This is a direct failure of the power sector, which should have been a major source of power for the country, as the grid performance yesterday put average electricity generation at about 3,500 Megawatts against the promised 6,000MW by the Minister. Load offtake by the distribution companies was pitched at 3,880MW.
Using the development to justify the upward review in the band A tariff, he said what the upper band customers is paying is still cheaper compared to the cost of running generators. In his speech titled: ‘Navigating Nigeria’s Pathway to Achieving Energy Security Sustainably on the Journey to Net Zero,’ Adelabu underscored the significant demand for gas in Nigeria’s power sector, which consumes the largest share of the country’s domestic gas supply.
To meet these ambitious targets, the Minister called on investors to increase investments in Nigeria’s gas production, particularly in the abundant unexploited Non-Associated Gas reserves.