In a surprising and proactive move, President Bola Tinubu has taken steps to prevent an imminent increase in electricity tariffs, advocating for the continued subsidization of nationwide power consumption. These developments came to light during a press briefing held in Abuja, where Minister of Power, Adebayo Adelabu, addressed the nation.
Once again, Nigeria’s national electricity grid has almost completely stopped working as the collapse severely affected major parts of the country, with the Federal Capital Territory, FCT, included.
The Transmission Company of Nigeria, TCN has revealed that it recently restored the electricity that crashed from the country’s National Grid.
Ibadan Electricity Distribution Company, IBEDC and the Oyo State Government are in serious disagreement over what the former referred to as a four hundred and fifty million naira debt (N450m) yet to be paid by the state government to the distribution company.
President Muhammadu Buhari has given the go-ahead for the immediate removal of the Abuja Electricity Distribution Company, AEDC Management Team.
Access to a steady power supply has been denied to many citizens of various African nations to the point that the only option out of this quagmire, according to the African Development Bank, AfDB, is injecting $100 billion into the sector annually.
A report has revealed that Nigeria is the second country with the highest number of citizens without proper electricity access in the whole of Africa.
Already, the 2021 budget projected an inflation rate of 11.95 per cent by December, which partly reflects on the rising prices of commodities in Nigeria.
It would sound cliche to say that there’s currently poor power supply in Nigeria, as most people are already used to excuses the sector operators give as reasons for insufficient electricity.
Surprisingly, metering companies in Nigeria are requesting more money for their products due to the incessant state of inflation and the fluctuating foreign exchange rate in the nation’s economy.
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He was right. Inside my room I heard a loud sound from the transformer near my window. I took to my heels thinking it was Boko Haram, leaving my 3 years chief who in his own way, froze like a turtle, out of fear.
PwC Nigeria joins the effort to solve Nigeria’s energy crisis with a recently published white paper called ‘ Solving the Nigeria Power Sector Liquidity Crunch.’