Tag: Adelabu

Tinubu unveils ₦4tr bond, $2bn, China loan to reboot Nigeria’s power sector

Aminu Imam
FG unveils bond, China loan

…“Reforms, super grid, industrial power projects to end chronic outages” – Adelabu The Federal Government has announced sweeping financial and infrastructural interventions to overhaul Nigeria’s electricity sector, including a ₦4 trillion bond to clear outstanding debts to power generation companies (GenCos) and gas suppliers, as well as plans for a $2 billion loan from China’s Exim Bank to build a nationwide ‘super grid’. Minister of Power, Chief Adebayo Adelabu, disclosed this on Monday in Abuja at the Expert Forum on: ‘Uninterrupted Power: The Industrial Imperative’, organised by the Nigerian Economic…

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Tinubu’s Minister declares 2027 ambition 

Aminu Imam
Power Minister Adelabu

…Moves to take over PDP-controlled Oyo Minister of Power, Adebayo Adelabu, has declared his intention to contest the 2027 governorship election in Oyo State, promising to reclaim the state from the Peoples Democratic Party, (PDP). Adelabu, who was the All Progressives Congress (APC) governorship candidate in the 2019 elections, made the declaration on Friday, during consultations with party leaders and stakeholders across Ogbomoso and Oyo zones. Speaking at the residence of a party leader, Ayoade Adeseun, in Ogbomoso, Adelabu said the meetings were part of his grassroots engagement and a…

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Tinubu to meet GenCos leadership over ₦4tr debt – Minister

Aminu Imam
IMG 20250504 WA0011

Minister of Power, Adebayo Adelabu, has said that a meeting has been scheduled between President Bola Tinubu and the leadership of the Power Generation Companies (GenCos) over a ₦4-trillion debt. Adelabu said that the meeting was scheduled with a view to finding a common ground to settle the debt owed the GenCos. Special Adviser, Strategic Communications and Media Relations to the minister of power, Bolaji Tunji, who disclosed this in a statement in Abuja yesterday, assured that the Federal Government would immediately pay a significant portion of the debt, while…

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Power Minister outlines fresh plans to raise electricity tariffs 

Aminu Imam
Electricity hike

The Federal Government has disclosed that it wants to attract up to $15 billion in private investments into the power sector.  The Government also unveiled plans to increase the electricity tariff for Nigerians, to reflect the full cost Nigerian government still spends trillions of naira on energy subsidy despite removing subsidy for Band-A subscribers last year. Although the Government removed subsidies for about 15% of urban households last year, tripling tariffs, authorities still spent N2.2 trillion on subsidies. However, the Government’s new plan aims to implement full-cost tariffs by 2027…

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‘Nigeria’s power sector needs $10bn investment for 24hr electricity – Power Minister

Aminu Imam
Nigeria's power sector

The Federal Government says it needs $10 billion Public-Private-Partnership (PPP) investment in the power sector, in the next five to 10 years, to achieve 24 hours power supply. Minister of Power, Adebayo Adelabu disclosed this when the Director-General, Infrastructure Concession Regulatory Commission (ICRC), Dr. Jobson Ewalefoh, paid him a courtesy visit. A statement on the visit was made available to newdmen yesterday in Abuja, by the ICRC Acting Head, Media and Publicity, Ifeanyi Nwoko. In the statement, Adelabu said that the government alone, could not afford the $10 billion when…

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“WeII restore North’s electricity within 5 days” Power Minister, Adelabu assures

Aminu Imam
Power Minister, Adelabu assures

Minister of Power, Adebayo Adelabu, has assured that in the next five days, electricity would be restored to the 17 northern States suffering blackout due vandalisation of the Shiroro-Kaduna transmission line. The Minister gave the assurance yesterday, while briefing State House correspondents after a meeting with President Bola Tinubu. According to him, the vandalized transmission line would be repaired within three to five days. He said that the President had already instructed the National Security Adviser, (NSA) and security chiefs to provide the required security for the people that will…

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‘Nigerians annual spending on fuelling, servicing of generators hits N16.5tr’ – Minister

Aminu Imam
Power Minister

The annual spending by Nigerians on self-generated electricity, particularly fuelling and servicing of generators has hit N16.5 trillion. Minister of Power, Adebayo Adelabu, who declared this to delegates in a speech at the  the on-going Nigeria Oil & Gas (NOG) ‘Energy Week conference’ in Abuja, declared that this figure was a result of a research carried out for the year 2023. Although Adelabu did not give further details on the research, he maintained that the money covered spending on fuelling and service of generators. He advocated up-scaled investments in grid…

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‘Ten national power plants operating at 10% capacity’ – Adelabu

Aminu Imam
Power Plant

Minister of Power, Adebayo Adelabu, has revealed that ten power plants in Nigeria are operating below 10 percent, talking to the infrastructural challenges in the sector. Adelabu made this statement at the BusinessDay Conference, in Lagos, with the theme: Powering Nigerias Energy Future: Addressing Infrastructural Challenges for Sustainable Energy Development. He expressed surprise at the under-utilisation of the facilities, which he said have the potential to generate significantly more electricity. The Minister identified two key factors limiting power generation: low gas supply and unpaid debts. Gas shortages prevent plants from…

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Policy Summersault: ‘Transfer of electricity regulatory oversight to States continues’ – FG

Aminu Imam
Electricity

The Federal Government has back-tracked on halting the transfer of electricity regulatory oversight to State Governments. Minister of Power, Adebayo Adelabu, revealed the FG’s policy summersault at the two-day stakeholders workshop organised by the Nigerian Electricity Regulatory Commission, (NERC), in Lagos. The workshop on the implementation of the Electricity Act had in attendance the 36 State Commissioners of Energy and Power. The Ministers statement comes a few days after he announced plans to halt the transfer of regulatory autonomy to States and conduct a test phase with a few States.…

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Tariff hike: ‘FG still subsidising electricity’ Adelabu

Aminu Imam
Minister, Adelabu

Minister of Power, Adebayo Adelabu, has said the Federal Government is still paying subsidies on electricity despite the recent hike in tariff for Band-A customers. Speaking in an interview during a television programme  on Thursday, he explained that the Government has about N1.8 trillion to pay in electricity subsidy for 2024. According to him, The Electricity Act, 2023 made provisions for the review of tariff twice a year. He added that review of tariff is legal once it is within the exclusive responsibility of the Nigerian Electricity Regulatory Commission, (NERC),…

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