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Nigeria Earmarks ₦340bn for Upgrade of Power Sector Infrastructure

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The Federal Government of Nigeria has earmarked N340billion for upgrade and refurbishment of electricity infrastructure in the country.
Chief of Staff (CoS) to President Bola Tinubu, Hon. Femi Gbajabiamila disclosed this during the commissioning of the 220MVA substation at Randle Avenue in Surulere, Lagos State at the weekend.

He explained that the fund was earmarked in the 2024 budget, adding that Tinubu’s administration is committed to ensuing that Nigerians enjoy reliable power supply.

The CoS said: “Citizens must protect power infrastructures as we address cases of estimated billing and poor meter distribution. Access to reliable electricity is not a privilege, it is a fundamental right that drives productivity, fosters innovation and improves the quality of life of all citizens.

Gbajabiamila explained that President Tinubu was working hard to ease the hardship being experienced by citizens.

“The president is committed to rolling out wage awards for workers, financial support for SMEs, loans for students, unemployment benefits and many other social security programmes and improve living conditions for all Nigerians.”

Minister of Power, Adebayo Adelabu recently threatened to sanction non-performing electricity distribution companies (DisCos), over their inability to deliver quality power supply across the country despite huge investments by the government.

The minister pointed out that the sanctions for willful non-performance could be a revocation of licence.

Adelabu said: “As the Minister of Power, I am deeply concerned about the deteriorating electricity supply across the country. In response to this pressing issue, I have summoned the Chief Executives of Abuja Electricity Distribution Company (AEDC) and Ibadan Electricity Distribution Company (IBEDC), as well as the Managing Director of the Transmission Company of Nigeria (TCN), to a crucial meeting. The purpose of this meeting is to discuss the worsening power supply in their respective regions and to collectively find lasting solutions.

“It is disheartening to witness the decline in power supply despite the concerted efforts to improve the situation. The Ministry has been exerting pressure on the Generating Companies (GENCOs) to enhance their performance, resulting in a recent increase in generation to over 4000MW.

“Despite this progress, certain distribution companies are failing to adequately distribute the power supplied by TCN, while vandalism of power infrastructure exacerbates the problem in regions such as Abuja, Benin, Port Harcourt, and Ibadan.

“Moving forward, I am committed to holding all distribution companies accountable for their performance. Willful non-performance will not be tolerated, and severe consequences, including license revocation, may be imposed.”

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