Tag: Federal government

Nigeria power firms need $2.5bn capital, new investors to improve electricity supply – FG

According to the federal government, Nigerian energy providers lack the money to provide better power to Nigerians, estimated to be around N2 trillion, or roughly $2.5 billion. According to a Bloomberg story from yesterday, to revitalize the industry—which can hardly provide electricity to its 200 million inhabitants—new investment would be needed. Special Adviser to President Bola Tinubu on Energy, Olu Verheijen, said the companies are over-leveraged and under-capitalised, which ...

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Labour kicks as FG slashes wage by N100bn

On Wednesday, labour unions denounced the Federal Government for cutting N100 billion from the supplemental budgetary allocation meant for wage awards to federal civil servants, stating that this was not in accordance with their agreement with the government. Data obtained from the newly Revised 2023 Supplementary Budget, indicated that the government swapped the controversial N5bn presidential yacht ...

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