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Electricity tariff hike: Labour, Discos on collision course

Published

3 years ago

June 23, 2023

Band A Users to Get Relief as NERC Orders DisCos Compensation Plan

Electricity tariff hike: Labour, Discos on collision course

The Nigeria Labour Congress, power distribution companies, and the Nigerian Electricity Regulatory Commission are heading for a collision course over the planned hike in the tariffs payable by electricity consumers nationwide.

Although power distribution companies and the NERC have not officially confirmed the planned increase, the Multi-Year Tariff Order of the regulator, which explains tariff reviews in the sector indicates that electricity tariff is meant to be reviewed every six months.

This implies that the tariff being paid by power users currently, will be reviewed and a new tariff will take effect from July 1, 2023.

In reviewing the tariff, based on MYTO, the NERC considers various economic factors. They include inflation rate, foreign exchange rate, available power generation capacity, gas price, and, capital expenditure adjustment.

Operators project that the high rate of inflation, coupled with the recent floating of the naira against the dollar, among other factors, will lead to an estimated rise of about 40 per cent in electricity tariff by July 1, 2023, should the MYTO be implemented.

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Reacting to this, the NLC, on Thursday said the plan to increase electricity tariff by 40 per cent by July 1 “was both insensitive and callous and reflects an organised indifference to the wellbeing of consumers, especially, the poor ones.”

NLC kicks

The NLC President, Joe Ajaero, stated that the massive increase was explained away as a response to the over 100 per cent increase in the pump price of Premium Motor Spirit, popularly called petrol.

“Details reveal a movement in inflation from 16.9 per cent to 22.41 per cent (threatening to needle at 30 per cent), and a shift in the exchange rate from N441 to N750 (per dollar).

“We believe that not even these figures are a justification for this reckless proposed tariff increase. The issue of capacity to pay and quality of service delivery is not only germane but superior to any rationalisation by market logic,” Ajaero stated in a statement from the labour union.

He also pointed out that the service providers in the power sector were performing far below expectations, and accused power distributors of hiking tariffs surreptitiously.

He added, “The service providers in spite of sundry support have not been able to meet the threshold of 5,000 megawatts. Coupled with this, there have been surreptitious increases without notice in violation of statutes.

“The inherent risk in the new regime of tariff is that there is no control, implying that by August, consumers will pay new rates. The other risk is that by the time other products or service-rendering entities come up with their new prices or rates, the ordinary person would have been compacted into dust.

“We would want to advise the apostles of the market who have called the NLC all sorts of names to check their conscience. The rate at which they are going is highly combative and combustible,” Ajaero stated.

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He noted that with contemplation of payment of school fees in tertiary institutions and increases in privately-owned ones, in addition to other costs and tariffs on the way, “life in Nigeria could truly be Hobbesian.”

He said, “The market economies which the market fundamentalists seek to emulate, have in place socio-economic safeguards which we do not have. In light of this, our advice is that this proposed tariff hike should be shelved for our collective safety.”

NERC’s tariff adjustments

The NERC is responsible for regulating electricity tariffs in Nigeria, as it periodically reviews and adjusts this based on various factors such as inflation, exchange rates, gas prices, and the cost of operating the power sector.

It introduced the Multi-Year Tariff Order, which is aimed at ensuring cost-reflective tariffs in the Nigerian electricity market. Under the MYTO, electricity tariffs are scheduled to increase gradually over time to cover the actual cost of generating and distributing electricity.

The commission, for instance in its MYTO 2022, explained that in line with the subsisting MYTO methodology, some indices with potential impact on electricity rates were considered, adding that these indices would be reviewed every six months.

“These indices shall be reviewed every six months to update the tariffs with changes in the indices as applicable in line with the MYTO methodology,” the regulator stated in MYTO documents issued to Discos.

The indices identified in the MYTO 2022 document include Nigeria’s inflation rate, foreign exchange rate, the United States’ rate of inflation, available generation capacity, gas price, CAPEX (capital expenditure) adjustment, as well as other changes.

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However, the MYTO methodology met with mixed reactions from Nigerians. While some argued that it was necessary to improve the financial viability of the power sector and attract investments, others expressed concerns about the impact of tariff hikes on consumers, particularly in terms of affordability.

It must be noted, however, that electricity distribution companies play a role in the implementation of electricity tariffs. They are responsible for billing customers and collecting payments for electricity consumed. The Discos also bear the brunt of customers’ reactions when tariff adjustments are made.

Discos await NERC

The Executive Director, Research and Advocacy of the Association of Nigerian Electricity Distributors, Sunday Oduntan, told our correspondent that Discos would only act based on instruction from NERC.

Oduntan, who initially insisted on not commenting on the matter, refused to confirm whether Discos had been given the go-ahead to hike the power tariff beginning from July 1, 2023.

“The people to be called on tariff are those in NERC, not us. I cannot explain to Nigerians because I am not the regulator. It is the regulator that determines tariffs by looking at the indices of the economy, not us.

“We also wait on them. Anything to do with tariffs is determined by the regulator and not the operators,” he stated.

When asked whether the NERC had given the Discos the approval to raise the tariffs, Oduntan replied, “When they tell us to do this, then we follow that instruction.”

NUEE opposes hike

But the acting General Secretary of the National Union of Electricity Employees, Dominic Igwebuike, said any move by Discos or the NERC to hike tariffs would be resisted by electricity workers.

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He stated, “We are just yelling over the more than 100 per cent increase in petrol price, now they are talking about a 40 per cent increase in electricity tariffs. Can you imagine that? And this is about the sixth time they are increasing it since the sector was privatised.

“The NUEE condemns it in totality. It is unacceptable and it shows that the government does not care about the feelings of the poor masses. They are not talking about increasing generation capacity but raising tariffs. It is very sad,” he said.

Speaking on what the union would do if the Discos should implement the proposed hike, Igwebuike said, “We want to see what will happen. If it comes to that, we are going to know what to do. We are going to consult ourselves to see the next line of action if that is done.”

The NERC, however, did not comment on the issue, as its spokesperson, Usman Arabi, said he was out of the country, while other officials at the commission refused to speak on the matter when contacted.

But the Chairman of the Lagos State chapter of the Nigerian Association of Small and Medium Enterprises, Solomon Aderoju, in an interview with The PUNCH, said any increase in electricity tariff would spike production costs and consequently exacerbate the plight of the MSMEs.

He said, “It is going to cause problems in the MSME environment because it is going to increase the cost of production. We are facing very tough times now because of what is happening with petrol and diesel.

“Even the exchange rate is gargantuan now. This electricity tariff hike is going to lead to an increase in the cost of production and already, our cost of production is too much to bear. Unfortunately, the cost of borrowing is also high. The MPR (monetary policy rate ) is now 18.5 per cent. No MSME can thrive under these circumstances. The rate of inflation is 22.41 as of today. MSMEs are facing very turbulent times now.

On his part, the Deputy-President of the Lagos Chamber of Commerce and Industry, Gabriel Idahosa, rejected the proposed hike, noting that it would negatively impact the productive sector of the economy.

Idahosa said, “ How can they do that? Industries are already coping with so many dimensions of inflation in costs. This will be another heavy layer on them. It is going to be a serious burden to the issues that businesses are already facing.”

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Similarly, the national Vice President of the Nigerian Association of Small-Scale Industrialists, Segun Kuti-George, condemned the proposed hike. He, however, stated that if the hike is accompanied by increased supply that would drive down the reliance on alternative energy sources for production needs, the productive sector of the economy would be better for it.

Meanwhile,, persons living with disabilities have called on the Lagos State Governor, Babajide Sanwo-Olu, to help them in order to mitigate the effect of the proposed hike.

They also called on the All Progressives Congress-led Federal Government to come to their immediate rescue.

The PWDs made the call through a foundation for persons living with disabilities, Kehinde Oshilaja Foundation, on Thursday.

In a statement in Lagos, the coordinator and founder of the foundation, Kehinde Oshilaja, appealed to Sanwo-Olu and the Federal Government “to assist the people living with disabilities and, indeed, over 22 million residents of the state” and provide “other avenues that would mitigate the effect on people if eventually implemented.”

Oshilaja was quoted as saying, “Let our kind-hearted governor of the aquatic splendour avail the masses, particularly, people living with disabilities with some measures that would cushion the effect on us.

“Also, let me use this opportunity to inform our loving governor that the said issue, if actually implemented, would no doubt affect the majority of the people living with disabilities and, indeed, the poor masses of Nigeria.”

He noted that “only one per cent of the people living with disabilities are working, while 99 per cent will be in a dilemma because there won’t be anyone to help.’’

Electricity tariff hike: Labour, Discos on collision course

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Toyota Celebrates Customers, Partners as Zenith Bank Clinches Top Honour

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1 hour ago

June 14, 2026

Trends Admin

L-R: Chairman of Toyota Nigeria Limited, Chief Michael Ade.Ojo; Head of Admin and Due Diligence, Zenith Bank, Mr. Callixtus Nwodo; and Head, Dealer Development and Special Duties at Toyota Nigeria Limited, Mr. Henry Ojuoko, during the presentation of Toyota Starlet Cross to Zenith as winner of TNL Evergreen Customer award in Lagos.

Toyota Celebrates Customers, Partners as Zenith Bank Clinches Top Honour

Toyota (Nigeria) Limited celebrated customer loyalty, strategic partnerships and industry excellence at its 2026 Awards and Customers’ Night in Lagos, with Zenith Bank, AGL Motors and leading automotive journalists emerging among the biggest winners.

The event, which coincided with Toyota Nigeria’s 30th anniversary celebrations, attracted customers, dealers, government officials, financial institutions, media practitioners and other stakeholders who have contributed to the company’s growth over the past three decades.

A major highlight of the evening was the presentation of the Evergreen Customer of the Year Award to Zenith Bank Plc in recognition of its status as Toyota Nigeria’s most consistent customer over the last five years.

The award came with a brand-new Toyota Starlet Cross, presented by the company’s Chairman and founder, Chief Michael Ade-Ojo.

Managing Director of Toyota Nigeria Limited, Mr. Kunle Ade-Ojo; Chairman of TNL, Chief Michael Ade.Ojo, and MD/CEO, AGL Motors Ltd, Alhaji AbdulAfeez Gabar Lado, at the presentation of the 2025 best customer award to AGL Motors at the Toyota Awards in Lagos.

AGL Motors received recognition as Customer of the Year after recording the highest volume of Toyota vehicle purchases in 2025. The Nigerian Army and Zenith Bank finished as first and second runners-up respectively in the category, with winners receiving office equipment worth several millions of naira.

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Toyota Nigeria also used the occasion to honour members of the media for their contributions to automotive journalism and public understanding of developments in the sector. Theodore Opara of Vanguard won the Journalist of the Year Award, while Mike Ochonma of Transport World and Rasheed Bisiriyu of Newstrends emerged first and second runners-up respectively.

In his address, Managing Director of Toyota Nigeria, Mr. Kunle Ade-Ojo, described the annual gathering as a celebration of the enduring relationships that have shaped the company’s success since it commenced operations in 1996.

“Tonight is a moment of reflection, celebration and renewed commitment,” he said, noting that the event underscores Toyota’s customer-first philosophy and appreciation for the loyalty and trust of its stakeholders.

According to him, Toyota Nigeria has grown into one of the country’s most trusted automotive brands through its commitment to quality products, reliable after-sales support and continuous investment in customer satisfaction.

Ade-Ojo assured customers that despite prevailing economic challenges, the company would continue to introduce initiatives aimed at making vehicle ownership easier and more accessible for Nigerians.

He also expressed appreciation to dealers, customers, suppliers, consultants, financial institutions and employees for their support over the years, describing them as critical partners in Toyota Nigeria’s journey and future growth.

Toyota Celebrates Customers, Partners as Zenith Bank Clinches Top Honour

Business

Facebook, Instagram Global Outage: Over 130,000 Reports as Millions Logged Out

Published

2 days ago

June 12, 2026

Trends Admin

Facebook, Instagram Global Outage: Over 130,000 Reports as Millions Logged Out

NEW YORK/LONDON/SINGAPORE – Meta-owned social media platforms Facebook and Instagram experienced a widespread outage on Friday, June 12, 2026, leaving millions of users across the world unable to access their accounts as the disruption affected the entire ecosystem of Meta-owned services.

The disruption affected Facebook’s main website, mobile application and Messenger service, with many users reporting that they were automatically logged out of their accounts. The trouble appeared to begin on WhatsApp before spreading across Meta’s platforms. Users attempting to access Facebook received error messages including “an unexpected error occurred,” “sorry, something went wrong,” and “Query Error.”

Visitors to Facebook’s website were shown a notice stating that the company was working to resolve the issue. The disruption began at approximately 10:00 AM Eastern Time (2:00 PM GMT) , with users reporting being unable to load feeds or access core features on affected platforms.

According to outage-tracking platform Downdetector, the scale of the disruption was substantial. Facebook recorded over 130,000 user reports at its peak, while Instagram logged approximately 9,500 complaints. Reuters reported more than 62,000 complaints for Facebook and over 8,000 for Instagram during the peak of the disruption.

Reports of the outage quickly flooded social media platform X, formerly Twitter, as users turned to the site to confirm whether others were experiencing similar problems. While Facebook and Instagram were the most affected services, WhatsApp and Messenger also experienced significant disruptions.

The outage appeared to be global, with complaints emerging from multiple countries within a short period. The disruption affected users across the United States, United Kingdom, Singapore, Philippines, India, Australia, Canada, South Africa, Spain, Taiwan, Vietnam, and the United Arab Emirates. In Singapore, reports about Facebook spiked on Downdetector at approximately 1:00 PM GMT.

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According to outage-tracking website StatusGator, users in the Philippines, India, Australia, Canada, and the United States also reported issues with Meta’s various applications. In Vietnam, users began reporting problems at approximately 8:40 PM local time, and the issue was reported resolved by approximately 9:20 PM local time.

Meta communications director Andy Stone confirmed the company was aware of the issue. “We’re aware people are currently having trouble accessing our services. We’re working on it,” Stone wrote in a post on X.

The company’s internal status page logged “high disruptions” across its business products, including Facebook Ads Manager, the Messenger Platform, the Messenger API for Instagram, and the WhatsApp Business Platform. Advertisers reported being unable to create or edit ads during the disruption, and Meta apologized “for any inconvenience.”

Notably, while Facebook and Messenger experienced issues, some users reported that Instagram, Threads, and WhatsApp remained operational for certain regions or devices. However, many users still reported issues accessing these services depending on their location and device type.

The disruption was not limited to mobile applications. Users attempting to access Facebook and Instagram through web browsers also encountered error messages and were unable to load content normally. Some users reported that Facebook’s mobile app worked while the desktop site displayed errors, highlighting the uneven nature of the disruption.

Meta’s own status page, which is responsible for providing real-time information about platform responsiveness, failed to provide valuable data during the incident. Throughout the disruption period, the page displayed all services as having “no errors detected,” potentially leading users to believe the problem was on their end rather than the platform.

Downdetector’s own website experienced technical difficulties around the same time as the outage, though it was not immediately clear whether the two events were connected. Before becoming unavailable, the platform had logged tens of thousands of error reports within minutes.

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The disruption adds to a series of intermittent outages affecting Meta’s family of apps in recent years. In one major outage in March 2026, Facebook and Instagram users across several countries reported being unable to load feeds or access accounts for several hours. A separate disruption earlier that month also affected thousands of users globally.

Prior to 2026, Meta experienced major outages in March 2024, when the entire ecosystem including Facebook, Instagram, Messenger, and Threads was down for over two hours, with Downdetector recording over 550,000 outage reports. Another similar incident occurred in December 2024, disrupting communication for millions of accounts worldwide.

Meta representatives have stated in both previous instances that the root cause stemmed from internal technical issues, emphasizing that these incidents were independent of each other and completely unrelated to external cyberattacks.

By midday Eastern Time (approximately two hours after the outage began), service was recovering unevenly, region by region. Meta marked some services, such as ad delivery, as resolved, while others remained “in the process of being restored.”

On the consumer side, Facebook was loading closer to normal and Downdetector reports were falling, though some users still saw empty Stories bars, stale feeds, or “Try Again” errors. In Vietnam, the issue was reported resolved by approximately 9:20 PM local time.

The scale of the disruption underscored the central role Meta’s platforms play in global communication and commerce. Even a few hours of downtime ripples through messaging services, business operations, and login authentication systems far beyond the social media feed.

Meta has not yet released an official statement regarding the specific cause of this latest outage as of the time of finalizing this report. The company has not provided an estimated timeline for when all services will be fully restored, though restoration efforts continue to proceed.

This is a developing story. Updates will follow as Meta provides official explanation of the cause and confirms full restoration of all services.

Facebook, Instagram Global Outage: Over 130,000 Reports as Millions Logged Out

Business

Elon Musk Becomes World’s First Trillionaire After SpaceX IPO Valuation Surge

Published

2 days ago

June 12, 2026

Trends Admin

Elon Musk Becomes World’s First Trillionaire After SpaceX IPO Valuation Surge

Elon Musk has officially entered uncharted financial territory after becoming the first individual in history to reach a $1 trillion net worth, following the blockbuster initial public offering (IPO) of SpaceX, which was priced at $135 per share.

The milestone marks a dramatic reshaping of global wealth rankings, driven primarily by the surge in valuation of SpaceX, the aerospace and space exploration company at the center of Musk’s financial empire.

The SpaceX IPO has been described as one of the most significant private-to-public transitions in modern financial history. With shares debuting at $135, investor demand pushed the company’s valuation to unprecedented levels, instantly elevating Musk’s paper wealth. Before the IPO, Musk’s net worth was estimated at approximately $813 billion, already positioning him far ahead of other global billionaires, including Google co-founder Larry Page, whose estimated wealth stood at about $288 billion. Following the listing, Musk’s total fortune is now estimated at just over $1.005 trillion, making him the world’s first confirmed trillionaire on paper.

According to the IPO structure, Musk holds approximately 4.8 billion shares in SpaceX, representing about 42% ownership, along with around 350 million stock options exercisable at a significantly lower strike price of $8.39 per share. At the IPO valuation, his SpaceX equity stake alone is worth roughly $648 billion, while stock options contribute an additional $44.3 billion. Combined with his holdings in Tesla and other investments, Musk’s total net worth crosses the symbolic $1 trillion threshold.

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Despite the historic milestone, financial analysts emphasize that Musk’s trillion-dollar status remains highly dependent on market conditions. Once trading begins on the Nasdaq Composite, fluctuations in SpaceX share price could significantly impact his net worth. A strong opening could push his fortune higher, while a decline could bring it back below the trillion-dollar mark. This volatility underscores a key characteristic of ultra-high-net-worth wealth: it is largely paper-based and market-sensitive, rather than liquid cash.

Musk’s achievement places his personal wealth in the same category as the gross domestic product of some of the world’s largest economies. Only a small number of countries globally—fewer than 20—have economies exceeding $1 trillion GDP, highlighting the scale of the milestone. The development has also intensified discussions around wealth inequality. Advocacy group Oxfam America has previously warned that extreme wealth concentration reflects widening economic disparities between the ultra-rich and the rest of the world.

While Musk remains the primary beneficiary of the IPO, the listing is also expected to generate substantial wealth for employees and early investors. Reports suggest that approximately 4,400 SpaceX employees could become millionaires depending on post-IPO market performance, marking one of the largest employee wealth creation events in the tech and aerospace sectors.

Musk’s rise to trillionaire status highlights the extraordinary growth of privately developed space technology and the increasing financial power of high-growth innovation companies. However, analysts caution that such milestones remain fluid, as billionaire rankings and net worth estimates can change rapidly based on market sentiment and stock performance.