The Niger Delta Power Holding Company has urged Nigerians to remain hopeful, assuring that ongoing reforms in the power sector will translate into a more reliable and sustainable electricity supply across the country.

The Managing Director and Chief Executive Officer of NDPHC, Jennifer Adighije, gave the assurance in her New Year message, where she called for unity and collective resolve in support of President Bola Tinubu’s Renewed Hope Agenda.

Adighije expressed confidence that with sustained commitment and cooperation, Nigerians would begin to experience tangible improvements in electricity supply, noting that efficient power generation remains critical to strengthening the nation’s electricity value chain.

She reaffirmed NDPHC’s dedication to its mandate, stressing that collaboration among key stakeholders was essential to achieving lasting stability in the power sector

“Collective resolve and cooperation across stakeholders—government, the private sector, host communities and citizens—are essential to realise the vision of sustainable power for all.

“This new year, I urge every Nigerian to remain hopeful and united. When we support the President’s vision for a revitalised power sector, we are investing in our shared future. NDPHC is dedicated to efficient power generation, and together with the nation, we will make sustainable electricity a reality,” she said.

Adighije’s message came as the company marked its 20th anniversary, an event that highlighted renewed efforts to reposition NDPHC as a key driver of power generation and stability in Nigeria’s electricity sector.

Speaking at the anniversary celebration, the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, said recent reforms at NDPHC were restoring confidence in the power sector and giving fresh hope for industrial growth and socio-economic development.

“I was thrilled by Engr Jennifer Adighije’s achievements within the short time she has taken up the leadership of NDPHC. I was particularly pleased that we have a wonderful woman appointed to this office who is performing excellently,” Ekpo said.

The minister stressed that reliable electricity remained fundamental to Nigeria’s development aspirations, linking power supply directly to industrialisation and improved living conditions.

“Without power, there will be no industrialisation, and our homes will not be energised. Listening to her outline the improvements that have taken place in the power sector gives me confidence that Nigeria is heading in the right direction,” he added.

Ekpo also commended the management team of NDPHC and acknowledged the role of the Vice President, Kashim Shettima, who chairs the company’s board, in providing strategic leadership and oversight.

“I appreciate her and her team for the wonderful work they are doing. This commendation also goes to the vice president, who is providing strong leadership at the board level,” he stated.

The comments underscore growing expectations that reforms within NDPHC and the wider power sector will deliver a more dependable electricity supply, boost investor confidence, and support Nigeria’s industrial and economic growth.

The Manufacturers Association of Nigeria and the Chairman of the Presidential Committee on Fiscal Policy and Tax Reform, Taiwo Oyedele, have noted that the newly enacted tax laws were designed to help Nigerian businesses recover, regain competitiveness, and expand from the domestic market into regional markets, following years of distortion caused by multiple taxation and policy inconsistencies.

Speaking at MAN’s hybrid stakeholders’ engagement in Lagos titled ‘Legislative Assembly to Factory Floor: What the New Tax Laws Mean for Nigerian Manufacturers’, on Thursday, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reform, Oyedele, said the old tax regime had made Nigerian manufacturers uncompetitive even within their own country.

Oyedele noted that the new laws are targeted at restoring competitiveness, starting from the local market. “Today, you can manufacture in Nigeria and imported alternatives will still land cheaper, even after freight, insurance, and duties. What it means is that even in our own market, we are struggling to compete.

“We want our businesses to compete first locally, then within the region, especially under the African Continental Free Trade Area,” he said, warning that Nigeria risked losing jobs and investments to neighbouring countries if reforms were not undertaken.

He asserted that the system was “broken”, noting that manufacturers faced disproportionately higher effective tax rates due to a mix of legal and illegal levies imposed by state and non-state actors.

Oyedele said, “We were taxing capital. We were taxing investments. We have one of the highest tax burdens on corporate profits in the world here in Nigeria. Manufacturers, more than any other sector, had to deal with a multiplicity of taxes everywhere they turned, and even legal taxes were being collected illegally. This was not working for us, and it wasn’t going to work.”

He explained that the reforms were anchored on economic growth rather than punitive taxation, stressing that expanding business output would ultimately yield more revenue for the government. “If the government provides the enabling environment and businesses grow, even at a lower tax rate, the government will make much more money. This is how every country that is doing well has developed,” Oyedele said.

The tax czar added that the reforms also addressed fiscal equity, tax evasion, and policy distortions, including abuses within free trade zones. He said, “Free zones are intended to produce for export, not to sell into the domestic market and compete with companies paying full taxes. That is not a level playing field.” He disclosed that the laws aimed to reduce total taxes and levies across all tiers of government to single digits, building on long-standing complaints by MAN over excessive taxation.

He noted that while some nuisance taxes were embedded in the Constitution, the committee has sent proposals to the National Assembly to remove them as part of ongoing constitutional amendments. Oyedele also said the reforms respected constitutional limits by encouraging states to domesticate harmonised tax laws rather than imposing federal directives, adding that several states had already begun passing aligned legislation.

The President of MAN, Francis Meshioye, urged state governments to fully domesticate and enforce the new tax laws, describing it as being in their own economic interest. “It will provide a new business environment in terms of tax reform and give more confidence in government policy. When businesses do more, governments will earn more from a larger volume of activity rather than higher rates,” he said.

Meshioye added that a supportive tax environment would unlock multiple benefits, including employment generation, higher output and stronger value chains across manufacturing and services. “It is a win-win. The more viable the business environment, the more revenue the government will generate from expanded economic activities,” he said.

Additionally, the Director-General of MAN, Segun Ajayi-Kadir, stated that the success of the reform depended on full alignment by sub-national governments. He said, “We are happy that at least 10 states have passed laws fully aligned with the federal framework. This will help eliminate nuisance taxes and illegal collection practices that have long been the bane of manufacturers.”

Ajayi-Kadir said the voluntary domestication of the laws by states signalled progress, adding that the reforms would be meaningless without sub-national buy-in. “Now that states are passing these laws on their own, it bodes well for manufacturers and for the sustainability of the tax reform agenda,” he said.

The Nigerian Employers’ Consultative Association and the Nigeria Social Insurance Trust Fund have intensified efforts to improve workplace safety standards across the country, warning that negligence, poor awareness, and weak safety culture continue to expose Nigerian workers to preventable injuries and deaths.

The renewed push came on Friday in Abuja at a press conference ahead of the NSITF-NECA Safe Workplace Intervention Project 2025 interactive enlightenment fora and award ceremonies.

The PUNCH reports that SWIP is a collaborative occupational health and safety initiative designed to improve workplace safety standards across Nigeria. The project involves auditing corporate workplaces on safety policies, infrastructure, emergency preparedness, and overall compliance with national and international safety best practices.

In 2025, 200 companies and organisations across the country’s six geopolitical zones were audited on their occupational health and safety practices under the initiative. Five ambulances, alongside other safety equipment, would be presented to outstanding performers at an award ceremony.

Speaking at the event, the Director-General of NECA, Adewale-Smatt Oyerinde, said workplace safety remained a life-and-death issue that was often treated with dangerous nonchalance by employers and employees alike.

The DG noted that occupational safety and health had recently been elevated by the International Labour Organisation to a core convention, binding on all member states.

Oyerinde said, “Two years ago, health and safety actually became one of the core conventions of the International Labour Organisation. For those of us who understand conventions, they are the instruments that the ILO works through, international treaties that everybody is bound by, and the core conventions.

“Health and safety are no longer optional. It is now a human rights issue. Labour is not a commodity; there are human beings behind every job. The disposition of the private sector to the issue of health and safety is changing away from what people used to think. And our commitment, the commitment of both organisations, led to the commencement of the Safe Workplace Intervention Project many years ago.”

He stressed that workplace accidents were often irreversible, even when victims survived. He also highlighted that emerging realities such as remote work, artificial intelligence, and home-based accidents would require a rethinking of what constitutes a workplace.

“Of course, there are issues and worries about safety issues in the workplace. But this concern is everywhere. When you get home, maybe do an analysis of your house or even your room, and look at safety compliance, you will be alarmed at how careless you yourself are,” Oyerinde said.

“And we all take that same mindset to the office. You don’t drop carelessness at the entrance of the workplace. From the employer who sees safety investment as a cost, to the employee who asks, ‘Why must I wear a helmet or PPE?’—it’s a big issue.

“When an accident happens, you don’t recover fully. Even if you do, the scars remain. That is why this is not just a compliance issue; it is a life issue,” he added.

According to him, the biggest gaps in compliance were knowledge, awareness, and basic infrastructure, noting that many hazards were often ignored because they appeared harmless.

“I think the biggest gap that exists in compliance is knowledge and awareness. So there are some things you think are not hazardous. Even the chair you sit on matters. If you sit on a bad chair for eight or nine hours daily for over 35 years, the consequences will show after retirement. Awareness is key,” he noted.

Nigeria imported approximately 1.31 billion litres of petrol in December 2025, according to data released by the Nigerian Midstream and Downstream Petroleum Regulatory Authority.

During the same period, the Dangote refinery reportedly supplied 992 million litres, showing a notable contribution from domestic refining compared to November. In December, total petrol supply was 74.2 million litres per day: imports took 42.2 million litres per day, while Dangote supplied 32 million litres per day.

The figures represent a stark contrast to November, when petrol imports were 1.57 billion litres, and Dangote supplied just 585 million litres. The average daily supply in November was 71.5 million litres per day; 52.1 million litres were imported, while 19.5 million litres were sourced from the Dangote refinery, the only petrol-producing plant in Nigeria as of the time of this report.

It was observed that the jump in petrol supply from 2.15 billion litres in November to 2.3 billion litres in December reflects seasonal demand pressures during the Yuletide.

It was observed that while local refining is growing, some marketers still have a passion for imported petrol.

According to a report released for November, the NMDPRA justified fuel import licences, stating that there was a shortage in September and October. Data from the authority showed that NNPC and other marketers imported 1.5 billion litres of petrol in November alone.

The November import figure of 52.1 million litres per day was the highest since the Dangote refinery started petrol production in September 2024.

The NMDPRA explained that low supply in September and October 2025, below national demand, necessitated increased imports. It said that in September, Dangote supplied 17.6 million litres per day, while imports stood at 22.1 million litres per day.

Reacting, the President of the Dangote Group, Aliko Dangote, accused the former NMDPRA Chief Executive, Farouk Ahmed, of granting what he called “reckless licences” for fuel importation while his tanks were full, accusing Ahmed of sabotaging the economy.

“As we speak now, even our tanks are full because the NMDPRA has issued reckless licences. And we have to now go and complain to the government,” Dangote said.

“They are now ready to issue licences for about 7.5 billion litres for the first quarter of 2026, despite the fact that we have guaranteed to supply enough quantity,” he added.

In response, Dangote disrupted the market by crashing the pump price of petrol from around N900 to N739/litre, though at a heavy loss to both refiners and importers.

On Wednesday, the Managing Director of the Dangote refinery, David Bird, disclosed that the Dangote refinery has commenced night-time loading operations as it intensifies efforts to sustain a daily supply of more than 50 million litres of petrol across Nigeria, signalling a major shift to full 24-hour operations at Africa’s largest refinery.

Speaking during a press briefing at the refinery, Bird said the transition to round-the-clock loading had become necessary to meet market demand and improve turnaround time for product evacuation.

According to him, the refinery is now meeting the 50 million litres daily petrol requirement in both production and evacuation.

“What I’m incredibly proud of is that, in the second half of 2025, while we were still ramping up capacity of our conversion units and downstream units, we were still able to deliver 50 million litres a day, more frankly than 52 million litres on some occasions,” Bird said.

He added, “We’re already doing nighttime loading. So it’s a 24-hour operation. We have celebrated over 50 million litres of offtake as well, which means over a thousand trucks progressing through the gate and through the gantry.”

Meanwhile, The PUNCH observes that the landing cost of imported PMS has remained stuck at rates above the Dangote refinery’s ex-depot price of N699 per litre.

According to reports by the Major Energies Marketers Association of Nigeria, while the Dangote refinery’s ex-depot price has remained at N699 since December, the landing cost has been fluctuating between N780 and N750, intensifying the price war for importers.

In its bulletin on Wednesday, MEMAN disclosed that the landing cost dropped to N754.96 from N758 last week. The association noted that Dangote’s gantry price was still N699 per litre, representing a difference of about N44.

As a result, many importers are finding it difficult to sell petrol at competitive prices compared with the Dangote-backed MRS filling stations.

When Aliko Dangote slashed the petrol gantry price by N129 in December, he said the move was to ensure Nigerians bought petrol at prices not above N740 during the Yuletide. He added that it was also intended to discourage importation.

The Lagos State Internal Revenue Service has reiterated the statutory deadline of January 31, 2026, for all employers of labour in the state to file their annual tax returns for the 2025 financial year.

In a statement issued on Thursday, the Executive Chairman of LIRS, Dr Ayodele Subair, reminded employers that the obligation to file annual returns is in line with the provisions of the Nigeria Tax Administration Act 2025.

Subair explained that employers are required to file detailed returns on emoluments and compensation paid to their employees, as well as payments made to service providers, vendors, and consultants, and to ensure that all applicable taxes due for the 2025 year are fully remitted.

He emphasised that the filing of annual returns is a mandatory legal obligation and warned that failure to comply would attract statutory sanctions, including administrative penalties, as prescribed under the new tax law.

According to Section 14 of the Nigeria Tax Administration Act 2025, employers are required to file detailed annual returns of all emoluments paid to employees, including taxes deducted and remitted to the relevant tax authorities.

The Act stipulates that such returns must be filed and submitted no later than January 31 of each year.

Subair urged employers to treat tax compliance as a core business responsibility, stressing the importance of early and accurate filing.

“Employers must prioritise the timely filing of their annual income tax returns. Compliance should be part of our everyday business practice. Early and accurate filing not only ensures adherence to the law as required by the Nigerian Constitution, but also supports effective revenue tracking, which is important to Lagos State’s fiscal planning and sustainability,” he said.

He further noted that electronic filing through the LIRS eTax platform remains the only approved and acceptable mode of filing in Lagos State, as manual submissions have been completely phased out.

According to him, the move to full electronic filing is aimed at simplifying and standardising tax administration processes across the state, while improving efficiency and transparency.

Employers are therefore required to submit their annual tax returns exclusively through the LIRS eTax portal at https://etax.lirs.net.

Subair described the eTax platform as secure, user-friendly, and accessible 24 hours a day, adding that it was designed to provide employers with a convenient and efficient means of meeting their tax obligations.

He advised employers to ensure that the Tax Identification Number of all employees is correctly captured during the filing process, noting that employees without a TaxID are required to generate one promptly to avoid delays or disruptions.

The LIRS boss also encouraged employers who require further information or assistance to visit any of the service’s offices or make use of its official support channels.

The Central Bank of Nigeria has said that about 20 deposit money banks have already met the new capital requirements under the ongoing banking recapitalisation programme, as the apex bank shifts focus toward ensuring that stronger balance sheets translate into real sector credit growth.

This was disclosed by the Deputy Governor, Economic Policy, Central Bank of Nigeria, Dr Muhammad Abdullahi, on Thursday while speaking on a panel at the launch of the 2026 Macroeconomic Outlook of the Nigerian Economic Summit Group in Lagos.

The PUNCH had earlier reported that at the last Monetary Policy Committee meeting of 2025, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, disclosed that 16 banks have achieved full compliance with the revised capital requirements, ahead of the deadline.

According to Abdullahi, the recapitalisation programme was designed to build stronger banks capable of supporting Nigeria’s ambition of becoming a trillion-dollar economy.

“I think that even at the inception of the capitalisation programme, the major focus is how do we ensure that we have stronger banks that can support our drive towards a trillion-dollar economy? And the only way to get there is through the credit-review sector, to SMEs, to businesses that require funding at good rates. So as we close up towards March, I mean, the efforts have been quite impressive. We have about 20 banks that have already met it. A number of banks are meeting it every day.

They’re huge. It’s very busy within CBN today, tomorrow, and through to March, as you can imagine.”

However, he stressed that recapitalisation alone was not sufficient, warning that the focus must now shift from bigger balance sheets to productive and sustainable lending.

“The focus that we really are turning our attention to, especially from the financial system stability side, is that we ensure that a strengthened capital base translates into credit that is productive, that is well-targeted, and that is sustainable,” he said.

He said the CBN has spent the past year strengthening its regulatory capacity through technology to ensure that the benefits of recapitalisation are transmitted to priority sectors of the economy.

“The entire work we’ve been doing institutionally over the last year is to ensure that the Central Bank itself improves its regulation capacity through using technology to ensure that we can actually monitor that the effects of this capitalisation translate into real sector credit to SMEs,” Abdullahi said.

He added that the apex bank would intervene where banks fail to channel increased capital into productive lending.

Beyond banking, Abdullahi said Nigeria faces a significant development finance challenge, estimating the country’s funding needs at about N230tn across critical sectors.

“Nigeria needs about N230tn in terms of development finance for various sectors. The capitalisation on average for all of the development finance institutions combined is not up to nine trillion naira, so there’s a huge gap,” he asserted.

According to him, the focus has shifted toward mobilising private sector capital, both domestic and international, to close the funding shortfall.

“How do we crowd in private sector capital globally and domestically? How do we ensure that when that capital comes in, it’s used efficiently?” Abdullahi asked.

He disclosed that the Central Bank has held extensive discussions with the Ministry of Finance, which has now taken the lead on development finance strategy, while the CBN supports the framework through financial system stability and regulation.

Abdullahi said efforts are also underway to correct incentives within development finance institutions to ensure funds are deployed efficiently and not treated as expendable public resources.

“There’s a clear programme to see how we correct the incentives in each of the DFIs to ensure that when people give up money, it’s not seen as government money that should just be wasted,” he said.

He expressed optimism that progress would become evident in the coming months as fiscal and monetary authorities align to mobilise capital for growth and development.

Meanwhile, the Senior Economist for Nigeria, World Bank Group, Dr Samer Matta, noted that the monetary authorities had done as much as they could with the instruments available to them.

The Minister of State for Industry, Senator John Enoh, also unveiled the National Industrial Policy, aimed at driving job creation, boosting manufacturing capacity, and reducing the country’s long-standing dependence on imports.

According to him, the policy is built on execution-led design, clear sequencing, institutional ownership, performance benchmarks, timelines, and alignment across trade, investment, finance, energy, skills, infrastructure, and regulation.

The policy is structured around six pillars, including competitive industrial production, value-chain deepening and import substitution, MSME-to-industry transition, trade competitiveness and AfCFTA readiness, and institutional governance anchored on a strong Nigeria First policy.

Enoh said the value-chain pillar targets sectors such as agro-processing, solid minerals, petrochemicals, automotive, and pharmaceuticals, with defined local value-addition thresholds. He raised the question of whether manufacturing’s contribution to GDP could reach 20–25 per cent by 2030, describing the target as ambitious but achievable with commitment.

On MSMEs, he noted that while Nigeria has over 40 million small businesses, the challenge lies in ensuring they feed into industrial value chains through supply development, access to long-term finance, and industry-aligned skills.

He also cited the controversy over last year’s temporary ban on shea nut exports as an example of the need to take industrial aspirations seriously, noting that Nigeria is a major producer but exports mostly raw materials.

Enoh said implementation would define the success of the policy, acknowledging public fatigue with policies that fail to deliver results. An implementation framework, he said, will be unveiled alongside the policy.

“The question is no longer what the policy is,” he said. “The question is how we deliver.”

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) yesterday revealed that of the 74.2 million litres per day (ml/d) of the Premium Motor Spirit (PMS) supplied to the domestic market in December 2025, the Dangote Refinery accounted for 32.12 ml/d.
The state-owned refineries – Warri Refinery Petrochemicals Company (WAPC) and the Kaduna Refinery Petrochemicals Company (WAPC), which remain in shut down contributed none.
This was made in the NMDPRA Factsheet titled: “State of the Midstream and Downstream December 2025,” which was released in Abuja.
According to the document, national domestic supply of petrol rose from the 71.5ML/D in November.
In the period under review national petrol consumption hit 63.7ml/d from the 52.9ml/d recorded in November.
NMDPRA revealed that PMS stock sufficiency rose to 29.20 days from the 16.64 days in the previous month.
Specifically on Dangote, the report said average capacity utilization of the 650barrels stream per day (bspd) plant in December was 62.94 per cent while its PMS performance was 64.02 per cent.
The report revealed that although the actual domestic supply planned by the plant was 50ml/d, it sent 32.12ml/d of petrol to the Nigeria’s market.
Commending the Dangote Refinery’s performance in the period under review, NMDPRA said, “Dangote Refinery shows strong capacity utilization for the month of December realizing a maximum of 71 per cent utilization.”
According to the report, Dangote also supplied an average of 5.783ml/d of the Automotive Gas Oil (AGO) to the domestic market in the month under review.
NMDPRA said the national refineries of the Nigerian National Petroleum Company (NNPCL) – PHPRC and WRPC did not record production activities in December as they remain in shut down.
“No production activities as the refinery remained on shut down mode. However, evacuation of prior AGO produced while the refinery was operational before the 24 May 2015 averaged 0.247million litres/day,” said the factsheet.
On key refinery project update, the factsheet said the Waltersmith Refinery train 2 completed, pre- commissioning hydrocarbon to be introduced by January.