As Nigerians continue to expect steady supply of power, the financial implications of subsidising the industry is projected to hit N2.4 trillion by end 2024, with the Minister of Power, Adebayo Adelabu, ruing the challenge of ageing infrastructure.
Adelabu also revealed that recent increase in vandalisation is costing Transmission Company of Nigeria (TCN), around N10 billion, just as Nigerian Bulk Electricity Trading disbursed N8 trillion in nine years.
The figures were part of the key highlights that came out at the PWC’s annual power and utilities roundtable themed – ‘Reigniting Hope in Nigeria’s Electric Power Sector.’
Speaking at the event, the Minister of Power, Adebayo Adelabu, said the theme resonates deeply with the present administration’s collective mission to restore trust, drive innovation, inclusive growth and deliver tangible results in the power sector.
He said the present administration in Nigeria, led by President Bola Tinubu with the Renewed Hope Agenda, recognizes that energy is not merely a commodity.
Represented by his Chief Technical Adviser, Adedayo Olowoniyi, Adelabu, however, decried the ageing infrastructure and all other sectoral issues that makes managing the value chain difficult.
