Business

Wale Edun Champions Energy Reforms to Accelerate Nigeria’s Economic Growth

Published

4 hours ago

February 10, 2026

Joel Ajayi

This week in his office in Abuja, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, led strategic engagement with global energy and finance partners to advance Nigeria’s leadership under Mission 300, the continental effort to expand electricity access and drive economic growth.

The discussions focused on accelerating delivery and mobilising investment to strengthen Nigeria’s power sector, recognising reliable electricity as essential to productivity, industrial expansion, digital inclusion, and job creation.

HM Edun reaffirmed that Mission 300 is central to Nigeria’s economic strategy, highlighting the country’s early adoption of the Compact, the establishment of a joint Finance and Power delivery unit, and growing momentum in distributed renewable energy, supported by innovative financing and private sector partnerships. Anna Bjerde, Managing Director of Operations at the World Bank Group, commended Nigeria’s reform progress, describing the country as a potential game changer for Mission 300 due to its scale and leadership, and noting that ongoing programmes are already expanding electricity access.

The Honourable Minister of Power, Adebayo Adelabu, underscored alignment with President Bola Ahmed Tinubu’s economic mandate, citing advances in sector reform, metering, transmission restructuring, and regional power integration.

All parties agreed to accelerate implementation, attract capital at scale, and ensure Mission 300 delivers measurable economic impact for Nigerians.

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Business

RMAFC Flags Off Historic Plotting of Disputed, Newly Drilled Oil and Gas Wells Across Producing States

Published

2 weeks ago

January 26, 2026

The Gleamer

Joel Ajayi

The Chairman of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Dr. M. B. Shehu, OFR, on Monday formally flagged off the plotting of coordinates of disputed and newly drilled oil and gas wells across affected oil-producing states, marking a significant milestone in Nigeria’s revenue management and resource governance framework.

The exercise, scheduled to run from January 26 to 30, 2026, follows the verification process conducted by the Inter-Agency Technical Committee (IATC), which collated data from the affected states on disputed and newly drilled oil and gas wells.

Speaking at the flag-off ceremony on Monday in Abuja Dr. Shehu described the exercise as a historic and strategic intervention that would strengthen transparency, fairness, and equity in the distribution of oil and gas revenue in the country.

He explained that RMAFC derives its authority from Paragraph 32(a) of Part I, Third Schedule of the 1999 Constitution (as amended), which empowers the Commission to monitor accruals and disbursement of revenue from the Federation Account, including ensuring the equitable distribution of the 13 per cent Derivation Fund among oil- and gas-producing states.
In line with this constitutional mandate, the Commission inaugurated the Inter-Agency Technical Committee (IATC), comprising the National Boundary Commission (NBC), the Office of the Surveyor-General of the Federation (OSGoF), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and RMAFC.

According to the Chairman, the Committee was tasked with verifying and plotting the coordinates of disputed and newly drilled oil and gas wells in affected states. While the verification phase has been completed, the plotting exercise now underway is expected to determine the precise locations of the wells and ensure that new oil and gas assets are properly attributed to their rightful states.

Dr. Shehu called on representatives of the affected oil-producing states to participate actively in the process to guarantee transparency, credibility, and collective ownership of the outcomes.

“The Commission will remain an unbiased umpire and will continue to uphold justice, equity, and fairness in the discharge of this responsibility,” he assured.

He further expressed appreciation to the affected states for their cooperation during the verification phase, noting that inter-agency collaboration and stakeholder engagement remain critical to resolving disputes and strengthening confidence in Nigeria’s revenue allocation system.

The plotting exercise is widely seen as a major step toward resolving long-standing disputes over oil and gas well locations, promoting peace among oil-producing states, and ensuring fairness in the distribution of derivation funds across the federation.

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