The Minister of Power, Adebayo Adelabu, has announced the end of electricity subsidies in Nigeria. Adelabu emphasized the necessity of transitioning to a sustainable tariff system, citing the country’s substantial debts of 1.3 trillion naira to power generating companies (GenCos) and 1.3 billion dollars to gas suppliers.
Speaking at a press conference in Abuja, Adelabu disclosed that only 450 billion naira was allocated for subsidies this year, far below the required two trillion naira. As a result, he emphasized the need for a shift in approach.
Adelabu further revealed that states will now have the autonomy to generate power independently, signaling a significant policy change in Nigeria’s energy sector.
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