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Nigerian Govt To Use $322.52m ‘Abacha Loot’ For Social Safety Net Program

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Nigerian government has announced plans to use the $322.52 million returned to the country by the Swiss government as part of the fund looted and stashed abroad by late military dictator, General Sani Abacha,  to implement its national social safety net programs.

Mrs. Kemi Adeosun, the Minister of Finance, made this known while talking to the press at the end of the 2018 International Monetary Fund and World Bank Spring Meetings in Washington DC, United States on April 22.

Mrs. Adeosun stated that the recovered fund which had already been lodged in a special account in the Central Bank of Nigeria (CBN) will be used for the social safety nets projects aimed at providing access to targeted transfers to poor and vulnerable households under an expanded national social safety nets system.

Mrs Adeosun also spoke on the current growth in the country’s economy. She stressed that the current economic growth showed inflation rate slowing down, with foreign reserves rising and that the current outlook contrasted with the situation experienced under previous administration before 2015.‎

Citing statistics from the National Bureau of Statistics (NBS), she said inflation dropped from 14.3 per cent in February 2018, to about 13.49 per cent in March 2018.

She also noted that the country’s foreign reserves, which stood at about $23 billion in October 2016, has grown to more than $47.93 billion, from about $47.37 billion as at April 5, 2018.

She said the government was optimistic that the country’s economic growth would be sustained, with current projections for 2019 expected to be far more robust than the present level in 2018.

“Government is confident that if we diligently implement our economic plan, we will continue to grow the economy,” she said.‎

Speaking on the government-owned-enterprises like the Nigerian National Petroleum Corporation, the minister said government would continue to efficiently and effectively manage their operational costs, plug leakages and ensure efficiency.

She said, “We must make sure every money earned comes in. We will drive the process of improving good governance and accountability.”

The Minister also said government is currently refinancing inherited debt portfolio from short term Treasury Bills to longer tenured debts and that this has resulted into huge savings and reduction in costs of funds.

She also informed that the Voluntary Assets and Income Declaration Scheme (VAIDS) deadline was extended by three months till June 30, 2018 following appeals from taxpayers for more time to regularize their tax status. She also pointed out that the present administration has raised the taxpayers’ base from 13 million in 2015 to 17 million as at 2018.

Mr. Godwin Emefiele, governor of the Central Bank of Nigeria, who was also at the briefing reassured the country of positive economic growth as he noted that a growth rate of 2.5 per cent projected by the IMF and World Bank for Nigeria was achievable.

‎Noting the sustained growth in the country’s external reserves, Mr Emefiele stressed the need to continue to grow the reserves to save for the rainy day.

He also guaranteed that concerted efforts were ongoing to realise the 80 per cent target for financial inclusion by 2020.

He said, “If we had enough reserves, we wouldn’t have suffered the recession shocks.”

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Tinubu @ 3: How REA Is Expanding Energy Access to Support Nigeria’s $1 Trillion Vision

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For decades, achieving economic independence in Nigeria has been limited by a fundamental deficit: access to reliable electricity.

In rural and peri-urban communities, often referred to as the “last mile,” small businesses, agro-processors, and households have historically survived on costly, polluting petrol generators or lived in complete darkness. However, a silent revolution has been taking place across the country. Led by the Rural Electrification Agency (REA), decentralized renewable energy solutions are systematically closing the energy gap. Driven by bold policy shifts and unprecedented private sector funding, the REA’s mini-grid solutions are not just illuminating homes, they are serving as a critical infrastructure backbone to catalyze the Central Bank of Nigeria’s (CBN) ambitious target of achieving a $1 trillion economy.

This rapid transformation underscores the strategic vision of the current administration. As President Bola Ahmed Tinubu marks his third year in office, this milestone stands as a testament to his administration’s foresight. By recognizing early on that the fragile national grid could not single-handedly carry the weight of Nigeria’s industrial ambitions, the President prioritized decentralized energy solutions to intentionally ease the burden on the national grid.

Of notable mention is Mr President’s appointment of Dr. Abba Aliyu as the Managing Director of the REA. Abba’s appointment has injected a much-needed dose of technocratic competence, corporate governance and execution speed into the agency, effectively turning a bottleneck into a launchpad for national growth.

Historically, the mention of the REA in Nigeria’s public discourse was frequently tied to headlines of systemic corruption, contract inflation, and abandoned projects. For years, the agency operated as a black box where public and international donor funds vanished into ghost electrification schemes, leaving rural communities in perpetual darkness.

Today, transparency has become the order of the day. At the heart of this institutional transformation is the deployment of advanced digital data platforms including the REA Project Monitoring and Performance Hub (MPH), the Nigeria SE4ALL web platform, and specialized tracking architectures managed alongside data partners like Odyssey. By utilizing real-time IoT (Internet of Things) remote monitoring and data portals, the REA tracks precisely how much power is generated and which communities are connected. This data-first architecture ensures full accountability to international donors, eliminates ghost projects, and guarantees that disbursements are strictly tied to verified performance.

Under the leadership of Dr. Abba Aliyu, Nigeria’s off-grid sector has undergone a massive structural shift, moving from a heavy reliance on imported technology to becoming a regional manufacturing powerhouse. Driven by deliberate government policies aimed at de-risking private capital, Nigeria’s installed local solar panel production capacity has skyrocketed from 120 megawatts (MW) to approximately 300MW.

With an additional 3.7 gigawatts (GW) of capacity currently in the development pipeline, Nigeria is fast positioning itself to anchor West Africa as a renewable energy manufacturing hub. Locally manufactured solar panels are already being exported from industrial corridors like Lagos to regional neighbors like Accra, Ghana.

This domestic manufacturing surge is underpinned by a groundbreaking regulatory environment. The Nigerian Electricity Regulatory Commission’s (NERC) Mini-Grid Regulations have expanded the allowable capacity for interconnected mini-grids to 10MW. By defining exactly how mini-grids interact with the main national grid, Nigeria has established one of the most progressive and investor-friendly regulatory frameworks in Africa, one that is currently being studied and replicated by countries like Mozambique, Benin Republic, Burkina Faso, and Niger.

At the center of REA’s current aggressive rollout is the Distributed Access through Renewable Energy Scale-Up (DARES) programme, widely recognized as the largest publicly funded renewable energy access initiative globally.

DARES is an ambitious $750 million initiative structured to pull an additional $1.1 billion in private sector investments through a results-based financing model. Under this mechanism, private developers must fully mobilize and deploy their own capital to build functioning energy infrastructure before unlocking financial incentives.

The impacts of the DARES initiative are aggresively mapped toward radical socio-economic transformation, aiming to provide clean, reliable electricity to over 17.5 million Nigerians, power over 2.5 million households across the federation, and launch 1,350 mini-grids, including 250 interconnected systems.

As at today, over 1000 mini grids are being developed across the country. Additionally, 48 Interconnected mini-grids are being deployed that will inject additional 288MW of clean reliable capacity are being deployed in collaboration with 11 Distribution Companies.

The REA has gone further to unlock private finance through partnerships with institutions like FCMB, Lotus Bank, and the International Finance Corporation (IFC), creating an expansive, decentralized energy ecosystem capable of sustaining itself long after public funds are exhausted.

The expansion of last-mile electrification directly intersects with macroeconomic objectives. The CBN’s blueprint for a $1 trillion economy relies heavily on boosting productivity in agriculture, expanding MSMEs (Micro, Small, and Medium Enterprises), and scaling up local manufacturing. The REA’s mini-grid solutions act as an economic multiplier for this vision in three distinct ways.

Firstly, it unlocks the agricultural value chain.

A significant portion of Nigeria’s wealth resides in its rural agrarian communities, which suffer from high post-harvest losses due to a lack of cold storage and processing facilities. By deploying solar mini-grids to agricultural hubs, the REA enables the operation of solar-powered mills, irrigation pumps, and cold storage units. This transitions subsistence farming into a commercialized, high-yield industry, drastically boosting rural GDP contribution.

Secondly, it reduces MSMEs operating costs.

High inflation and currency fluctuations heavily penalize businesses reliant on imported fuel for generators. Replacing petrol and diesel with predictable, cheaper solar energy immediately frees up operational capital for millions of small businesses such as salons, tailoring shops, welding centers, and healthcare facilities. These saved costs are directly reinvested into expanding operations and hiring more local labor.

Furthermore, the scale-up of mini-grid capacities to 10MW allows for the strategic deployment of large solar farms in border towns. This positions Nigeria to engage in cross-border electricity trade, selling off-grid power to neighboring West African border communities. This opens up entirely new foreign exchange revenue streams, strengthening the Naira and boosting regional trade volumes in line with sub-regional economic integration goals.

In addition, the REA signed a $700,000 Memorandum of Understanding (MoU) with the Economic Community of West African States (ECOWAS) Commission to electrify healthcare centers and 15 public universities across the Federal Capital Territory (FCT), Niger, and Nasarawa states. This initiative has already begun yielding tangible results, with active projects rolling out across institutions like the Federal University of Technology, Akure (FUTA).

The Rural Electrification Agency’s mini-grid solutions have evolved beyond basic social welfare into a primary driver of industrialization and economic formalization. By taking electricity to the last mile, the REA is activating trapped economic potential in regions that the traditional grid could not reach.

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Eid-el-Kabir: Let’s Peace, Unity And Selflessness Be Our Watchword, Olowu Urges Muslim Ummah, Nigerians

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Olowu of Kuta, HRM Oba Dr Hammed Makama Oyelude, CON, Tegbosun iii, has urged muslim Ummah and Nigerians to let peace , unity and selflessness be their watchword as the world observe the Eid-el-Kabir

The reverred monarch in his sallah message said Eid-el-Kabir remains a highly spiritual occasion that calls for dedication, commitment, and selflessness.
According to him, ” this is the time to reflect on the going on around us and preach messages of hope and unity devoid of any provocation.”
Oba Makama urged Nigerians to live together peacefully, irrespective of religious, political, and tribal affliation.
While calling on politicians to exercise restraint and refrain from any rhetoric that may inflame passion as we approach 2027 general elections, Oba Makama said what should be uppermost in the mind of every patriotic Nigerian is “Country first.”
The monarch, while wishing every Nigerian a peaceful celebration, maintained that people should be vigilant and not be overwhelmed by the insecurity, adding that armed forces and other para military forces are working round the clock to ensure hitch free celebration.
” The price wise men pay for eternal liberty is to be vigilant. I urged everyone to be moderate in celebration and reach out to the less privileged, widows and orphans “as our brothers and sisters keeppers,” Olowu added.

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Tinubu Emerges APC Presidential Candidate After Nationwide Direct Primary

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….President Tinubu polls 10,999,162 votes, declared winner.

The ruling All Progressives Congress (APC) has declared President Bola Ahmed Tinubu the winner of its presidential primary election ahead of the 2027 general elections.

The party commenced the collation of results from its nationwide presidential shadow election at the Bola Ahmed Tinubu International Conference Centre in Abuja following the conclusion of voting on Saturday, May 23.

In a significant shift from the delegate-based system often associated with controversy, the APC adopted a direct primary method for the exercise. The election was conducted simultaneously across the party’s 8,809 wards in the 36 states and the Federal Capital Territory (FCT).

Under the direct primary system, all registered members of the party were eligible to vote for their preferred presidential aspirant, a move party leaders described as part of efforts to strengthen internal democracy and encourage wider grassroots participation.

The final stage of the process is being supervised by a seven-member Presidential Primary Election Committee chaired by former Senate President, Senator Anyim Pius Anyim.

Other members of the committee include former Senate President Ken Nnamani, Grace Titi Laoye-Ponle, former Speaker of the House of Representatives Yakubu Dogara, former Kogi State Governor Idris Wada, and Sanusi Musa, who serves as the committee secretary.

The atmosphere at the Bola Ahmed Tinubu International Conference Centre remained charged as governors, party chairmen, and designated collation officers arrived to present certified results from their respective states before the Anyim-led committee.

Governors coordinating the exercise in their states took turns presenting the official results as the party concluded the nationwide primary process.

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