Mr Adebayo Adelabu, the Minister of Power has revealed that the country’s improving power generation and distribution could soon lead to a reduction in electricity tariffs.
He said this during a meeting with Tosin Adeyanju, the Executive Secretary of the National Lottery Trust Fund.
In a statement made available to newsmen on Thursday by the spokesman of the Minister, Bolaji Tunji, revealed that about 40% of consumers now enjoy a substantial amount of electricity, with Nigeria generating an average of 5,500 megawatts (MW).
Consumers in Band-A are charged N206.5 per kilowatt-hour (kWh) following the Federal Government’s decision to remove electricity subsidies.
This policy aims to ensure a minimum of 20 hours of power supply each day.
Adelabu said, “the price of electricity remains the lowest in Nigeria compared to other African countries such as Togo, Mali, and Niger Republic.”
However, he acknowledged that the cost feels burdensome due to the lower income levels of Nigerian consumers.
He added, “It is still far more economical to use electricity than to rely on generators powered by petrol or diesel, especially considering the current prices of these fuels.”
Speaking further in the statement, the Minister expressed optimism, adding, “there is a possibility of a reduction in the current tariff as generation and distribution continue to increase.”
Meanwhile, Adeyanju commended the minister for his efforts over the past year, hailing his competence and dedication to revitalizing the power sector.
“I want to commend you as a minister actively working to improve the power sector. Since 1999, we have not seen this level of progress in electricity supply. In the past, many Nigerians turned to solar energy due to unreliable power, but your leadership has restored public confidence,” Adeyanju remarked.
He also told the Minister that, in line with President Tinubu’s Renewed Hope Agenda, the agency is committed to empowering young people, particularly in rural areas, by training them to assemble one kilowatt of solar energy.
