Politics
Nigerians Kick As Power Minister, Adelabu Reveals: “FG Doesn’t Have Money To Pay Electricity Subsidy”
Nigerians Kick As Power Minister, Adelabu Reveals: “FG Doesn’t Have Money To Pay Electricity Subsidy”....KINDLY READ THE FULL STORY HERE▶
Written By Oshiobugie John
The Minister of Power, Adebayo Adelabu, expressed concern over the inability of the Federal Government to sustain electricity subsidies amidst mounting power debts plaguing the nation. READ FULL ARTICLE HERE
Adelabu emphasized the necessity of transitioning towards a more cost-effective tariff structure, revealing that Nigeria currently owes ₦1.3 trillion to generating companies (GenCos) and $1.3 billion to gas companies.
These revelations came to light during a press conference held in Abuja on Wednesday, February 14, 2024, attended by various stakeholders, including heads of agencies under the Federal Ministry of Power.
Adelabu disclosed that despite only allocating ₦450 billion for electricity subsidies in the 2024 budget, the Nigerian Electricity Regulatory Commission (NERC) estimates a staggering ₦2.9 trillion requirement for subsidies this year.
Highlighting the multifaceted challenges within the power sector, Adelabu pointed out that the national grid has collapsed six times since December 2023. He attributed this recurring issue to gas shortages, aging grid infrastructure, inadequate capacity for power evacuation, and the destruction of power facilities in parts of the North-East geopolitical zone.
Furthermore, Adelabu highlighted the Transmission Company of Nigeria’s (TCN) struggle with over 100 abandoned projects due to discrepancies in contract values caused by foreign exchange fluctuations. Consequently, new contracts won’t be awarded until existing projects are completed.
The Minister also issued a stern warning to electricity distribution companies (DisCos), cautioning that those found negligent risk having their licenses revoked.
In a proactive move towards improving power access in remote areas, Adelabu announced that over ₦500 billion has been allocated in the 2024 budget for the construction of mini-grids.
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Source: Bushradiogist
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