$2.2bn World Bank loan, looming tariffs protest… business stories to track this week

Here are the seven top business stories you need to track this week — March 3 to March 7.

TINUBU SIGNS N54.9TRN 2025 BUDGET INTO LAW

On February 28, President Bola Tinubu signed the N54.9 trillion 2025 appropriation bill into law, marking a 99.96 percent increase from the 2024 budget of N27.5 trillion.

The bill was approved by the national assembly on February 13, after revisions to Tinubu’s initial budget proposal of N49.7 trillion.

The key breakdown of the 2025 budget includes a total expenditure of N54.99 trillion, statutory transfers of N3.65 trillion, and a recurrent (non-debt) expenditure of N13.64 trillion.

MULTICHOICE VS FCCPC IN PRICE HIKE

MultiChoice Nigeria, on February 24, officially announced an increase in the price of subscriptions for its DStv and GOtv packages.

Following a public outburst, the Federal Competition and Consumer Protection Commission (FCCPC) directed the chief executive officer of MultiChoice to appear at its headquarters on February 27 for an investigative hearing to address the company’s planned increase in DStv and GOtv subscription fees.

The agency also directed the pay-TV firm to maintain its current subscription prices until the ongoing investigation into its proposed price hike is concluded.

ADELABU HINTS AT POWER TARIFF REVIEW, SAYS BAND B CUSTOMERS UNDERPAYING 

Adebayo Adelabu, minister of power, says electricity consumers on Band B are not paying enough and may soon have to pay more.

Adelabu spoke at the public presentation of the national integrated electricity policy (NIEP) and the Nigeria integrated resource plan (NIRP) in Abuja on February 27.

The minister said the government might cancel some sections of electricity consumers classification to make it only three bands: A, B and C.

He said the disparity between Band B, which receives a maximum of 18 hours, and Band A, with a minimum of 20 hours, is too wide — stressing that the bands should be regularised.

TELECOMS TARIFF AND NLC’S LOOMING PROTEST

Bosun Tijani, minister of communications, innovation and digital economy, said companies were at risk of shutting down if the federal government did not approve a tariff increase for telecommunications services.

Tijani spoke on February 27 after meeting with President Bola Tinubu with a delegation from Airtel, led by Sunil Mittal, its founder and chairman.

According to the minister, the hike was necessary to prevent widespread job losses and potential company closures.

The minister said telecom operators faced several challenges, adding that without the tariff adjustment, the industry would have been rocked by significant financial strain.

The Nigerian Communications Commission (NCC) approved a tariff increase of 50 percent on January 20.

However, the Nigeria Labour Congress (NLC) reached an agreement with the federal government on February 25, to reduce the proposed tariff hike to 35 percent, warning if the agreement is not implemented by March 1, there would be a nationwide protest.

WORLD BANK TO APPROVE $2.2 BILLION LOAN FOR NIGERIA IN 2025

The federal government is expected to receive new loans from the World Bank, totalling $2.2 billion in 2025.

According to the Washington-based financial institution’s project list, the $2.2 billion will cut across six different projects.

The World Bank earmarked $500 million for the ‘Community Action (for) Resilience and Economic Stimulus Programme,’ which will be approved by March 17.

On March 31, the World Bank also plans to approve $552 million for the ‘HOPE for Quality Basic Education for All’ and $800 million for ‘Accelerating Nutrition Results in Nigeria 2.0’.

REPS SUMMON 48 OIL COMPANIES OVER ‘N9.4TRN OWED’ TO FG

The house of representatives has summoned 48 oil companies over their alleged failure to remit approximately N9.4 trillion in outstanding debts to the federation account.

In a statement on Sunday, Akin Rotimi, spokesperson of the house, said the debts are related to unpaid royalties, concession rentals, gas flare penalties, and obligations from the production sharing contracts.

According to the green chamber, the investigative hearings will be held from March 3 to March 7 at the national assembly complex in Abuja.

‘NIGERIA’S CRUDE OIL PRODUCTION POTENTIAL NOW 2.24M BARRELS PER DAY’

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says the country’s technical potential for crude oil production stands at 2.24 million barrels per day.

Gbenga Komolafe, chief executive officer (CEO) of NUPRC, spoke at the 2025 Nigeria International Energy Summit (NIES) held in Abuja on February 26.

Komolafe said crude oil production increased by 70 percent from one million barrels per day (bpd) in 2021 to the current production of 1.75 million bpd.