The Federal Government has ruled out any plan to increase electricity tariffs for now.
It however promised to improve electricity for Nigerians.
The Minister of Power, Joseph Olasunhanmi Tegbe, disclosed this at a stakeholders’ session in Lagos on Friday, saying adequate measures have been put in place to achieve positive results in line with its renewed hope agenda.
He pointed out that the event marks the beginning of a new chapter of openness, accountability and collaboration.
The minister said resetting the sector does not imply that nothing has been achieved; it means building decisively upon the unprecedented reforms already initiated by President Bola Ahmed Tinubu, whilst addressing long-standing structural deficiencies that have prevented the sector from reaching its full potential.
“Our objective is clear. To make electricity more available, make the grid more reliable, make the market
financially sustainable and restore investor confidence. Ultimately, we want to ensure that electricity becomes a catalyst for national productivity rather than a constraint to economic growth,” Tegbe stated.
Tegbe affirmed that President Bola Ahmed Tinubu, has demonstrated strong political commitment to electricity sector reform since the liberalisation of the industry, as his administration understands an undeniable truth: No nation has ever industrialised without reliable electricity.
According to him, there is no move to increase tariff as reported in some media platforms, noting that through the Presidential Metering Initiative, Nigeria is moving decisively towards universal metering because consumers deserve transparency, fairness and confidence that they only pay for the electricity they actually consume.
“This administration has also prioritised investment in transmission infrastructure, expanded rural
electrification, strengthened institutional coordination across the electricity value chain, and continued to pursue reforms that encourage private capital while preserving the public interest,” the Minister noted.
Tegbe said the Power Ministry has immediately commenced several significant interventions, including the
inauguration of the Power Force. This initiative brings together 5,000 Nigerian Youths for meter installation across the country. This is to close the metering gap and also develop a strong, skilled pool of young Nigerians in the electricity field (NAPTIN).
Other interventions include significant progress in resolving the age-long challenges surrounding meter procurement, and encouraging improvements in electricity generation, as over the course of the last 2 weeks, the sector has consistently crossed the 5000MW mark.
The Minister further added, “Our ambition is clear. Reliable electricity that powers our homes. Competitive
electricity that powers our industries. Sustainable electricity that attracts investment. Inclusive electricity that reaches every Nigerian.”