News Rider

BY CHIKA OKEKE, Abuja President Bola Tinubu  Worried by the deteriorating electricity distribution, President Bola Tinubu has approved ₦3.3 trillion payment plan to facilitate steady power supply across the country.  The fund is expected to offset the outstanding debts under the Presidential Power Sector Financial Reforms Programme.  It followed the final review of the legacy debts that have beset the power sector for more than a decade. The long-standing debts accumulated between February 2015 and March 2025. Following verification, ₦3.3 trillion was agreed as a full and final settlement, ensuring a fair and transparent resolution. Implementation has begun, with 15 power plants signing settlement agreements totalling ₦2.3 trillion.  Already, the Federal Government has raised ₦501 billion to fund these payments. Out of the amount, N223 billion has been disbursed, with further payments underway. With payments reaching the power value chain, generation will...

As part of efforts to guarantee ports security, the Federal Government has unveiled plans to generate $235 million annually from Electronic Cargo Tracking.   Electronic Cargo Tracking System is a combination of specialised software and hardware that enables continuous tracking of cargoes and secure goods from sea pirates through different territories and customs-controlled areas. To this end, the Federal Executive Council (FEC) on Wednesday approved the introduction of Electronic Cargo Tracking device that would safeguard vessels at the ports.  Minister of Transportation, Alhaji Mu’azu Sambo stated this at the end of the weekly council meeting presided over by President Muhammadu Buhari on Wednesday in Abuja. Sambo stated that the tracking device is already operational in 26 African countries including Ghana, Senegal, Benin republic and Togo. He noted that the scheme is expected to tackle under declaration at ports and secure imports and exports, as well as pr...