CMSA Conference: Nigeria on Track with Power Reforms

Nigeria’s current power reforms, have been praised as a  step in the right direction. Speaking with Journalists during a sideline interview, at the 2025 Annual Business Summit of the Capital Market Solicitors Association (CMSA),  which held on June 25 at the Oriental Hotel in Victoria Island, Lagos, former Governor of Bauchi State, Mohammed Abubakar, SAN, applauded the constitutional amendment and Electricity Act reforms, which now empower State Governments (“subnationals”) to generate, transmit, and distribute electricity independently of the Federal Government.

 He maintained that the recent amendment of the Constitution, removing power from the exclusive list and taking it to the concurrent legislative list, has now opened up space for sub-nationals to participate in this sector. Coupled with the fact that the Electricity Act was also amended, and it has been made receptive for participation by sub-nationals in the sector. 

“As it is, if you have heard, already some sub-nationals, some States, are gearing up to participate fully in this sector.

 “And I feel happy about that, happy for Nigerians, that probably for the first time, we are going to conquer this issue of stable power supply in Nigeria.”

 Further, he said: “In the past, you could only generate electricity outside the Federal Government, but, you cannot distribute electricity. But, today, you can do all that. And, in doing that, the Act has allowed you to attract investment from outside Nigeria to be able to stabilise power supply”.

 Also speaking along the same lines, Chief Anthony Idigbe, SAN further noted that, the power sector reforms are about the last of the reforms needed to free the economy.  

“Energy is one of the last remaining areas for resolution. The Government has successfully resolved the exchange rate differentials and fuel subsidy, but what people don’t know is that there is a great subsidy issue in energy as well. And, the current power reform, gives us the opportunity to address it.’’  

 Idigbe, who further spoke on the economic and investment opportunities that the reforms presents, added that very soon, electric tariff will come down and Nigerians will be better off because of the incoming investment.

 In her Keynote Address, the Hon. Minister of State Finance, Dr Doris Uzoka–Anite, who was represented by Mr Peter Olusegun Awoyemi, a Director in the Ministry of Finance, expressed her appreciation to the CMSA for the consistent stewardship of the legal framework that underpins the nation’s financial architecture. 

 “Your dedication since 2001 has ensured that the legal ecosystem of our capital market, remains dynamic and responsive to emerging realities.’’

 Speaking on the Investment and Securities Act 2025, which is the theme of the Conference, the Minister said that the unveiling of the Investment and Securities Act 2025 represents more than legislative housekeeping, as it is a transformational moment in the trajectory of Nigeria’s financial and capital market reforms.

 “By repealing the 2007 Act, this new legislation arrives at a critical juncture when Nigeria’s market must compete for capital, defend investor confidence, and align with global best practices’’, Dr Uzoka–Anite stated further. 

The well attended Conference had plenary sessions where discussions where centred on law, security, power, investments, and the challenges facing the economy.

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    The Minister of Education, Dr. Tunji Alausa, has said that there is no binding agreement between the Federal Government and the Academic Staff Union of Universities (ASUU).

    Alausa disclosed this in Abuja on Thursday when fielding questions from journalists on the ongoing ASUU protest across the country.

    The minister clarified that contrary to the impression by some Nigerians, the government had never signed any binding agreement with ASUU, describing the document as a draft.

    He reiterated the government’s commitment to resolve issues raised by the union, saying President Bola Tinubu had mandated the  ministry to find a lasting solution that would keep Nigerian children in school.

    He emphasised that the administration was not interested in “bogus or unsustainable agreements” but in reaching an accord that was implementable and constitutionally backed.

    He stressed that ASUU’s recent protests would not degenerate into strike, as the government had engaged the union “continuously and meticulously”.

    “We are committed to solving this problem once and for all. What has lingered since the 2009 and 2021 agreements will now be addressed in a sustainable way.

    “The president has made it clear that every promise made to ASUU and Nigerians will be fulfilled truthfully and honestly,”he said .

    Alausa also said that the ministry held a high-level meeting with stakeholders Thursday (today) to find a lasting solution to the lingering problems.

    He said the meeting was attended by the Minister of State for Education, Minister of Labour and Productivity, and Solicitor-General of the Federation.

    Others in attendance were Permanent Secretaries in the ministries of Education, Labour and Justice; as well as heads of key agencies, including the National Universities Commission (NUC), Salaries and Wages Commission, and the Budget Office.

    He added that the meeting reviewed ASUU proposals line by line which would be fine-tuned by the committee’s technical team.

    According to him, the team would submit a “clean report” that would be forwarded to the Yayale Ahmed-led committee to renegotiate the 2009 ASUU/FG Agreement.

    “We want an agreement where every component is actionable and feasible.

    ”Nigerians can be assured that this government will keep our schools open and ensure our children remain in classrooms,” he stated.

    He added that unlike in the past, the Ministry of Justice would be fully involved in the process to ensure agreements comply with constitutional provisions. (NAN)

    The post FG Denies Signing Agreement With ASUU, Describes Document As Draft appeared first on THISDAYLIVE.

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    The Minister of Education, Dr. Tunji Alausa, has said that there is no binding agreement between the Federal Government and the Academic Staff Union of Universities (ASUU). Alausa disclosed this
    The post FG Denies Signing Agreement With ASUU, Describes Document As Draft appeared first on THISDAYLIVE.

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