Power Sector And Other Related News Stories For Tuesday October 31st 2023
National grid: Privatisation of Power Sector Has Failed – Tinubu
President Tinubu, on Monday, said Nigeria’s power sector privatisation had failed to meet its objectives.
Tinubu moted that the national grid was serving only about 15 per cent of the country’s electricity demand despite being privatised 10 years ago.
Tinubu spoke during the Nigeria Electricity Supply Industry market participants and stakeholders roundtable that focused on privatisation, calling for the recapitalisation of power distribution companies.
FG to Inaugurate Presidential Taskforce to Monitor Power Sector
President Bola Tinubu says the Federal Government will inaugurate a Presidential task force to monitor and ensure the progress of the deployment of key projects in the power sector.
Tinubu said this at the Nigerian Electricity Supply Industry (NESI) Market Participants and Stakeholders Round Table (NMPSR), on Monday in Abuja.
The round table had a theme; “NESI Privatisation and its 10-Year Milestone: The Journey So Far, Opportunities and Prospects.
Uncertainty Hits Nigeria’s Power Sector as Adelabu Foot-Drags on Policy Direction
Uncertainty hovers around Nigeria’s power sector as operators wait on Minister of Power, Adebayo Adelabu for policy directions two months after his inauguration.
Adelabu, in September, said the Government plans to add 20,000 megawatts of electricity as the country battles with a decade-old 4,500mw capacity.
The target struck stakeholders differently; some believed it was doable, while others perceived it as a political statement.
Meanwhile, DAILY POST gathered that the Minister is yet to come up with a blueprint upon which the additional 20,000 electricity capacity would be championed.
But Adelabu has not failed to assure Nigerians that President Bola Ahmed Tinubu’s Government would provide adequate and reliable electricity.
Tinubu Canvasses N2tn Discos’ Recapitalisation, Tariff Review
President Bola Tinubu, on Monday, said Nigeria’s power sector privatisation had failed to meet its objectives, as the national grid was serving only about 15 per cent of the country’s electricity demand despite being privatised 10 years ago.
Tinubu, who spoke during the Nigeria Electricity Supply Industry market participants and stakeholder roundtable that focused on privatisation, also called for the recapitalisation of power distribution companies.
He said preliminary analysis showed that the Discos were currently under-capitalised to close to N2tn, adding that Nigeria’s power tariffs should be rebased.
Electricity Market 10 Years Post-privatisation: Minister Threatens Sanctions Over Subpar Performance
As Nigeria continues to grapple with the abysmal supply of electricity from the national grid 10 years post privatisation, the minister of power, Adebayo Adelabu has threatened to revoke the licences of companies whose performances fall below standard, saying that he would rather move for commercialisation of the sector than privatisation.
This is as chairman of the NIgerian Electricity Regulatory Commission (NERC), Sanusi Garba, has announced a five-year extension of operational licences of the distribution companies, thus shifting expiration date from 2013 to 2028.
90 Million Nigerians Lack Access To Electricity – Tinubu
Speaking at the 10th year anniversary of the Nigerian Electricity Supply Industry (NESI) Market Participants and Stakeholders Roundtable yesterday in Abuja, the president lamented that the national grid only serves about 15 percent of the country’s demand, leaving households and factories to rely on expensive self-generation.
The president who was represented by his Special Adviser on Power Infrastructure, Sadiq Wanka, stated this has left households and factories to rely on expensive self-generation, which supplies a staggering 40% of the country’s demand.
“What is worse, is that the total amount of electricity that can be wheeled through the national grid has remained relatively flat in the last 10 years. The grid capacity has increased