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FG to Invest $800 Million in Power Infrastructure, Targets 6,000 MW Capacity by Year-End
The Federal Government has announced plans to invest $800 million in the development of substations and distribution networks as part of the Presidential Power Initiative (PPI).
This information was shared in a statement released by Bolaji Tunji, Special Adviser on Media and Strategic Communication to the Minister of Power, in Abuja on Sunday.
Tunji highlighted that the Minister of Power, Adebayo Adelabu, revealed the investment plans during his visit to the TBEA Southern Power Transmission and Distribution Industry in Beijing, China.
The minister is currently in Beijing attending the China-Africa Cooperation Summit, a platform focused on fostering collaboration between African nations and China.
According to Adelabu, the $800 million investment will be split into two equal parts: $400 million will go toward Lot 2, which encompasses the franchise areas of the Benin, Port Harcourt, and Enugu Distribution Companies (DISCOs), while the remaining $400 million will be allocated to Lot 3, covering the franchise regions of the Abuja, Kaduna, Jos, and Kano DISCOs.
Adelabu expressed concern over the frequent rejection of power by DISCOs, a situation that recently caused a significant decrease in Nigeria’s power generation capacity.
The peak generation of 5,170 megawatts fell by 1,400 megawatts due to the inability of distribution companies to efficiently manage the power supply.
Despite this challenge, the minister assured that the government is determined to boost electricity generation and aims to increase capacity to 6,000 megawatts by the end of the year.
He reiterated the government’s commitment to collaborating with international organizations like TBEA to fulfil President Bola Tinubu’s vision for improving the power sector, particularly in transmission, distribution, and the renewable energy segment.
Adelabu reflected on Nigeria’s past struggles with power generation, pointing out that the country was only able to increase its capacity from 2,000 megawatts in 1984 to 4,000 megawatts after more than three decades.
However, under the current administration, there has been notable progress, with power generation rising from 4,000 megawatts to 5,170 megawatts within just a year.
Addressing the long-standing challenges in the sector, the minister emphasized that the fragile and outdated transmission and distribution infrastructure has been a major obstacle to industrial growth.
This outdated system has contributed to the country’s unreliable power supply, affecting households, businesses, and industries alike.
Adelabu noted that more than 59% of industries in Nigeria have opted to remain off the national grid due to its unreliability.
Many of these industries have resorted to self-generation, relying on captive power sources to meet their energy needs.
This situation has further underscored the urgency of improving the country’s power infrastructure to ensure a reliable and sustainable electricity supply across the board.
TV anchor Rufai Oseni makes headlines as he speaks on fuel subsidy in Nigeria. He shared that Nigeria can have fuel subsidy without the long queues at filling stations.
“When we were still paying subsidies, there were no long queues. We were subsidising. So you can still have a subsidy regime going on, and there will be no long queues because production was close by. Dangote had it. That’s just it. That argument also falls flat.
“The biggest beneficiaries of subsidy are not Nigerians. They are crony capitalists that have big infrastructure, and they do contracts. They have been the biggest beneficiaries of the subsidy,” he said.
Lagos State Governor, Sanwo-Olu, speaks to those in the electricity sector about the usual blackouts in the state.
He speaks on ways things can change in the state and how electricity can be provided.
“We need to drop corporate egos, abandon long-standing excuses, and confront the harsh realities obstructing progress in the power sector.”
“We, state governments, used to give excuses that everything is centralised, so the Federal Government has unbundled it now. What have we done in a year and a half?” Sanwo-Olu asked.
“We take two steps forward, we go five steps backward,” he said.
Lagos State Governor Babajide Sanwo-Olu has declared Thursday, August 20, a work-free day for public servants in the state to mark the Isese Festival.
Speaking on the celebration, he said “Ìṣẹ̀ṣe is not a relic. It is a living expression of our traditions and a celebration of Yoruba spirituality as an important part of Nigeria’s cultural and religious landscape,” he said.
He added “When the drums sound in Lagos on Thursday, they answer drums in Havana, in Salvador, in Port of Spain. Fifty-five million people and counting. Lagos is not observing a local holiday. Lagos is standing at the centre of a global heritage,” Aregbe said.
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