Energy
FG can’t continue to subsidize electricity — Minister of Power
The Minister of Power, Adebayo Adelabu, says 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.
Adelabu, addressed a press conference in Abuja on Wednesday, said only 450 billion naira was budgeted for subsidy this year but the ministry needs over 2 trillion naira for subsidy.
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.
-
Energy1 week agoFuel Battle: Dangote, marketers and government clash over petrol imports
-
Latest3 days agoFull List: Meet the 2026 Nobel Prize winners across six categories
-
Featured7 days ago103 Million Voters: What does INEC’s new register say about Nigeria’s population?
-
Football3 days agoPremier League Matchweek 7: Five Fixtures That Could Shape the Weekend
-
Business1 week agoThe Ministry of Commerce of Loveworld gets a $1 million boost for new investment fund at LTIF 2026 to promote Trade in Ghana
-
Features1 week agoEdo’s 2.5 million vote promise: Can the numbers match the politics?
-
Latest2 days agoUmahi defends Lagos-Calabar highway route changes amid public outcry
-
Latest1 week agoNigeria to Ghana: Inside police hunt for Anambra kidnap suspect