The Minister of Power, Chief Adebayo Adelabu, has indicated that the planned hike in electricity tariffs will elevate the available generation capacity to around 7,000 megawatts. This comes on the heels of the nation’s unprecedented peak electricity generation of 5,801.84MW recorded last week.
In a release from his Special Adviser on Strategic Communication, Bolaji Tunji, Adelabu elaborated that standardizing tariffs is essential for tapping into the sector’s complete potential and enhancing both power production and distribution.
“To sustain these improvements, the Government would have to pay down on the tariff shortfalls of N1.94 trillion for 2024 and legacy debts of N2 trillion to the GENCOs. It would be important to continue the tariff reforms to ensure consumers start to pay for the energy consumed. By the time the tariffs are fully regularized, we will be moving closer to 7,000 MW of available generation capacity. This will mark another significant milestone in our journey towards a stable, reliable, and efficient power sector that meets the needs of all Nigerians,” Adelabu stated.
Last week, the minister disclosed the government’s intention to increase electricity tariffs for customers in Bands B, C, and D as part of initiatives to improve liquidity within the sector and lessen the burden of government subsidies. The suggested tariff revision is anticipated to reduce the disparity between Band A customers and those in other groups.
Per the statement, the available power generation has now climbed to 6,003MW, marking the highest in Nigeria’s history. This was accompanied by a peak generation evacuation of 5,801.84MW and a daily maximum energy output of 128,370.75 megawatt-hours (MWh).
“We are thrilled to announce these historic milestones in Nigeria’s power sector. The record available generation of 6,003MW, the peak evacuation of 5,801.84MW, and the daily maximum energy output of 128,370.75MWh are testaments to the hard work, dedication, and strategic reforms being implemented under the leadership of the Minister of Power, Adebayo Adelabu,” the statement read.
The minister underscored that these accomplishments are more than mere numbers; they signify strides toward a future where businesses flourish, homes experience consistent electricity, and the economy develops sustainably. He voiced optimism for the persistence of these milestones and additional advancements in the sector.
Tunji cited the minister explaining that the recent gains stem from unified efforts by the Federal Ministry of Power, working alongside critical stakeholders, to address persistent obstacles and enhance the nation’s power infrastructure. These initiatives encompass upgrading and rehabilitating transmission and distribution systems, adopting cutting-edge technologies, and enacting policy changes to boost efficiency and transparency.
While rejoicing in the successes, Adelabu urged ongoing cooperation among all parties involved, including state governments, private sector participants, and the broader public, to guarantee that the advancements achieved in the power sector are preserved and further expanded upon.
A Gentle Reminder: Every obstacle is a stepping stone, every morning; a chance to go again, and those little steps take you closer to your dream.
Nnamdi Okoli