Economy
N37bn grant for meter supply to DisCos
The Federal Government says it has taken advantage of the new Meter Asset Provider (MAP) regulations to give a grant of N37billion to a private sector operator to supply meters to interested Distribution Companies (DisCos). Minister of Power, Works and Housing, Mr Babatunde Fashola, disclosed this at the 28th monthly meeting of power stakeholders in Kaduna. The Meeting, hosted by Kaduna Electricity Distribution Company at the Mando transmission substation, had in attendance representatives of government power agencies and private operators across the value chain of Generation, Transmission and Distribution.
The minister, who did not mention the name of the company, said the Federal government provided the fund based on the demand for meters, given the increasing power generation, transmission and distribution in the country. He said, “As power supply continues to increase in Generation, Transmission and Distribution, the demand for meters will increase because more power supply and consumption will likely result in increased bills. “Estimated billings in these circumstances will become a major cause of distrust and conflict between consumers and DisCos, and meters are the easiest way to build the bridge of trust.
“On the Executive side of government, we are responding by taking advantage of the Meter Asset Provider (MAP) regulations to deploy a fund of N37 billion toward supplying meters through private sector. I urge all DisCos who have not taken advantage of this opportunity to quickly do so, or make their own funding arrangements to contract their own meter providers to supply and install meters. I know that Yola DisCo is talking to the meter asset provider for 400, 000 meters. I know that Abuja DisCo is also indicating interest for 250,000 meters.
“I know that other meter asset providers are also talking to various banks and funding organisations to see how they can get into this business and get licensed by NERC.” He also said there was a clear intension of the legislative arm of government toward addressing the issue of meter in the sector. The minister said it was important for all DisCos to respond by providing meters and quickly end estimated billing, which was subjective, discretionary, and prone to abuse. He reiterated government’s commitment to better service delivery by improving infrastructure, as mandated by President Muhammadu Buhari.
Fashola who earlier commissioned a 60MVA transformer at the Zaria 132 KV substation to increase the transformer capacity from 140 MVA to 200 MVA said the transformer would improve service to customers of Kaduna DisCo. He listed some of the areas to benefit from the new transformer to include Zaria City, Sabon Gari, Samaru, Giwa, Yakawada, Tudun Wada and Markafi. He said the commissioning of another 2 X 60 MVA transformer at the 132 KV sub-station would improve the capacity of the substation from 190 MVA to 240 MVA. This, he said, would further improve supply to areas like Kaduna township, Rigasa, Kakuri, Rigachukwu, Chikun, Sabon Tasha, among others.
The minister emphasised the need for operators across the value chain to make service delivery to customers their focus.
“I have used the opportunity of this meeting to focus the attention of GenCos, Transmission Company and DisCos on the need to pay more attention to service delivery, repairs and maintenance of equipment. My focus in this meeting will not be different; we are beginning a different weather season that will see more rainfall, thunderstorms, lightening and windstorms. All of these will affect regular supply one way or another; trees will fall and disrupt lines, poles and lines may be damaged, and service will be disrupted.
“In all these situations, we must prepare our staff to anticipate, plan, and respond,” said the minister.
According to him, it is very important for the operators to always notify their customers in the event of any disruption of service. Most importantly, we must inform the public about the problems and what we are doing to restore service whenever there are disruptions,” Fashola said. Earlier, the Managing Director of Kaduna DisCo, Mr Garuba Haruna, said the DisCo was recording a minimum of 10 hours to 15 hours supply to consumers in Kaduna, Kebbi, Zamfara and Sokoto states.
He also said some areas under its control were experiencing 24 hours of electricity supply.
The Arab Africa Trade Bridges (AATB) Program and the Federal Republic of Nigeria formalized a partnership with the signing of the AATB Membership Agreement, officially welcoming Nigeria as the Program’s newest member country. The signing ceremony took place in Abuja on the sidelines of the 5th AATB Board of Governors Meeting, hosted by the Federal Government of Nigeria.
The Membership Agreement was signed by Eng. Adeeb Y. Al Aama, the CEO of the International Islamic Trade Finance Corporation (ITFC) and AATB Program Secretary General, and H.E. Mr. Wale Edun, Minister of Finance and Coordinating Minister of the Economy, Federal Republic of Nigeria. The Agreement will provide a strategic and operational framework to support Nigeria’s efforts in trade competitiveness, promote export diversification, strengthen priority value chains, and advance capacity-building efforts in line with national development priorities. Areas of collaboration will include trade promotion, agribusiness modernization, SME development, businessmen missions, trade facilitation, logistics efficiency, and digital trade readiness.
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, called for deeper trade collaboration between African and Arab nations, stressing the importance of value-added Agribusiness and industrial partnerships for regional growth. Speaking in Abuja at the Agribusiness Matchmaking Forum ahead of the AATB Board of Governors Meeting, the Minister said the shifting global economy makes it essential for African and Arab nations to rely more on regional cooperation, investment and shared markets.
He highlighted projections showing Arab-Africa trade could grow by more than US$37 billion in the next three years and urged partners to prioritize value addition rather than raw commodity exports. He noted that Nigeria’s growing industrial base and upcoming National Single Window reforms will support efficiency, investment and private-sector expansion.
“This is a moment to turn opportunity into action”, he said. “By working together, we can build stronger value chains, create jobs and support prosperity across our regions”, Edun emphasized. “As African and Arab nations embark on this journey of deeper trade collaboration, the potential for growth and development is vast. With a shared vision and commitment to value-added partnerships, we can unlock new opportunities, drive economic growth, and create a brighter future for our people.”
Speaking during the event, Eng. Adeeb Y. Al Aama, Chief Executive Officer of ITFC and Secretary General of the AATB Program, stated: “We are pleased to welcome Nigeria to be part of the AATB Program. Nigeria stands as one of Africa’s most dynamic and resilient economies in Africa, with a rapidly expanding private sector and strong potential across agribusiness, energy, manufacturing, and digital industries. Through this Membership Agreement, we look forward to collaborating closely with Nigerian institutions to strengthen value chains, expand regional market access, enhance trade finance and investment opportunities, and support the country’s development priorities.”
The signing of this Agreement underscores AATB’s continued engagement with African countries and its evolving portfolio of programs supporting trade and investment. In recent years, AATB has worked on initiatives across agribusiness, textiles, logistics, digital trade, export readiness under the AfCFTA framework, and other regional initiatives such as the Common African Agro-Parks (CAAPs) Programme.
With Nigeria’s accession, the AATB Program extends it’s presence in the region and adds a key partner working toward advancing trade-led development and fostering inclusive economic growth.
Federal Executive Council (FEC) has approved the 2026–2028 Medium-Term Expenditure Framework (MTEF), a key fiscal document that outlines Nigeria’s revenue expectations, macroeconomic assumptions, and spending priorities for the next three years. The approval followed Wednesday’s FEC meeting presided over by President Bola Tinubu at the State House, Abuja. The Minister of Budget and Economic Planning, Senator Atiku Bagudu made this known after the meeting.
The Minister said the Federal Government is projecting a total revenue inflow of N34.33 trillion in 2026, including N4.98 trillion expected from government-owned enterprises. Bagudu said that the projected revenue is N6.55 trillion lower than earlier estimates, adding that federal allocations are expected to drop by about N9.4 trillion, representing a 16% decline compared to the 2025 budget.
He said that statutory transfers are expected to amount to about N3 trillion within the same fiscal year. On macroeconomic assumptions, FEC adopted an oil production benchmark of 2.6 million barrels per day (mbpd) for 2026, although a more conservative 1.8 mbpd will be used for budgeting purposes. An oil price benchmark of $64 per barrel and an exchange rate of N1,512 per dollar were also approved.
Bagudu said the exchange rate assumption reflects projections tied to economic and political developments ahead of the 2027 general elections. He said the exchange rate assumption took into account the fiscal outlook ahead of the 2027 general elections.
The minister said that all the parameters were based on macroeconomic analysis by the Budget Office and other relevant agencies. Bagudu said FEC also reviewed comments from cabinet members before approving the Medium-Term Fiscal Expenditure Ceiling (MFTEC), which sets expenditure limits. Earlier, the Senate approved the external borrowing plan of $21.5 billion presented by President Tinubu for consideration The loans, according to the Senate, were part of the MTEF and Fiscal Strategy Paper (FSP) for the 2025 budget.
The spot rate on Nigerian Treasury bills has been increased by 146 basis points by the Central Bank of Nigeria (CBN) following tight subscription levels at the main auction on Wednesday. The spot rate on Treasury bills with one-year maturity has now surpassed Nigeria’s 16.05% inflation by 145 basis points following a recent decision to keep the policy rate at 27%.
The Apex Bank came to the primary market with N700 billion Treasury bills offer size across standard tenors, including 91-day, 182-day and 364 day maturities. Details from the auction results showed that demand settled slightly above the total offers as investors began to seek higher returns on naira assets despite disinflation.
Total subscription came in at about N775 billion versus N700 billion offers floated at the main auction. The results showed rising appetite for duration as investors parked about 90% of their bids on Nigerian Treasury bills with 364 days maturity. The CBN opened N100 billion worth of 91 days bills for subscription, but the offer received underwhelming bids totalling N44.17 billion.
The CBN allotted N42.80 billion for the short-term instrument at the spot rate of 15.30%, the same as the previous auction. Total demand for 182 days Nigerian Treasury bills settled at N33.38 billion as against N150 billion that the authority pushed out for subscription. The CBN raised N30.36 billion from 182 days bills allotted to investors at the spot rate of 15.50%, the same as the previous auction.
Investors staked N697.29 billion on N450 billion in 364-day Treasury bills that was offered for subscription. The CBN raised N636.46 billion from the longest tenor at the spot rate of 17.50%, up from 16.04% at the previous auction.
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