Business
Power Sector Illegally Sold – Fashola Says
The Federal Government and labour agreed yesterday that the power sector was illegally privatised but they differed on how to redress the “illegality.”
Labour leaders are demanding for the cancellation of the sale and reversal of 45 percent increase in tariff effected in February.
However, the government said though it agreed the deal was fraudulent there were legal issues that might make it impossible to reverse the sale.
Speaking at a Senate public hearing on the electricity tariff yesterday, Minister of Power, Works and Housing, Babatunde Fashola, said government’s interests were illegitimately sold to some private businesses.
“As a minister, I inherited a power sector where government’s interests have been illegally sold and, therefore, I don’t control how power is distributed.”
On the electricity tariff increase, the minister said that the tariff could not be reversed.
“The DISCOS made it very clear to us that if we did not give them the market reflective tariff it means that government would have to carry the continuing cost that accumulated in the region of about a trillion naira.
“The tariff was increased in 2015 and then reversed because of the electoral significance. But the debts that they created were not reversed and they continued to accrue into this administration.
“We are not insensitive to Nigerians, owing to their challenges. We were looking for the best way to solve what has become an over 60-year problem, since 1950, when TCN was first created.
I guess tariffs may initially look excessive but when we count and measure the down times and how much time is lost when there is no sustainable electricity and measure them against the expectation of sustained electricity overtime, perhaps it would seem cheaper.”
Fashola, who admitted that power supply in the country had not significantly improved, said confidence had been restored in the sector.
“Yes, service hasn’t improved but confidence has come into the system. Like you have the Nigerian Communication Commission (NCC) in the telecommunication industry, NERC is for us in the power sector.”
In his remarks, Anthony Akah, the acting chairman of NERC, said it was not possible to reverse the tariff.
“The review of the tariff is possible but its reversal is not,” he said.
“The tariff was essential and meant to trigger the necessary investment in the sector. The hike in the tariff was not different from what is happening in other sectors of the economy,” he added.
In his submission, the General Secretary of the National Union of Electricity Employees (NUEE), Comrade Joe Ajaero, said that the privatisation of the power sector was not properly done and must, therefore be reversed.
Also speaking, the representatives of the Trade Union Congress (TUC), Chris Okonkwo, said that the power sector was better off before its privatisation.
He said that the investors in the power sector lacked the technical expertise and finance to turn around the sector.
He said: “Consumers are bearing the brunt of the inefficiencies of the investors. We, at the TUC, are of the opinion that tariff increase was not the solution to the problems of the power sector.”
Former Vice President AtikuAbubakar had in April last year advised then president-elect Muhammad Buhari (Rtd) to reverse the privatisation exercise of the power sector.
Atiku spoke at the 36th Kaduna International Trade Fair’s Seminar organised by the Kaduna Chamber of Commerce, Mines and Agriculture (KADCCIMA).
He said the Obasanjo-led administration sunk billions of dollars into the sector, but failed to address the problem of the power sector.
The Senate had in February asked NERC to halt the 45 percent increment, following the outcry that trailed it.
The Senate Leader, Ali Ndume (APC-Borno South), recently called for the revisiting of the privatisation process and its possible revocation.
Speaking with reporters in Abuja Ndume said the Nigeria Electricity Regulatory Commission had no reason to increase the tariff.
The senator said the companies bought the nation’s electricity infrastructure for almost nothing and rather than investing in them, were calling for hike in tariff.
He said: “These people took over these companies for peanuts and they have not invested. I have not seen how they will just come and be charging people indiscriminately like that.
“This is not a competitive market where you say the market forces determine the price. They just want to take advantage of Nigerians. I am against that completely. In fact, I am against the privatisation completely.”
Nigeria’s Inflation Drops to 15.10% as NBS Reports Deflationary Trend
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Alpha Morgan to Host 19th Economic Review Webinar
In an economy shaped by constant shifts, the edge often belongs to those with the right information.
On Wednesday, February 25, 2026, Alpha Morgan Bank will host the 19th edition of its Economic Review Webinar, a high-level thought leadership session designed to equip businesses, investors, and individuals with timely financial and economic insight.
The session, which will hold live on Zoom at 10:00am WAT and will feature economist Bismarck Rewane, who will examine the key signals influencing Nigeria’s economic direction in 2026, including policy trends, market movements, and global developments shaping the local landscape.
With a consistent track record of delivering clarity in uncertain times, the Alpha Morgan Economic Review continues to provide practical context for decision-making in a dynamic environment.
Registration for the 19th Alpha Morgan Economic Review is free and can be completed via https://bit.ly/registeramerseries19
It is a bi-monthly platform that is open to the public and is held virtually.
Visit www.alphamorganbank to know more.
GTBank Launches Quick Airtime Loan at 2.95%
Guaranty Trust Bank Ltd (GTBank), the flagship banking franchise of GTCO Plc, Africa’s leading financial services group, today announced the launch of Quick Airtime Loan, an innovative digital solution that gives customers instant access to airtime when they run out of call credit and have limited funds in their bank accounts, ensuring customers can stay connected when it matters most.
In today’s always-on world, running out of airtime is more than a minor inconvenience. It can mean missed opportunities, disrupted plans, and lost connections, often at the very moment when funds are tight, and options are limited. Quick Airtime Loan was created to solve this problem, offering customers instant access to airtime on credit, directly from their bank. With Quick Airtime Loan, eligible GTBank customers can access from ₦100 and up to ₦10,000 by dialing *737*90#. Available across all major mobile networks in Nigeria, the service will soon expand to include data loans, further strengthening its proposition as a reliable on-demand platform.
For years, the airtime credit market has been dominated by Telcos, where charges for this service are at 15%. GTBank is now changing the narrative by offering a customer-centric, bank-led digital alternative priced at 2.95%. Built on transparency, convenience and affordability, Quick Airtime Loan has the potential to broaden access to airtime, deliver meaningful cost savings for millions of Nigerians, and redefine how financial services show up in everyday life, not just in banking moments.
Commenting on the product launch, Miriam Olusanya, Managing Director of Guaranty Trust Bank Ltd, said: “Quick Airtime Loan reflects GTBank’s continued focus on delivering digital solutions that are relevant, accessible, and built around real customer needs. The solution underscores the power of a connected financial ecosystem, combining GTBank’s digital reach and lending expertise with the capabilities of HabariPay to deliver a smooth, end-to-end experience. By leveraging unique strengths across the Group, we are able to accelerate innovation, strengthen execution, and deliver a more integrated customer experience across all our service channels.”
Importantly, Quick Airtime Loan highlights GTCO’s evolution as a fully diversified financial services group. Leveraging HabariPay’s Squad, the solution reinforces the Group’s ecosystem proposition by bringing together banking, payment technology, and digital channels to deliver intuitive, one-stop experiences for customers.
With this new product launch, Guaranty Trust Bank is extending its legacy of pioneering digital-first solutions that have redefined customer access to financial services across the industry, building on the proven strength of its widely adopted QuickCredit offering and the convenience of the Bank’s iconic *737# USSD Banking platform.
About Guaranty Trust Bank
Guaranty Trust Bank (GTBank) is the flagship banking franchise of GTCO Plc, a leading financial services group with a strong presence across Africa and the United Kingdom. The Bank is widely recognized for its leadership in digital banking, customer experience, and innovative financial solutions that deliver value to individuals, businesses, and communities.
About HabariPay
HabariPay is the payments fintech subsidiary of GTCO Plc, focused on enabling fast, secure, and accessible digital payments for individuals and businesses. By integrating payments and digital technology, HabariPay supports innovative services that make everyday financial interactions simpler and more seamless.
Enquiries:
GTCO
Group Corporate Communication
[email protected]
+234-1-2715227
www.gtcoplc.com
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