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HomeNaija NewsFG Needs $10bn Annually to Revitalize Power Sector - Minister of Power

FG Needs $10bn Annually to Revitalize Power Sector – Minister of Power

The Federal Government would need $10 billion a year for the next ten years, according to Power Minister Mr. Adebayo Adelabu, to revitalize the country’s electricity industry and resolve its cash flow issues.

He continued by saying that, given the magnitude of the budget, such was not possible in the nation.

Adelabu made this statement on Monday in Abuja during a one-day investigation hearing concerning the suspension of the Nigerian power Regulatory Commission’s proposed rise in power tariffs, which is scheduled to be implemented by the Distribution Companies.

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The  investigation hearing was arranged by Senate Committee on Power.

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Adelabu said, “For this sector to be revived, the government needs to spend nothing less than $10bn annually in the next 10 years. “This is because of the Infrastructure requirement for the stability of the sector, but government cannot afford that.”

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He added that to sustain the sector, there was a need to open the power market to investors.

Adelabu stated, “We must make this sector attractive to investors and to lenders.

“So for us to attract investors and investment, we must make the sector attractive, and the only way it can be made attractive is that there must be commercial pricing.

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“If the value is still at N66 and the government is not paying subsidy, the investors will not come.

“But now that we have increased tariff for a Band, there is interest been shown by investors.” [CONTINUE READING HERE]

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