In a significant announcement, Minister of Power, Adebayo Adelabu, has emphasized the imperative for Nigeria to discontinue its subsidy on electricity. Addressing a press conference in Abuja on Wednesday, the minister highlighted the country's mounting debt to generating companies (GenCos) amounting to 1.3 trillion naira, along with an outstanding debt of 1.3 billion dollars owed to gas companies.

Adelabu stressed the necessity for Nigeria to transition towards a cost-effective tariff model. He revealed that the allocated budget for subsidy this year stands at a mere 450 billion naira, while the ministry requires over two trillion naira to sustain the subsidy.

Furthermore, the minister announced a significant policy shift, stating that states will now have the autonomy to generate power independently. This move marks a pivotal moment in Nigeria's energy landscape, reflecting the government's commitment to addressing the challenges within the power sector.

The minister's declaration underscores the need for strategic reforms to ensure the sustainability and efficiency of Nigeria's electricity supply. As the country navigates this transition, it is poised to embark on a path towards greater self-sufficiency and reliability in power generation.

Stay tuned for further updates as Nigeria embarks on this transformative journey towards a more robust energy framework.

In a recent exchange, former Vice President Atiku Abubakar attributed Nigeria's economic challenges to the "poor policies" of President Bola Tinubu. However, the Presidency responded, accusing Atiku of hypocrisy and failing to propose better policy alternatives. Atiku criticized Tinubu's economic policies, stating that they are causing pain, despair, and a shrinking private sector. He also questioned the effectiveness of Tinubu's budget and characterized his initiatives as uninformed and chaotic.

On the other hand, the Special Adviser to the President on Information & Strategy, Bayo Onanuga, dismissed Atiku's criticism, claiming it reflects a mission as a poor opposition figure. Onanuga defended Tinubu's reforms, including the removal of petrol subsidy and harmonization of exchange rates, emphasizing their long-term benefits. He countered Atiku's claims about a shrinking private sector and multinational companies leaving, stating they are not grounded in facts.

The Presidency highlighted Tinubu's acknowledgment that the reforms would cause immediate pain but insisted they are essential for future prosperity. Onanuga urged Atiku to be honest about the inherited weak economy and commended President Tinubu's focus on solving economic and security challenges through fiscal and tax policy reforms. Despite Atiku's criticism, the Presidency emphasized its commitment to nation-building and economic recovery initiated by President Tinubu.

United States authorities have indicated that preliminary findings suggest wintry weather conditions contributed to the helicopter crash that claimed the lives of Access Holding Plc's Group Chief Executive Officer, Herbert Wigwe, along with his wife, son, and others.

During a media briefing held at 3 am Nigerian time on Sunday, National Transportation Safety Board member Michael Graham stated that initial reports from witnesses indicated rain and wintry precipitation at the time of the accident. He also mentioned that officials were present at the crash site to collect perishable evidence.

Graham noted that the helicopter involved in the crash lacked both a cockpit voice recorder and a flight data recorder, as it was not required to be equipped with such recording devices.

In response to inquiries regarding passenger details, Graham mentioned that no specifics were available at the moment. However, he assured that any information regarding the passengers would be released through the coroner's office, although he did not provide a specific timeline for this.

Access Bank confirmed the tragic news of Herbert Wigwe's passing, along with that of his family members, in a statement released on Sunday.

Herbert Wigwe, the co-founder of Access Bank and the visionary behind Wigwe University, has reportedly passed away in a tragic helicopter crash in California, United States.

Wigwe, who also served as the Chief Executive Officer (CEO) of Access Holdings, the parent company of Access Bank, was traveling aboard the helicopter with his wife, son, and three other passengers. The aircraft was en route to Las Vegas when it tragically crashed near the border between Nevada and California on Friday night.

The US government has confirmed that there were no survivors among the six individuals on board, with the helicopter crashing near Nipton, California, an unincorporated community approximately 60 miles south of Las Vegas in eastern San Bernardino County. The crash was reported to the San Bernardino County Sheriff’s Department around 10:12 pm local time, with the site located east of Interstate 15, near Halloran Springs Road.

While The New York Times has corroborated the incident, the identities of the passengers have not been officially disclosed. As of Saturday morning, no formal statement has been released regarding the tragic event.