FG Can’t Continue To Subsidize Electricity – Power Minister

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, who 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 further said that state governments will now be allowed to generate power independently to supply power to their states.

The minister added that over 50 billion naira has been earmarked in the 2024 budget to build mini grids to supply power to remote areas.

He stated that electricity distribution companies (DisCos) should sit up otherwise anyone found wanting will have his licence withdrawn.