Fuel prices may drop in the coming days if oil prices continue to plunge following ongoing peace talks between the United States and Iran. This came as oil prices fell from $111 last week to $97 on Monday morning.

The PUNCH had earlier predicted that a major drop in oil prices might be imminent if the United States and Iran reached an agreement that would reopen the Strait of Hormuz. As of Sunday, Brent crude hovered between $103 and $105 amid positive signals that the warring nations were ready to end the months-long conflict.

As predicted, prices dropped sharply to $97.48 in the early hours of Monday, fuelling speculation over a possible reduction in fuel prices if the Strait of Hormuz is eventually reopened.

Recall that crude oil, the major input for fuel production, rose from below $70 since the US-Iran war began on February 28. In about three months of the conflict, crude traded above $100 and climbed beyond $115 at some points, leading to a sharp rise in fuel prices globally.

In Nigeria, petrol prices increased from N830 per litre to the current N1,300. Diesel and aviation fuel prices also rose sharply, with airline operators threatening to suspend operations.

As crude prices continued their downward trend in recent days, speculation intensified that the Dangote Petroleum Refinery may consider reducing petrol prices.

There were reports that the US and Iran had agreed in principle to a deal aimed at winding down the conflict in the Middle East by reopening the Strait of Hormuz.

US President Donald Trump had on Saturday said the Strait of Hormuz would be reopened as part of a proposed agreement involving the United States, Iran, and several Middle Eastern countries amid efforts to end the ongoing Iran conflict.

Trump disclosed this in a post on the Truth Social platform after a series of calls with leaders of Saudi Arabia, the United Arab Emirates, Qatar, Pakistan, Türkiye, Egypt, Jordan, Bahrain, and Israel.

According to him, an agreement had been negotiated, subject to finalisation between the United States, Iran, and several other countries. The American leader added that final aspects and details of the deal were still being discussed and would be announced shortly.

Speaking on the strategic waterway at the centre of the conflict, Trump declared that the Strait of Hormuz, through which 20 per cent of global oil passes, would be reopened.

On Sunday, Trump said talks with Iran were “proceeding in an orderly and constructive manner”, adding that he had instructed his representatives not to “rush” into a deal because time was on their side.

Meanwhile, Iran confirmed on Monday that talks with the US were progressing, though it said signing an agreement was not imminent. According to the BBC, Iran confirmed that some progress had been made in talks with the US, but a deal “is not imminent”.

Foreign ministry spokesman Esmail Baqai made the remarks after US Secretary of State Marco Rubio said an agreement could possibly be reached on Monday.

“It is correct to say that we have reached a conclusion on a large portion of the issues under discussion. But to say that this means the signing of an agreement is imminent, no one can make such a claim,” Baqai said in Tehran on Monday.

The memorandum of understanding between the US and Iran reportedly involves a 60-day ceasefire extension, reopening the Strait of Hormuz, and a framework for further negotiations over Iran’s nuclear programme.

The Federal Government has cancelled $717.7m in undisbursed World Bank financing for Nigeria’s troubled electricity sector, effectively terminating the remaining portion of a $1.52bn power sector recovery programme amid mounting tariff shortfalls, worsening financial pressures, and persistent implementation challenges across the industry.

Documents obtained by The PUNCH from the World Bank website on Monday showed that the cancellation followed a formal request by the Federal Government and a joint decision by both parties to discontinue financing under the Power Sector Recovery Performance-Based Operation due to evolving sector realities and the inability to achieve key reform milestones.

According to the World Bank restructuring paper, the cancelled amount represents the entire undisbursed balance remaining under the programme. “The restructuring will result in the cancellation of the entire undisbursed balance in the amount of $717.7m equivalent, and no further disbursements will be made under the Program following approval of this restructuring,” the bank stated.

The bank also disclosed that the programme’s closing date had been brought forward from June 30, 2027, to May 31, 2026, effectively ending the operation more than a year ahead of schedule. The cancelled facility formed part of a broader World Bank intervention designed to revive Nigeria’s struggling power sector.

The original Power Sector Recovery Performance-Based Operation was approved on June 23, 2020, with financing of about $752.5m equivalent. The programme was structured to improve electricity supply reliability, strengthen the sector’s financial and fiscal sustainability, and enhance accountability among key institutions in the electricity value chain.

Following initial progress recorded under the programme, the World Bank approved an Additional Financing package of approximately $763.5m equivalent on June 9, 2023, to consolidate earlier gains and support a new phase of reforms. The financing became effective on June 19, 2024, and extended the project’s closing date to June 30, 2027.

Together, the original financing and the additional facility amounted to about $1.52bn.

However, while the parent programme achieved substantial results and largely disbursed its resources, the additional financing struggled to meet critical reform conditions, resulting in limited disbursements and eventual cancellation of the remaining funds.

The World Bank noted that Nigeria’s electricity sector continues to face deep-rooted structural challenges despite years of reforms and significant financial support.

The report stated that the sector still suffers from weak distribution performance, transmission bottlenecks, underutilisation of available generation capacity, and persistent financial imbalances.

According to the bank, high technical, commercial, and collection losses across the distribution segment, combined with inadequate cost recovery, have created a recurring mismatch between revenues generated by the sector and its actual operating costs.

“These constraints have created recurrent financing gaps, most notably in the form of tariff shortfalls, which generate liquidity pressures across the value chain and weaken the operational and financial performance of sector institutions,” the report said.

The Federal Government developed the Power Sector Recovery Programme as a framework to restore the sector’s financial viability and reduce its fiscal burden on public finances.

The programme included plans to progressively eliminate tariff shortfalls, improve operational performance among power sector institutions, and strengthen regulatory oversight and accountability mechanisms.

According to the World Bank, implementation of the original operation delivered notable results. The report stated that tariff shortfalls fell by 71 per cent between 2019 and 2022, declining from N581bn to N166bn.

During the same period, regulatory cost recovery improved significantly from 56 per cent to 94 per cent, while annual electricity supplied to the distribution grid increased by 13 per cent between 2018 and 2021.

The bank said all standard disbursement-linked indicators and global indicators attached to the original programme were fully achieved. “Implementation of the parent operation was satisfactory, brought substantial results, and fully disbursed the PforR component as all DLRs were achieved,” the report stated.

Encouraged by those gains, the World Bank approved the additional financing package to address remaining structural weaknesses and deepen reforms under the Power Sector Recovery Programme.

The new facility was expected to support the development of a sustainable financing framework for the sector, improve operational performance through implementation of performance improvement plans, and strengthen governance arrangements among electricity institutions, particularly the Transmission Company of Nigeria.

However, the anticipated reforms failed to materialise within the expected timeframe. The World Bank attributed much of the setback to major macroeconomic developments that dramatically altered the operating environment.

According to the report, the liberalisation of Nigeria’s foreign exchange market in June 2023 triggered a sharp depreciation of the naira, leading to a substantial increase in the cost of natural gas used for electricity generation.

The bank explained that more than 70 per cent of electricity supplied into Nigeria’s national grid is generated using natural gas, whose pricing is denominated in United States dollars.

“The liberalisation of the foreign exchange market in June 2023 led to a significant depreciation of the local currency Naira, which resulted in a big increase in prices of natural gas used to produce above 70 per cent of electricity injected in the national power system,” the report stated.

At the same time, electricity tariffs for most consumers remained largely unchanged despite rising generation costs. The World Bank noted that electricity tariffs had effectively been frozen since early 2023, except for Band A customers, whose tariffs were adjusted to cost-reflective levels in April 2024.

This widening gap between actual electricity production costs and revenues collected from consumers resulted in a sharp increase in tariff shortfalls. According to the report, annual tariff shortfalls rose from a low of N140bn in 2022 to approximately N1.9tn in both 2024 and 2025.

“Due to the mismatch between the electricity generation costs and the sector tariff revenues, the tariff shortfalls increased sharply in the last 3 years, moving from a low of N140bn in 2022 to a high of N1.9tn per year in 2024 and 2025, putting serious pressure on the limited Federal Government of Nigeria’s fiscal space,” the World Bank said.

The report explained that the sharp deterioration in sector finances prevented Nigeria from achieving key global indicators attached to the additional financing package.

The bank noted that the required indicators were not achieved in 2023, 2024 or 2025 because authorities failed to establish a credible and fiscally sustainable financing plan capable of addressing the growing tariff deficits.

According to the report, the absence of a comprehensive financing framework and a declining trajectory of tariff shortfalls made it impossible to satisfy major programme conditions.

The bank stated, “Recent financing plans have not fully identified sufficient sources of funding to cover tariff shortfalls, nor established a credible trajectory for their reduction.”

Apart from financing challenges, implementation delays also contributed to the programme’s difficulties. The World Bank cited delays in aligning performance improvement plans with eligible expenditures, particularly those involving the Transmission Company of Nigeria, as well as challenges linked to verification requirements for key sector institutions.

“These constraints have limited the ability to trigger disbursements even where elements of progress have been achieved,” the report stated.

As a result, broader disbursements under the additional financing arrangement failed to materialise as expected. The World Bank disclosed that overall implementation progress under the additional financing remained “Moderately Unsatisfactory.”

Financial data contained in the restructuring document illustrates the extent of the programme’s underperformance. Under the International Bank for Reconstruction and Development component, the World Bank had committed $449m. However, only $41.24m had been disbursed, leaving $407.76m undisbursed and a disbursement rate of just 9.18 per cent.

Under the International Development Association component, $754.82m had been disbursed out of a total commitment of $1.063bn, leaving $308.53m undisbursed. The bank further noted that while about 95 per cent of the parent operation had been successfully disbursed, only around nine per cent of the additional financing package had been released.

“Of the AF combination of a loan and a credit totalling $763.5m equivalent, only 9 per cent, corresponding to prior results of the PforR, have been disbursed,” the report stated.

The World Bank concluded that the programme’s original design had become increasingly misaligned with prevailing realities in Nigeria’s electricity sector. “Taken together, these developments point to a misalignment between the design of the operation and the evolving implementation context,” the report stated.

According to the bank, achieving the programme’s objectives required coordinated progress across fiscal, policy, and operational dimensions, conditions that proved difficult to realise within the expected timeframe.

The Accountant-General of the Federation, Dr Shamseldeen Ogunjimi, earlier warned that Nigeria may reject loan facilities from the World Bank if delays in approval and disbursement persist, saying prolonged timelines could undermine the country’s willingness to proceed with such arrangements.

The warning was contained in a press statement last week by the Director of Press and Public Relations at the Office of the Accountant-General of the Federation, Bawa Mokwa.

Ogunjimi, who spoke in Abuja during a courtesy visit by a World Bank delegation led by Mrs Treed Lane, stressed that Nigeria expects timely processing of funding requests, given that the facilities are loans and not grants.

He said, “If approvals take more than six months, the Nigerian Government may no longer honour such arrangements,” highlighting concerns over bureaucratic delays in accessing development financing.

The AGF noted that as a responsible borrower, Nigeria should not be subjected to prolonged approval processes that could affect project execution timelines and broader development objectives. He therefore urged the World Bank to “expedite the approval and disbursement of project funds to Nigeria” to support the country’s priorities.

Ogunjimi emphasised that the loans carry repayment obligations, making it imperative that disbursement processes align with project schedules and fiscal planning frameworks.

However, the Senior External Affairs Officer at the World Bank, Mansir Nasir, earlier told The PUNCH that funds for projects financed by the institution were not disbursed at once but in instalments, depending on the nature of the project and financing instruments.

The PUNCH further learnt that Nigeria retained its position as the International Development Association’s third-largest borrower in the first quarter of 2026, despite a slight decline in its exposure to the World Bank’s concessional lending arm from $18.7bn in December 2025 to $18.5bn as of March 31, 2026.

The latest IDA financial statements showed that only Bangladesh, with $22.7bn, and Pakistan, with $19.2bn, ranked ahead of Nigeria, whose exposure accounted for about eight per cent of the institution’s $230.8bn loan portfolio.

The Nigeria Civil Aviation Authority has placed 11 domestic airlines on its updated “No-Pay-No-Service” list over unpaid statutory charges.

The enforcement action, which targets airlines owing the regulator outstanding remittances, is expected to affect access to critical regulatory and administrative services until the affected carriers clear their debts or agree on payment plans with the authority.

This was contained in an internal memo obtained by our correspondent on Sunday. At the centre of the dispute are the five per cent Ticket Sales Charge and Cargo Sales Charge, funds collected by airlines on behalf of the NCAA to support safety oversight, personnel training, and economic regulation within the aviation sector.

The memo, dated May 22, 2026, obtained by our correspondent, directed all NCAA directorates to withhold services from the affected operators pending financial clearance from the Directorate of Finance and Account

The memo, signed by the Director of Finance and Accounts, Olufemi Odukoya, was circulated across the authority’s regional offices and copied to the Director-General of Civil Aviation and other senior officials.

Under the directive, affected airlines risk immediate interruptions in regulatory support, a development that has raised concerns among operators and passengers over possible operational delays and wider industry implications.

Director-General of the NCAA, Chris Najomo, said that although the regulator understands the harsh economic realities confronting operators, the agency cannot afford to compromise its financial stability.

According to him, delayed or non-remittance of the statutory charges could weaken the authority’s ability to sustain effective safety oversight, risk-based surveillance, and compliance with international aviation standards.

Airlines affected by the directive include Air Peace Limited, Ibom Air Limited, Arik Air Limited, United Nigeria Airlines, Umza Air, NG Eagle, Max Air Limited, Caverton Helicopters, Overland Airways, Rano Air, and ValueJet.

The document stated, “The DGCA has directed that no directorate should render any service to the above airline without financial clearance from the director of finance and accounts.”

In a WhatsApp chat with our correspondent, the Chief Executive Officer of Ibom Air, George Uriesi, said the current realities facing airlines go beyond poor financial management, insisting that operators are struggling to survive under an unsustainable business environment.

According to him, the sharp rise in aviation fuel prices over a short period disrupted the financial structures of many airlines and forced operators to make difficult decisions about how to manage limited working capital.

He explained that airlines could not increase ticket fares at the same pace as the rise in fuel and maintenance costs, adding that most of their daily earnings are now consumed by operational expenses needed to keep aircraft in the air.

His words, “People, this matter is quite simple. When fuel, which under normal circumstances is 36-40 per cent of your operating costs, triples in price within the space of five weeks and stays there, your business model is turned upside down.

“The costs of purchasing fuel to keep flying suddenly take virtually all the sales you’re making on a daily basis. This forces a change in how you allocate your working capital. Once you cannot pay for fuel and maintenance, you cannot fly, no matter your emotions. And once you cannot fly, you cannot pay anybody anyway. It’s the oxygen mask theory,” Uriesi added.

The Ibom Air boss added that the NCAA’s memo revealed that most domestic airlines are facing similar financial pressures, contrary to public perception that some operators were coping better than others.

He stated that the airlines should not be criticised, stressing that the sector only appears attractive because operators continue to fly despite mounting losses and shrinking profit margins.

Also, the former Rector of the Nigeria College of Aviation Technology, Samuel Caulcrick, questioned the long-term viability of Nigeria’s domestic aviation sector, saying the crisis extends beyond the controversy surrounding the 5 per cent Ticket Sales Charge.

According to him, even if the charge is removed completely, airlines would still face severe challenges linked to inflation, foreign exchange instability, weak passenger numbers, and multiple regulatory charges.

He noted that only a small percentage of Nigerians travel regularly by air, while inflation and declining purchasing power have further reduced passenger traffic, forcing over 10 airlines to compete for a shrinking market.

Caulcrick also argued that domestic airlines remain vulnerable because they rely heavily on dollar-denominated expenses such as aircraft leasing, maintenance, and spare parts, without stable access to foreign exchange or hedging mechanisms.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority has intensified efforts to enforce the Host Community Development Trust framework under the Petroleum Industry Act 2021, ordering operators and licensees in the sector to comply with the mandatory three per cent annual contribution to host community funds, with the introduction of a digital portal aimed at improving transparency and accountability.

The NMDPRA disclosed this recently during a Stakeholder Sensitisation Workshop on the implementation of the HCDT framework and the operationalisation of the HCDT Digital Portal held in Port Harcourt.

The Host Communities Development Trust is a framework mandated by Nigeria’s Petroleum Industry Act 2021 to ensure direct social, environmental, and economic benefits for petroleum-producing areas. The fund is designed to address the development needs of impacted communities in oil-producing areas.

Speaking on behalf of the Authority Chief Executive, Mr Rabiu Umar, the Executive Director, Health, Safety, Environment and Community, Dr Mustapha Lamorde, said the newly introduced portal would facilitate digital registration of trusts, project tracking, compliance reporting, monitoring of statutory contributions, and real-time regulatory oversigh

“With strong national expectations for the HCDT framework to transition from policy to practical implementation, the workshop was organised to provide clarity onthe establishment of Host Community Development Trusts.

“It will also provide guidance on the governance responsibilities of trustees and management committees, obligations of operators and licensees, administration of the trust fund, compliance and reporting requirements, as well as grievance resolution mechanisms established under the regulations,” he said.

Lamorde further urged operators to comply with the mandatory three per cent annual contribution requirement to ensure sustainable development in host communities.

Also speaking, the Chairman of the House of Representatives Committee on Host Communities, Dumnamene Dekor, commended the NMDPRA for organising the sensitisation forum.

He noted that midstream operations, including pipelines, depots, terminals, processing facilities, and transportation infrastructure, are critical to Nigeria’s energy security, stressing that host communities must derive practical and lasting benefits from such operations.

Also, the Director, Environmental Sustainability and Host Community, NMDPRA, Mrs Anne Omezi, said the stakeholder engagement on the operationalisation of the HCDT framework would promote transparency, collaboration, and sustainable development while ensuring host communities derive greater benefits from Nigeria’s oil and gas sector.

“We are here to build bridges of understanding, foster collaboration, and establish a shared vision for community development. I encourage everyone to actively participate and share ideas that will deliver lasting benefits to host communities within the midstream segment of Nigeria’s oil and gas industry,” she said.

Meanwhile, Chief Barry Mwara, from one of the host communities in Rivers State, said the sensitisation programme had provided him with valuable information and knowledge that would help in charting a brighter future for his community.

“I will go back with this information so we can further strategise on how to benefit from midstream activities in our communities,” he said. He urged the NMDPRA to strengthen its supervisory role to ensure that the fund is properly managed and utilised for its intended purpose.

Activities in the Nigerian financial markets recorded a massive boost as the total turnover on the FMDQ Securities Exchange hit $180.85bn, driven by an unprecedented surge in transaction volumes across key market segments. The significant growth reflects a major recovery in market liquidity and rising investor confidence, largely driven by ongoing foreign exchange market calibrations and intensive open market interventions by the monetary authorities.

According to the latest monthly market report from the exchange, trading activities in the foreign exchange and Open Market Operations bills segments remained the primary catalysts for the market’s stellar performance. A breakdown of the performance shows that spot FX transactions and foreign exchange derivatives combined accounted for the largest share of the overall market turnover. This indicates an improved supply of foreign exchange into the system following recent structural reforms. The fixed income segment followed closely, dominated heavily by intense central bank liquidity management operations.

The surge in transactional volume was also heavily supported by the high-interest-rate environment in the primary debt markets. The Debt Management Office and the Central Bank of Nigeria have sustained attractive yields on short-term and long-term sovereign instruments to rein in inflation.

Institutional investors, particularly pension fund administrators and asset managers, aggressively locked funds into Treasury Bills and FGN Bonds, resulting in consistent oversubscriptions at recent auctions.

Meanwhile, activity in the corporate debt segment showed steady progression, with several high-profile commercial papers and corporate bonds listed on the FMDQ platform by players in the financial services, manufacturing, and consumer goods sectors seeking to buffer their working capital.

Reacting to the market data, capital market analysts noted that the current volume trajectory signals a healthier financial market infrastructure capable of supporting broader economic expansion. “The $180.85bn milestone is a clear indicator that market liquidity is rebounding strongly,” said a senior investment strategist in Lagos.

“The transparency brought by the vertically integrated architecture of the FMDQ platform has given both domestic and foreign portfolio investors the clarity they need to commit capital, especially into our fixed-income instruments,” he added.

The Federal Government has said it is targeting the establishment of 2,322 Compressed Natural Gas stations nationwide by 2027 as part of efforts to deepen the adoption of alternative fuel vehicles and expand gas mobility infrastructure across the country.

The Executive Chairman and Chief Executive of the Presidential Initiative on Compressed Natural Gas and Electronic Vehicles, Ismaeel Ahmed, disclosed this during the Nigerian Oil and Gas Midstream and Downstream Summit organised recently by the Nigerian Content Development and Monitoring Board in Lagos.

Represented by an official of the agency, Olayinka Rufai, the chairman said the government had made significant progress in expanding CNG infrastructure and vehicle conversion across the country within less than three years.

According to him, at inception, about one state had CNG available commercially, but the gas is now available in 24 of the 36 states of the country.

“Today, in less than three years, we now have 24 states active. We are looking at what goes on elsewhere. I think we can safely say that it is probably the fastest we have seen anywhere in the world, especially if you consider the conditions under which we are doing this, the economy, and everything,” he said.

Ahmed stated that over 100,000 vehicles had already been converted to run on CNG, noting that most of them were commercial vehicles due to the government’s focus on reducing transportation costs for ordinary Nigerians.

“Because of the palliative nature with which we started, the majority of those vehicles turned out to be commercial vehicles, because we intended to make an impact that touched the common man,” he said.

He explained that the initiative was designed to cushion the effect of fuel subsidy removal on transport costs. He disclosed that the initiative had also attracted over $1bn in investments into the CNG mobility sector.

“Also, we have been able to attract over a billion dollars of investment directly into this new industry/market called CNG for mobility,” he stated.

Speaking on infrastructure development, the PICNG boss maintained that Nigeria currently has 72 active CNG refuelling stations and 175 more under development. “And of course, from next-to-zero refueling stations outside of Benin, at our inception, over 72 active CNG stations are in Nigeria today. And believe you me, that number continues to climb,” he said.

According to him, Nigeria also has 28 compression stations in operation and 65 under development to support virtual gas pipeline distribution.

Ahmed further disclosed that more than 350 conversion centres had been established nationwide, describing them as small Nigerian businesses driving the sector’s growth.

“We have 28 compression stations in operation today. There are 65 in development. We have 72 refueling stations, which we call daughter stations, but there are 175 in development. That means that whatever number you see today, we expect to triple it in less than 18 months, which will, of course, increase the capacity to supply, which we hope should drive greater interest and greater demand.

”We have done this primarily without much involvement of the major. So you can only imagine when they finally kick in, how that growth of retail supply infrastructure will explode. Also, we have over 350 conversion centres. In this audience, I need us to appreciate that these 350 are all small Nigerian businesses,” he stressed.

On manpower development, he said over 5,600 technicians had been trained and certified in CNG conversion technologies. He explained that the training became necessary because mechanics across the country needed to understand how to maintain converted vehicles.

“We have over 5,600 Nigerian technicians trained and certified in CNG, over 5,650. You can have 100 well-placed conversion centres, and you convert everything and give yourself 10.

“But what happens when the car is on the road and you have millions of mechanics who today don’t know anything about the CNG-converted vehicle? So we have placed a lot of emphasis on training and retraining technicians out in this space so that they are literate, familiar, and conversant with the different conversion technologies that exist,” he stressed.

Ahmed also revealed that the government had deployed 4,318 CNG tricycles, noting that 95 per cent of them were assembled locally. He added that Nigeria was witnessing increased local vehicle assembly activities, especially in tricycles and motorcycles. “It may interest you to know that the largest motorcycle assembly plant in Africa is here in Lagos,” he stated.

On the cost advantage of CNG, the CEO said the fuel remained significantly cheaper than petrol, saying, “The compelling argument is simple. CNG is N380 to N450 per standard cubic metre, which is the equivalent of one litre of petrol, which is N1,300 to N1,350 per litre. You do the maths. Where would you rather be?” he asked.

He added that the initiative was also scaling up electric vehicle deployment alongside CNG adoption. “We are scaling up CNG now, making it a reasonable, viable alternative to petrol and diesel. But we have also now picked up EV, and we are going to be deploying pilot EV projects across the nation and looking at recharging infrastructure,” he said.

He disclosed that the initiative’s 2027 targets include 2,322 CNG stations nationwide; 3,000 active conversion workshops; 1,000,000 total vehicle conversions; 75,000 direct jobs created and 300,000 indirect jobs.”

Lagos State recorded a total revenue of N2.6 trillion in 2025, marking a 16 per cent increase from the N2.3 trillion generated in 2024, the Commissioner for Finance, Abayomi Oluyomi, has disclosed.

Oluyomi revealed the figures on Friday during a press briefing held in Alausa, Ikeja, as part of activities commemorating the seventh anniversary of the administration of Governor Babajide Sanwo-Olu.

The commissioner explained that “the state’s internally generated revenue rose sharply to N1.87 trillion in 2025, compared to N1.58 trillion in 2024, representing an 18.5 per cent growth.”

According to him, tax revenue collection also witnessed remarkable growth over the past two years.

He said collections increased from N678.13 billion in 2023 to N1.04 trillion in 2024, reflecting a 54.2 per cent rise and marking the first time the Lagos State Internal Revenue Service surpassed the N1 trillion benchmark.

Oluyomi added that tax revenue climbed further to N1.44 trillion in 2025, indicating a 38 per cent increase over the previous year.

He attributed the improved performance to reforms in tax administration and the expansion of digital payment systems aimed at making revenue collection easier and more efficient for residents and businesses.

The commissioner noted that the state upgraded several payment platforms, including mobile payment channels, point-of-sale terminals, USSD services, WhatsApp integration, and online payment options to enhance accessibility and compliance.

He further disclosed that Lagos completed the migration from a hybrid tax filing structure to a fully electronic filing system in 2023, adding that more digital modules have since been introduced to strengthen operations.

“Lagos State Internal Revenue Service (LIRS) remains focused on broadening the tax base, closing revenue gaps, and fostering long-term revenue growth, all essential to funding the State’s expanding urban and infrastructure requirements,” Oluyomi said.

Speaking on the state’s fiscal position, the commissioner said Lagos maintained a debt-service-to-revenue ratio of 19.2 per cent, which he noted remains below the 30 per cent fiscal responsibility benchmark.

He also stated that the state’s total debt-to-GDP ratio currently stands at 4.11 per cent, far below the 20 per cent threshold recommended by the World Bank.

Electricity distribution companies installed 241,590 meters across Nigeria in the first two months of 2026 amid ongoing efforts to reduce estimated billing and close the country’s metering gap.

Data released by the Nigerian Electricity Regulatory Commission in its January and February 2026 metering fact sheet showed that 119,792 customers were metered in January, while another 121,798 customers received meters in February.

The report showed that the number of metered electricity customers increased from 7,086,376 in January to 7,208,174 in February.

However, despite the additional installations, the national metering rate rose marginally from 57.93 per cent in January to 58.57 per cent in February, indicating that millions of electricity consumers are still without meters.

According to the data, the total number of active electricity customers increased from 12,232,130 in January to 12,307,314 in February.

An analysis of the figures showed that more than five million electricity customers remain unmetered nationwide, leaving them exposed to estimated billing practices that have repeatedly triggered complaints from consumers.

The report further showed that Eko Electricity Distribution Company maintained the highest metering rate among all DisCos at 87.62 per cent in February, up from 87.15 per cent recorded in January.

Ikeja Electric followed closely with a metering rate of 87.16 per cent in February compared to 86.69 per cent in January, while Abuja DisCo recorded 79.37 per cent, improving from 78.54 per cent.

Port Harcourt DisCo also remained above the national average, with its metering rate rising from 65.47 per cent in January to 66.36 per cent in February.

Benin DisCo improved from 55.16 per cent to 56.75 per cent during the review period and emerged as the utility with the highest number of newly metered customers over the two months. The utility installed 25,912 meters in January and 25,658 in February, bringing its total new installations within the period to 51,570.

Ibadan DisCo, which has the largest customer base in the country, recorded a metering rate of 52.23 per cent in February, slightly higher than the 51.99 per cent posted in January. The data showed that the utility had 2.48 million active customers as of February, but nearly half of them remained unmetered.

Also, Enugu DisCo posted one of the weakest monthly improvements in the period under review. Its metering rate moved marginally from 51.79 per cent in January to 51.83 per cent in February. The utility also recorded a sharp drop in newly metered customers, falling from 4,839 in January to just 691 in February.

Meanwhile, northern DisCos continued to record the weakest metering performance nationwide. The NERC data indicated that Jos DisCo’s metering rate rose slightly from 32.94 per cent in January to 34.04 per cent in February, while Kaduna improved from 34.82 per cent to 35.59 per cent.

Kano DisCo recorded one of the slowest meter deployment rates in the country, with its metering rate moving marginally from 35.36 per cent to 35.37 per cent. The company installed only 161 meters in January and 149 in February despite having close to 800,000 active customers.

Similarly, Yola DisCo remained below others in terms of metering penetration, although its metering rate improved slightly from 30.85 per cent in January to 31.86 per cent in February.

Stakeholders have repeatedly linked the slow pace of metering to financing constraints, foreign exchange pressures, supply chain challenges, and the high cost of meter procurement.

The Federal Government and the regulator have, in recent years, introduced several metering initiatives aimed at reducing estimated billing, improving market revenues, and boosting transparency in electricity billing.

Despite these interventions, the latest data indicate that Nigeria’s metering gap remains significant, with about four out of every 10 electricity customers still without meters.