Politics
Minister Of Power Warns Of Nationwide Blackout If Tariff Hike Is Rejected
Minister Of Power Warns Of Nationwide Blackout If Tariff Hike Is Rejected....KINDLY READ THE FULL STORY HERE▶
Minister of Power, Adebayo Adelabu, issued a stark warning during an appearance before the Senate Committee on Power in Abuja. He emphasized the urgent need for the proposed electricity tariff increase to be implemented, cautioning that failure to do so could result in a nationwide blackout within the next three months………CONTINUE READING
Adelabu stressed the critical importance of the tariff hike in sustaining the power sector, stating, “The entire sector will be grounded if we don’t increase the tariff. With what we have now in the next three months, the entire country will be in darkness if we don’t increase tariffs.” He highlighted that the increment is essential for propelling the sector forward and addressing its current challenges, emphasizing that stakeholders, including the government and citizens, would benefit from its implementation.
The minister underscored the substantial financial investment required to revitalize Nigeria’s power sector, estimating a yearly expenditure of $10 billion over the next decade. He acknowledged the government’s financial constraints but emphasized the necessity of making the sector appealing to investors and lenders to facilitate its rejuvenation. Adelabu outlined the significance of commercial pricing to attract investment, noting that recent tariff adjustments have already sparked investor interest.
Regarding the government’s outstanding subsidy debt of N2.9 trillion, Adelabu attributed the inability to settle it to limited resources. He emphasized the imperative of implementing measures to ensure the sector’s sustainability amidst financial constraints.
Adelabu’s warnings highlight the urgency of addressing the financial challenges facing Nigeria’s power sector to prevent a potential energy crisis and ensure its long-term viability.
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Source: Bushradiogist
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