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Tinubu: Generating Only 4.5GW of Electricity is Shameful
Tinubu: Generating Only 4.5GW of Electricity is Shameful....KINDLY READ THE FULL STORY HERE▶
President Bola Tinubu has expressed disappointment over Nigeria’s current electricity generation of 4.5GW, considering the country’s size. Speaking at the inauguration of a 31-member Presidential Economic Coordination Council at the Presidential Villa in Abuja, Tinubu emphasized the need for innovative solutions to address Nigeria’s economic challenges, highlighting the importance of public-private partnerships in driving economic reforms……….. CONTINUE READING
“We face the challenge of energy security in Nigeria,” Tinubu stated. “We need to work together to improve our oil and gas sector, and we must also increase electricity generation and distribution throughout the country. As a nation, it is shameful that we are still generating 4.5GW of electricity.”
He outlined a comprehensive Economic Stabilization Programme aimed at stabilizing the economy, enhancing job creation, and fostering economic security. This includes initiatives to increase on-grid electricity from 4.5GW to 6GW within six months, boost oil production to 2 million barrels per day within the next year, and remove investment barriers in the energy sector to enhance competitiveness.
Tinubu also detailed plans to increase agricultural production, with the goal of raising staple crop output from 127 million MT in 2023 to 135 million MT this year by supporting small-holder and larger-scale commercial farmers. Additionally, the health and social welfare sector will focus on making essential medicines available at lower costs for 80-90 million Nigerians, expanding healthcare insurance coverage for 1 million vulnerable individuals, and deploying 20,000 healthcare workers to serve 10-12 million patients in high-need areas.
Fiscal measures include improving access to finance for housing, MSMEs, and the manufacturing sector. Specific interventions include supporting youth-owned enterprises, providing a N650 billion facility for youth-owned businesses, manufacturers, and MSMEs, and establishing a Manufacturing Stabilization Fund to support 250 companies. The programme also includes expanding the Bank of Industry’s Rural Development Programme to support rural economies and developing 300 new MSMEs per state, and creating affordable housing through the Mortgage Finance Acceleration Facility.
These initiatives are expected to create 4.7 million direct and indirect jobs over the next six to twelve months.
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