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.
-
Latest6 days agoIsrael marks 3 years since October 7 Hamas attack amid Gaza strikes, election debate
-
Energy5 days agoFuel Battle: Dangote, marketers and government clash over petrol imports
-
Energy7 days agoPetrol, diesel prices rise 86% in 2026 as costs hit fresh highs
-
Energy1 week agoHas Iran lost control of the Strait of Hormuz? Oil flows rebound as war disruptions persist
-
Football6 days agoNigeria’s World Cup exit under spotlight as FIFA’s DR Congo files emerge
-
Latest6 days agoUS Court set to rule on release of FBI, DEA records on Tinubu
-
Business6 days agoNigerian investors at a crossroads as fixed-income yields slide
-
Business1 week agoLoveWorld Trade and Investment Forum to Convene Business Leaders in Accra