Power sector reforms boost investment and reduce government liabilities
The Federal Government says recent reforms in Nigeria’s power sector are producing tangible results, with increased investment and reduced liabilities. Adebayo Adelabu, the Minister of Power, highlighted these achievements during the inauguration of the new headquarters of the Nigeria Electricity Liability Management Company. He credited the improvements to policy changes, market liberalisation, and the implementation of the Electricity Act 2023. Bola Tinubu’s administration aims to create a more sustainable and reliable electricity supply for Nigerians.
TLDR
- Adebayo Adelabu announced that the power sector has attracted $2bn in new investments and reduced government liabilities to N146.76bn.
- The Nigeria Electricity Liability Management Company cut inherited liabilities from N2.303tn to N146.76bn and delivered over N700bn in savings to the Federal Government.
- The Electricity Act 2023 has decentralised the electricity market, enabling the activation of 16 state electricity markets and encouraging competition.
- Generation capacity increased from 13 gigawatts to 14 gigawatts, with a peak generation of 5,801.44 megawatts.
- Adebayo Adelabu apologised to Nigerians for ongoing power outages, attributing them to gas supply issues and infrastructure challenges, and assured that efforts are ongoing to restore stable supply.
