FG driving sweeping reforms to stabilise power sector, says Power Minister
By Boye Oyeyemi –
The Minister of Power, Chief Bayo Adelabu, has said the Federal Government is implementing major reforms to reposition Nigeria’s power sector for growth and stability.
Speaking at the South West Summit, the minister said the reforms were anchored on legislation, policy reforms, infrastructure development, energy transition and local content.
He said the Electricity Act 2023 marked a milestone, as it devolved regulatory powers to states and encouraged private participation across the value chain. “So far, 15 states have received regulatory autonomy, with one already operational.”
According to him, the government’s tariff reforms and commercialisation policies have boosted revenue, raising industry earnings to about ₦1.7 trillion in 2024, with projections of over ₦2 trillion for 2025.
Adelabu added that President Bola Tinubu approved a ₦4 trillion bond to clear verified debts owed to generation and gas supply companies.
On infrastructure, the minister said power generation reached 6,003 megawatts in March, the highest in the nation’s history, while 66 transmission projects are ongoing across the Southwest to strengthen grid stability.
He also noted that over $2 billion had been mobilised through global partners for renewable and off-grid expansion projects aimed at boosting energy access across the country.
The minister identified vandalism, electricity theft and unpaid subsidies totalling ₦4 trillion as major challenges but reaffirmed the ministry’s commitment to ensuring reliable power for all Nigerians.
