The organised labour has threatened to stage a protest on Monday if Adelabu fails to heed their calls.
IMF urges Nigeria to remove electricity subsidy
The International Monetary Fund has warned the Nigerian government to remove what it called implicit fuel and electricity subsidies.
In a report published recently by the IMF, the organisation told Nigeria that the subsidies would guzzle three per cent of the nation’s Gross Domestic Product in 2024 as against one per cent in the year before.
According to the report, the IMF commended the Federal Government for, among other things, phasing out “costly and regressive energy subsidies”, saying this was critical to creating fiscal space for development spending and strengthening social protection while maintaining debt sustainability.
President Bola Tinubu’s administration removed fuel subsidies during his inauguration on May 29, 2023.
IMF noted, however, that “adequate compensatory measures for the poor were not scaled up promptly and subsequently paused over corruption concerns. Capping pump prices below cost reintroduced implicit subsidies by end-2023 to help Nigerians cope with high inflation and exchange rate depreciation.”
The body also acknowledged that the price of electricity had tripled for high-use premium consumers on Band A feeders, 15 per cent of the 12 million customers who account for 40 per cent of electricity usage.
As Nigerians agitate for the reversal of the Band A tariff from N206.80 per kilowatt-hour to N68, IMF submitted that “the tariff adjustment will help reduce expenditure on subsidies by 0.1 per cent of Gross Domestic Product, while continuing to provide relief to the poor, particularly in rural areas”.
The IMF advocated that “once the safety net has been scaled up and inflation subsides, the government should tackle implicit fuel and electricity subsidies”.
It warned, “With pump prices and tariffs below cost-recovery, implicit subsidy costs could increase to 3 per cent of GDP in 2024 from 1 per cent in 2023. These subsidies are costly and poorly targeted, with higher income groups benefiting more than the vulnerable”.
The IMF reechoed that “as inflation subsides and support for the vulnerable is ramped up, costly and untargeted fuel and electricity subsidies should be removed, while, e.g., retaining a lifeline tariff”.
It projected that the implicit fuel subsidy could gulp as high as N8.4tn in 2024 from N1.85tn in 2023, N4.4tn in 2022, N1.86tn in 2021 and N89bn in 2020.
The electricity subsidy being paid to customers under Band B, C, D, and E was projected to stand at N540bn by the end of 2024.
The PUNCH reports that the Nigerian National Petroleum Company and the Minister of State for Petroleum (Gas), Heineken Lokpobiri, have repeatedly debunked claims that the Federal Government was paying fuel subsidies through the back door.
Meanwhile, the IMF’s call for the removal of electricity subsidy is coming amid protests from Nigerians who are calling on the Minister of Power, Adebayo Adelabu, to return the Band A tariff to the status quo.
The organised labour has threatened to stage a protest on Monday if Adelabu fails to heed their calls.
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Nigerian Young Academy, LASU to Host 16th International Conference on Convergent Research
Five-day event to bring together academics, policymakers, industry leaders to explore interdisciplinary solutions to global challenges
LAGOS — The Nigerian Young Academy (NYA), in collaboration with Lagos State University (LASU), will host its 16th International Conference and General Assembly from 16 to 20 August 2026 at the LASU Ojo Campus, Lagos, the organisers have announced.
The conference, themed “Convergent Research for Global Impact: Integrating Knowledge, Innovation and Policy,” will convene academics, researchers, policymakers, industry leaders, development partners, and civil society organisations from Nigeria and around the world to examine how interdisciplinary research can address complex societal and global challenges.
According to a press release issued by the Academy, the conference aims to showcase cutting-edge research, strengthen collaboration among emerging and established scholars, and promote evidence-based policies that support sustainable development. It underscores the Nigerian Young Academy’s commitment to advancing research excellence, innovation, and leadership.
The five-day programme will feature keynote and plenary sessions, lead paper presentations, oral and poster presentations, scientific awards, networking opportunities, and a pre-conference workshop on “Building Research Capacity in the AI Era: Grant Writing and Practical Data Analysis Using R.”
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Discussions will span a broad range of themes, including sustainable development, public health systems, disease prevention, urban resilience, smart cities, energy systems, environmental policy, human-centred technology, rural development, food security, agribusiness, ethics in convergence science, and the application of artificial intelligence and machine learning in governance, planning, and risk assessment.
The conference keynote address will be delivered by Professor Akin Abayomi, Lagos State Commissioner for Health. Professor Temitope Onuminya, President of the Nigerian Young Academy, will host the event, while Professor Ibiyemi I. Olatunji-Bello, Vice-Chancellor of Lagos State University, will serve as Chief Host.
Researchers are invited to submit abstracts of no more than 250 words between 1 March and 14 June 2026, while submissions for poster presentations will remain open until 24 July 2026. The conference is open to participants from Nigeria and abroad.
According to the Chairman of the Local Organising Committee, Associate Professor Abdul-Azeez Adeyemi Anjorin of Lagos State University, the conference provides an important platform for researchers, professionals, and policymakers to exchange ideas, foster partnerships, and develop innovative solutions that can shape the future of research, innovation, and public policy.
Scholars, students, professionals, and stakeholders across academia, government, industry, and civil society are encouraged to participate. Registration details and additional information are available through the Nigerian Young Academy website.
The Nigerian Young Academy (NYA) is Nigeria’s foremost interdisciplinary academy for outstanding early-career researchers and professionals. Established in 2010 by the Nigeria Academy of Science, with the support of the Nigeria Academy of Education and the Nigeria Academy of Engineering, the Academy promotes research excellence, leadership, interdisciplinary collaboration, and public engagement.
The NYA is affiliated with the International Science Council, the Global Young Academy, and the Network of African Science Academies (NASAC). Through its conferences, awards, publications, and capacity-building initiatives, the Academy supports the development of young researchers and contributes to national and global development through science, scholarship, and innovation.
For further information, contact:
Dr. Abdulmalik Salman
Conference Organising Committee, Nigerian Young Academy (NYA)
Email: amas2k7@gmail.com
Telephone: +2347039632128
Website: https://nigerianyoungacademy.org
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