The Federal Government has announced that the power sector achieved a 70 per cent year-on-year revenue growth in 2024.
The Minister of Power, Adebayo Adelabu, disclosed this at Thursday’s public presentation of the National Integrated Electricity Policy and Nigeria Integrated Resource Plan in Abuja.
He said the sector’s revenue surged from N1.05tn in 2023 to over N1.7tn in 2024, marking a notable achievement in the commercialisation of electricity distribution in the country.
Although independent checks by our correspondent showed that the increase was only 58.87 per cent after calculating the difference of N1.05tn and N1.7tn, the minister repeatedly said a 70 per cent revenue growth was recorded.
Speaking on the government’s efforts to improve the sector, the minister attributed the revenue growth to the introduction of a Band A tariff and other electricity reforms.
Despite initial concerns following the introduction of the tariff, the minister revealed that there had been no significant backlash months after the adjustment.
