menu Home chevron_right
News

Nigeria Government unable to subsidise power anymore – Power Minister

Boom RadioNG | February 14, 2024
Minister of Power, Adebayo Adelabu

The Minister of Power, Adebayo Adelabu has said Nigeria cannot continue to subsidise electricity, adding that the nation must begin to move towards a cost-effective tariff model, as the country is currently indebted to the tune of 1.3 trillion naira to generating companies (GenCos) and 1.3 billion dollars owed gas companies.

The minister made this known while addressing journalists at a press conference in Abuja today stating that only 450 billion naira was budgeted for subsidy this year but the ministry needs over 2 trillion naira for subsidy.

Furthermore, he said state governments will now be allowed to generate power independently to supply power to their states.

On the grid that has collapsed for about six times between December 2023 and now, he said this was caused by shortage of gas, ageing machines in the grid value chain, low capacity to evacuate generated power, and destruction of power stations in some parts of the North-East geopolitical zone of the country.

Minister of Power, Adebayo Adelabu

Minister of Power, Adebayo Adelabu

The minister also said over 50 billion naira has been earmarked in the 2024 budget to build mini grids to supply power to remote areas.

He said electricity distribution companies (DisCos) should sit up otherwise anyone found wanting will have his licence withdrawn

The minister also said he has spoken to the National Security Adviser, Nuhu Ribadu to help provide security for power infrastructure.

 

Dolupo Balogun

Written by Boom RadioNG

Comments

This post currently has no comments.

Leave a Reply






  • play_circle_filled

    Livestream

  • cover play_circle_filled

    01. Weakness
    Dj Kentha

    add_shopping_cart
  • cover play_circle_filled

    02. Dreams
    Primal Beat, Grover Crime

    add_shopping_cart
  • cover play_circle_filled

    03. Prefekt
    Kenny Bass, R. Galvanize

    add_shopping_cart
  • cover play_circle_filled

    04. Surf
    Primal Beat, Kelsey Love

    add_shopping_cart
  • cover play_circle_filled

    05. ElementD
    J PierceR, Gale Soldier, Dixxon

    add_shopping_cart
  • cover play_circle_filled

    #NewMusicFriday|National Grid Collapses| CBN raises bank’s capital requirement|Lagos-Calaber Coastal Rd
    Kenny Bass

play_arrow skip_previous skip_next volume_down
playlist_play