News
Nigeria Faces Shutdown as Energy Crisis Worsens
Nigeria faces a shutdown as fuel becomes increasingly unavailable nationwide and prices doubled or tripled in some places.
Petrol, diesel and even kerosene are longer being sold in 80% of fuel stations across Nigeria, according to reports by Daily Trust correspondents.
The situation is so critical that motorists are stranded at filling stations for a whole day.
As a result transport fares have shot up sharply – in some places rising by 100% or more.
Airlines have also cut flights by half, leaving passengers stranded and some angry for being forced to miss crucial business trips.
All these are compounded by power generation which has dropped to all time low forcing critical services like hospitals, banks and telecoms to depend ever more on generator plants.
But Daily Trust correspondents report that even such alternative services are themselves threatened by the current fuel shortages.
Telecom operators have warned that the nation faces shutdown if the situation does not improve immediately.
A few hospitals have also expressed concerns that they will no longer be able to carry out operations should the situation continue for a day or two.
The fuel crisis is coming at a time when about 50 foreign leaders are due in the country for the inauguration of a new president on Friday.
Fuel scarcity in Lagos and some western parts of the country weekend worsened as most filling stations remained closed.
Our correspondent gathered that some of the black marketers got supply of the product from burst pipelines in the outskirt of Ikorodu area of the Lagos and sell to motorists at N250 per litre against the official price of N87.
Commercial bus drivers have hiked transport fare by over 150 percent margin in order to enable them make returns on the cost of fuelling their vehicles.
A transport fare from Ajah to Obalende, which was N300 days ago was N 700 yesterday. Also Yaba fare to Obalende goes as high as N400 and N500 as against N100 per trip last week.
Inter state buses also jerked transport fares for over 100 percent, leaving cost of movement to Ibadan and Abeokuta at N3500 and N3000 respectively as against N2000 and N1500 last week.
Meanwhile, the Executive Secretary of the Major Oil Marketers of Nigeria (MOMAN), Mr Obafemi Lawore has expressed concern over the worsening fuel scarcity.
MOMAN and other importers are scheduled to meet the Senate in Abuja today.
Two of the major telecoms operators, Airtel and MTN Nigeria have warned of imminent network degradation if the fuel scarcity is not addressed.
MTN said in a statement posted on its twitter handle, that its reserve diesel was running out fast and the network might suffer imminent degradation if it did not manage to procure diesel supplies within the next 24 hours.
The statement read, “MTN’s available reserves of diesel are running low and the company must source for a significant quantity of diesel in the near future to prevent a shutdown of services across Nigeria.”
Corporate Services Executive Akinwale Goodluck said: “Most of our base stations and switches are powered round-the-clock by Diesel Generators and the current fuel shortage has drastically reduced the availability of diesel fuel supply to key locations”
In the same vein, Airtel Networks Limited also in a statement said the situation is impacting negatively on its commitments to delivering best-in-class quality of service and seamless telephony experience to all Nigerians.”
An official, Mr. Erhumu Bayagbon said: “While we are currently doing everything within our means as well as going the extra mile to ensure that all our base stations and switches are up and running, it is sad to note that it is becoming increasingly difficult to replenish current stock of diesel due to the lingering scarcity of the products.”
He said, “We are also concerned that, if the situation persists, it may have adverse effects on our network, impacting both voice and data services. Airtel, therefore wishes to assure all customers that we will continue working with all our partners and stakeholders to mitigate any negative impact as we remain committed to our promise of providing exceptional services.”
A 2014 slide-deck presented to foreign investors revealed that MTN Nigeria spends at least 70 percent of operating expenditure on diesel, while the Chief Executive Officer of Airtel Nigeria, Segun Ogunsanya also gave an estimated amount of N10billion as annual spending on diesel.
The fuel crisis is forcing businesses to close their doors and if MTN’s grim forecast comes to pass, not only voice and calls will be affected, but also internet services, banks, health, education as well as other sectors of the economy.
The persistent acute power outage coupled with the hot weather being experienced in Kano State has exposed residents to untold hardship, our correspondent reports.
For weeks power supply in Kano State has worsened as residents battle with many days of blackout. This is not helped by the weather condition which has been fluctuating between 39 and 40 degrees.
A civil servant, Aminu Mohammed said his son had been admitted at the Nasarawa hospital as a result of the hot weather and the power outage.
“For the past five days now I have been at the hospital, my son is suffering from high fever which doctors said was caused by the hot weather. I thank God that his is high fever but cases of meningitis have been recorded at the hospital,” he said.
A factory worker in Sharada phase 2, Ibrahim Suleiman said the management of the carpet company he is working with had cancelled overtime because of the power outage.
News
Senate Committee Partners with Kuda Bank to Tackle Compliance Crisis as Nigeria Loses ₦3.4 Trillion
Over ₦3.4 trillion in financial infractions were uncovered across federal Ministries, Departments, and Agencies (MDAs) in 2021, according to the Auditor General’s report — a staggering figure that highlights Nigeria’s deepening compliance crisis and the urgent need for stronger oversight in public institutions.
In response, the Senate Committee on Legislative Compliance is hosting a high-level workshop to address the root causes of weak oversight and institutional gaps. The two-day event, with the theme ‘Consolidating Strategies for Strengthening Legislative Compliance by MDAs’, will take place on April 15 and 16, 2025 at NAF Suites, Abuja, bringing together lawmakers, regulators, and over two hundred representatives from federal MDAs.
Kuda Microfinance Bank is co-sponsoring the workshop as part of its commitment to supporting responsible innovation, governance, and regulatory alignment in Nigeria’s financial ecosystem.
Rasaq Kadri, Kuda’s Head of Compliance, will deliver a keynote address on the second day of the event, highlighting the efforts of Nigeria’s fintechs to promote inclusion and financial literacy without compromising on compliance best practices.
“When public funds go unaccounted for, it doesn’t just damage government credibility, it affects the entire financial ecosystem, including fintechs,” said Kadri. “We can’t build trust-driven products in a trust-deficient environment. Every time compliance is treated as a box-ticking exercise, we miss the chance to build something that lasts. Fintechs have the tools and perspective to support better governance, but more importantly, we have a responsibility to be part of the solution.”
As a sponsor, Kuda will take the workshop to engage directly with key stakeholders in Nigeria’s regulatory and public service ecosystem.
Plenary sessions will be chaired by the Honourable Attorney General of the Federation, Lateef Fagbemi SAN, and the Honourable Minister of Finance, Wale Edun. Conversations will focus on closing compliance gaps, strengthening institutional transparency, and promoting cross-sector collaboration.
The Senate Committee on Legislative Compliance Workshop is a unique platform for dialogue, knowledge-sharing, and collaborative action.
The Federal Government has inaugurated the new Board of Directors of Galaxy Backbone Limited (GBB). The board’s mandate is to lead Nigeria’s digital transformation in Information and Communication Technology (ICT) infrastructure and services.
It will support Federal Government Ministries, Departments, and Agencies (MDAs) in a fast-changing landscape.
George Akume, Secretary to the Government of the Federation, led the inauguration. He emphasised the government’s commitment to making GBB more agile, responsive, and impactful. The aim is to drive national digital public infrastructure and service delivery. This was according to a statement by Segun Imohiosen, Director of Information and Public Relations.
The board has George Akume as Chairman. Its members include Rabi’a Adamu Waziri from the Petroleum Technology Development Fund (PTDF), Abubakar Abdulqadir Maje from the Joint Stock Association (JSA), Kemi Owonubi from the Ministry of Finance Incorporated (MOFI), and Margareth Ebute from the Ministry of Communications and Digital Economy.
Other members are Ibrahim Adeyanju, Olusegun, Olumbe Akinkugbe, Sanni Ibrahim Mohammed, and Adama Pindar from Galaxy Backbone Limited.
In his acceptance speech, Prof. Ibrahim Adepoju Adeyanju, Managing Director of Galaxy Backbone Limited, assured that the board will focus on sustainability. He said it plans to realign its vision and build a strong foundation for achieving strategic goals.
He also noted that within one year, the agency developed its Integrated Digital Transformation Strategy (IDTS). This strategy will run from 2025 to 2028.
Smart Treasure (ST Team) has honored the Deji of Akure, His Royal Highness Ọbá Aladetoyinbo Ogunlade Aladelusi, Odundun II, CFR, with a plaque of recognition for his dedication to the welfare of his subjects.
The presentation was made at the monarch’s palace in Akure by a delegation led by Instructor Luke Mbadugha from the Lagos Operations Center.
The visit was part of ongoing discussions on a partnership aimed at boosting agriculture in Akure, Ondo State.
The initiative, spearheaded by the ST Team, seeks to ensure the availability of farmland for agricultural purposes.
Under the arrangement, the ST Team will provide seedlings and manpower, while a significant portion of the proceeds will be distributed to the indigenes at no cost.
The remaining proceeds will support the administrative operations of the ST Team.
In his response, Ọbá Aladetoyinbo announced the allocation of a parcel of land at Ofosu, along the Ondo-Benin Road, for the project.
He described the initiative as a commendable effort to enhance food security for both the local community and the nation.
The monarch also called for a follow-up meeting to facilitate the assessment of the land for the project’s commencement.
Meanwhile, farming activities are set to resume at Aladodo Isikan in Akure South Local Government Area, another site designated for the agricultural project.
The four-acre land will be used to cultivate crops such as yam, cassava, plantain, and maize. A test run of maize planting began on April 9, 2025, with expectations of harvesting in three months.
Kabiesi Akinwunmi Adekanmbi Obey, the monarch of Olulero Okelero, Onitan Isikan, lauded the ST Team for their commitment to ensuring food availability.
He emphasized the importance of agriculture, stating, “Whoever brings food brings life.”
The ST Team, an investment platform dedicated to reducing poverty in Africa by 30% by 2027, has been actively involved in various Corporate Social Responsibility programs, including this agricultural initiative.
The project underscores their mission to create financial freedom and improve the quality of life for individuals across the continent.
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