Ride-hailing drivers in Lagos plan to halt services on May 1, 2025, accusing Uber, Bolt, Lagride, inDrive, and Rida of exploitation through low fares and high commissions, the Amalgamated Union of App-Based Transporters of Nigeria said on Tuesday.

The 24-hour shutdown, involving about 5,000 drivers, aims to disrupt Nigeria’s $273 million ride-hailing market. The drivers are demanding better wages and safer conditions, AUATON’s Public Relations Officer, Steven Iwindoye, noted in a statement shared with PUNCH Online.

Drivers face commission rates of 25-30 per cent and fares as low as N1,200 for 10km trips, compounded by rising fuel costs since the 2023 subsidy removal.

“Despite our efforts to engage in dialogue, these companies have consistently prioritised their profits over our well-being,” the union said. “They’ve ignored our pleas for fair compensation, safe working conditions, and respect for our rights as workers.”

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As part of the action, drivers will log off their apps and stay off the roads to demand better compensation, safety guarantees, and recognition of their rights.

The protest, timed for International Workers’ Day, follows growing scrutiny of the global gig economy, with similar actions already taken in the US and South Africa.

AUATON said it plans to establish a negotiation framework after the strike, working with labour groups to push for reforms.

“This is not just about drivers being off the road for one day,” said the union. “It’s about building a united front to demand dignity and fairness for the people who keep the digital transport economy running.”

The federal government says it is targeting an additional 4,000 megawatts (MW) of electricity to the national grid by the end of 2026 under a revised implementation plan for the presidential power initiative (PPI).

Bolaji Tunji, special adviser on strategic communications and media relations to Adebayo Adelabu, minister of power, announced the target in a statement on Sunday.

Nigeria’s current grid capacity is 4,919mw.

According to the statement, the administration of President Bola Tinubu has revitalised the PPI following the execution of an acceleration agreement with Siemens Energy to fast-track its implementation and improve power supply.

The new structure, Tunji said, allows Siemens to focus solely on modernising the transmission subsector using a turnkey model, while other credible engineering, procurement and construction (EPC) firms with proven capacity will be responsible for the distribution component.

“While acknowledging efforts of past administrations on the PPI, the Minister said some of the key milestones under the present administration apart from the execution of an Acceleration Agreement with Siemens Energy to fast-track the implementation of the PPI, include the approval of a new technical direction for the PPI, ensuring Siemens Energy focuses solely on upgrading and modernizing the transmission subsector through a Turnkey approach,” the statement reads.

“The president also approved that the distribution scope be delivered by other reputable Engineering Procurement and Construction (EPC) Companies with the requisite technical, financial, and financing capacity.

“The strategic decisions aim to increase grid capacity by an additional 4,000MW by the end of 2026, with an aspirational target of an additional 2,000MW, as directed by the economic management team in 2024.”

Tunji said that while the PPI was conceived in 2018 under a bilateral agreement between Nigeria and Germany, the project has witnessed significant progress since the Tinubu administration took office on May 29, 2023.

“There is no way the minister’s statement that no significant progress on the project was made until the present administration was inaugurated, can be faulted when the major milestones between 2023 till date are considered,” he said.

“This administration, under the leadership of President Tinubu, has demonstrated an unwavering commitment to the PPI, recognising its critical importance to opening up the economy and galvanising national development.

“To ensure the expeditious delivery of improved power supply to industrial clusters, households, and businesses, President Tinubu mandated the signing of an Acceleration Agreement.

“This commitment has translated into tangible results. Under the present administration , leadership, strengthened programme governance has expedited contract and financing approvals, leading to faster project implementation.”

He noted that the PPI pilot phase under the current administration delivered 10 power transformers and 10 mobile substations, manufactured and delivered in October 2023.

The spokesperson said the several transmission projects executed by FGN Power Company have also added over 700MW in wheeling capacity for industries, universities, and homes.

Tunji said electricity generation in Nigeria peaked at 6,003MW on March 4, 2025, the highest ever, with a new record of 128,370.75MWh in daily energy delivery, and generation evacuation reached 5,801.44MW on the same day.

On grid infrastructure, he said over 70 transformers were added between 2024 and 2025 through TCN’s internally generated revenue (IGR) and support from the World Bank and African Development Bank, adding over 12,000 megavolt-amperes (MVA) to grid capacity.

“However, the minister is the first to acknowledge challenges in the sector. Such challenges include the N4 trillion in outstanding subsidies and unsustainable tariff regimes, rampant vandalism, electricity theft, and chronic bill non-payment, poor investment by some operators, especially in the distribution infrastructure and resistance to the sector commercialisation by the electricity consumers, which is impacting on the sector’s liquidity,” he added.

Tunji said that despite the challenges, the ministry has achieved significant progress in reforming the sector, expanding access, and upgrading infrastructure.

The spokesperson added that a solid foundation has been established for long-term transformation, driven by a commitment to inclusive, sustainable, and results-focused development of the power sector.

Money supply hits 3-month low on liquidity squeeze

Private sector credit rises

Nigeria’s broad money supply (M3) jumped 24 percent to an all-time high of N114.2 trillion in March 2025, defying the Central Bank of Nigeria (CBN)’s ongoing monetary tightening efforts aimed at reining in inflation.

The M3, which serves as the most comprehensive measure of money in circulation within an economy, includes not only the cash used in everyday transactions but also large-scale deposits and financial assets that influence lending, investment, and inflation.

Despite the CBN’s firm stance on monetary tightening, the latest data from the apex bank indicates a year-on-year increase of 23.9 percent, with the money supply rising sharply from N92.18 trillion in March 2024.

On a month-on-month basis, the figure climbed by 3.2 percent from N110.70 trillion recorded in February 2025.

In a bid to counteract inflationary pressures and stabilise exchange rate fluctuations, the CBN withdrew N1.7 trillion from the financial system through Open Market Operations (OMO) auctions in March 2025.

Analysts at Afrinvest Securities Limited noted that the move was part of broader efforts to reduce liquidity and cool rising consumer prices.

Despite these measures, bank credit to the government expanded significantly, increasing by 28.9 percent year-on-year to reach N25.85 trillion in March 2025, compared to N20.05 trillion in the same month last year. However, on a monthly basis, government borrowing from banks dropped by 4.6 percent from N27.11 trillion in February.

Meanwhile, credit to the private sector rose modestly by 6.8 percent year-on-year to N76.26 trillion in March 2025, up from N71.43 trillion in March 2024. Month-on-month, the increase was marginal, rising by just 0.01 percent from N76.25 trillion in February 2025.

Currency in circulation also rose substantially over the past year. The amount of currency circulating in the economy jumped by 29.5 percent year-on-year to N5.00 trillion in March 2025, up from N3.86 trillion a year earlier. However, there was a slight decline on a monthly basis, with the figure dipping from N5.03 trillion in February 2025.

Similarly, the volume of currency held outside the banking system climbed by 26.8 percent year-on-year to N4.59 trillion in March 2025, compared to N3.62 trillion in March 2024. Month-on-month, currency outside banks increased by 1.8 percent from N4.51 trillion in February.

Over the last five years, the CBN has aggressively raised its Monetary Policy Rate (MPR), the benchmark interest rate, from 11.50 percent in 2021 to 27.50 percent as of March 2025. Most of the increase occurred in the past year, during which the rate was hiked by an unprecedented 875 basis points as the apex bank intensified its fight against inflation.

The tight monetary stance has yielded some results. Inflation, which stood at 24.48 percent in January 2025, eased to 23.18 percent in February. However, the relief was short-lived, as inflation rose again to 24.23 percent in March, signaling persistent inflationary pressures despite the Central Bank’s continued efforts.