Power Sector And Other Related News Stories For Friday March 22 2024

Posted by News Room March 22, 2024

FG Plans to Derisk Nigeria’s Power Sector for More Investments – Olu Verheijen

The Federal Government has made a firm commitment to bridging the metering gaps and solving the financial liquidity challenges in Nigeria’s power sector.

This pledge came from Olu Verheijen, Special Adviser on Energy to President Bola Tinubu, during her participation at the 2024 edition of CERAWeek by S&P Global in Houston, United States.

The event, under the theme “Energizing Tomorrow: Charting a successful path for Africa’s energy transition,” saw Paul McConnell, Research and Analysis Executive Director at S&P Global, as the moderator.


FG Restates Plans to Close Metering Gaps, De-Risk Power Sector

The Special Adviser on Energy to President Bola Tinubu, Olu Verheijen, gave the assurance on Wednesday, March 20, during a session at the 2024 edition of CERAWeek by S&P Global held in Houston, the United States.

The session with the theme, “Energizing Tomorrow: Charting a successful path for Africa’s energy transition.” was moderated by the Research and Analysis Executive Director, S&P Global Paul McConnell.


Nigeria’s Energy Potential Capable Of Opening Path To Prosperity’

The current state of stability in Nigeria’s energy sector presents a mixed picture. On one hand, there’s notable effort and progress in expanding the energy infrastructure, particularly in power generation. However, the sector continues to grapple with significant challenges in transmission and distribution.

The transportation of energy resources is hindered by inadequate infrastructure, compounded by security concerns like theft and vandalism of oil and gas pipelines. Security issues are a major factor, affecting both the physical infrastructure and overall operations.


Here is How Electricity Subsidies Gulped N6trn in Ten Years

Nigeria’s electricity sector has been haemorrhaging funds for over a decade, with N6 trillion gulped down by subsidies in the past ten years.

Data from the Nigeria Electricity Regulatory Commission (NERC) revealed that the government paid N645 billion in 2023 from N225 billion in 2015 for subsidies, signalling a spike of 186.7 percent.

The electricity subsidy increased to N267 billion in just the first two months of this year.

Findings showed the federal government would pay N1.67 trillion as electricity subsidy in 2024, even though the Nigerian Bulk Electricity Trading Plc budget only showed a subsidy plan of N450 billion.


We Are Prepared To Replace Underperforming Contractors In Power Sector – REF Boss

The Executive Director of the Rural Electrification Fund in Rural Electrification Agency, Hon. Engr. Doris Uboh, has advised contractors involved in power sector projects to improve their performance, noting that the sector authorities are poised to dismiss any contractor failing to meet expectations.

During an interactive and familiarization meeting with stakeholders in the power industry, Uboh emphasized the importance of stakeholders and contractors only undertaking projects that align with their capabilities and expertise.


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