N6tr public power revenue will guarantee stable power, says minister

The Nation Newspaper N6tr public power revenue will guarantee stable power, says minister

The nation could however save more than three quarters of this annual spending as investments in national grid system and increase in public power supply revenue to N6 trillion will guarantee stable power supply.

Adelabu spoke on “Navigating Nigeria’s Pathway to Achieving Energy Security Sustainability on the Journey to Net Zero” in Abuja at the 2024 Nigerian Oil and Gas conference. “If you know how much people spend buying diesel, buy petrol, buy generators, servicing them in a year… The last study we had in 2023, a total of N16.5 trillion was spent on diesel in power generation. Even a number of the industries are off the grid.“So spending in the sector off the grid is close to N30 trillion. The revenue for the entire industry, the grid, the entire power sector was just N1 trillion for 2023, all that went to generation companies, transmission company and the distribution.

According to him, whereas the ‘Band A’ tariff is N206/kwh, electricity generation with gas costs N290/mwh, petrol cost N450per mwh, while diesel cost N900mwh.Mr. Adewale Fayemi of Total Energies, urged the Federal Government to initiate commercial framework that make provisions for recouping of investment in the renewable energy sector.

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