By Desire Emmanuel
President Bola Tinubu on Friday, June 12, spoke on the power supply situation in the country, acknowledging the fact that it is worrisome.
Tinubu spoke on the power situation in his June 12 anniversary speech while also saying electricity is a democratic dividend owed every Nigerian and must be delivered by his administration.
He said: “By 2023, when we came on board, the electricity sector was characterised by chronic generation shortfalls, an unreliable gas supply, and transmission infrastructure so fragile that it could not evacuate available power. “Distribution companies were burdened by massive losses and a metering deficit of over four million. Worst of all, the value chain was drowning in legacy debt.
“The result was a sector that generated less than the 13,500 megawatts installed capacity, a sector that transmitted less than it generated, distributed less than it transmitted and collected revenue far below what it needed to sustain itself.
“To address the problems besetting the sector, I signed the Electricity Act, which grants states authority to generate, transmit, and distribute power. The Presidential Power Sector Task Force is working hard to reduce the metering deficit. It has also been authorised to raise N4 trillion bond to settle verified legacy debts.
“The Rural Electrification Agency, supported by the World Bank and the African Development Bank, has deployed off-grid and mini-grid power to underserved communities, universities, markets, and hospitals. Electricity is a democratic dividend we owe every Nigerian. We intend to deliver it.”
