m) of the Prudential Guidelines, shall be subject to the prior approval of the commission.

ALM Reports: Companies are required to submit ALM reports to the commission quarterly, with requirements outlined in the circular such as required actions by insurers depending on the results from specific analysis applying guidance provided in the NAS Standards of Actuarial Practice.”

NAICOM said that insurance companies are required to comply with the new requirements, with the board of directors responsible for ensuring strict compliance.

Also, the regulator said that companies that are unable to cover the additional expenses imposed by the circular are required to transfer their annuity portfolio to another suitable insurance company within 180 days.

On the mandated ALM reports, the new guidelines read, “The ALM report shall be submitted to the Commission not later than 15 days after the end of every quarter in line with the reporting requirement stipulated in paragraph 3.4.3 of the Prudential Guidelines.

“Without prejudice to paragraph seven of this circular, where the annuity portfolio of an insurance company has more than 1,000 (one thousand) annuitants or the portfolio is valued at N5bn or more, the company shall submit to the commission the prescribed ALM report monthly, not later than the 15th of the succeeding month.”

The Ministry of Innovation, Science and Technology, in partnership with Humanity Advancement Innovation Network (HAIN), has launched an innovative initiative to unlock the immense potential of Nigeria’s youth.

The Minister, Chief Uche Nnaji, while signing the Memorandum of Understanding in Abuja, said the partnership represents a significant milestone in the journey to foster a thriving innovation ecosystem across Nigeria.

He added that the partnership aligns perfectly with President Bola Ahmed Tinubu’s Renewed Hope Agenda, particularly in the areas of job creation, economic diversification, and inclusive development.

According to the minister, the Innovative Science and Technology Programme (ISTEP) will train and certify 10,000 innovators across 200 local government areas in the next two years.

“It will be establishing 2,500 youth-led innovative enterprises to drive economic growth and competitiveness,” he added.

“Also, developing six Innovation Academies and three iSTECH City Hubs as centres of excellence in technology and innovation. Creating 5,000 new jobs, contributing to national efforts to tackle unemployment.”

He stressed that the programme underscores the collective commitment to leveraging innovation and technology to address pressing challenges in key sectors such as agriculture, energy, and industrial development.

“It will enhance food security through agricultural and green innovation and promote inclusive economic development by fostering innovation-driven enterprises.”

The minister, who urged youths to seize the opportunity, added that the future of the nation depends on their creativity, resilience, and entrepreneurial spirit.

On his part, the Team Lead of Humanity Advancement Innovation Network (HAIN), Daniel Olasetemi, said the group will provide training and market access for young entrepreneurs to thrive.

He added that Nigeria is currently facing economic challenges due to its dependence on imported goods, saying this can only be addressed through the grooming of young entrepreneurs.