President Bola Tinubu has provided list of his administration’s accomplishment in power generation and distribution since beginning of his tenure.
Tinubu, in his address during a national broadcast in celebration of the June 12 Democracy Day on Friday, claimed to have inherited an electricity sector with chronic generation shortfalls.
The President claimed electricity distribution companies (DisCos) and the entire value chain were walloping in massive legacy debt which gravely affected power supply in the country.
“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.” Tinubu said.
He highlighted the series of interventions introduced by his administration to tackle the challenge.
This, according to the President, include his approval of the Electricity Act which enabled states to generate, transmit, and distribute power.
Also mentioned is the establishment of the President Power Sector Task Force, Rural Electrification Agency, and authorisation of N4 trillion bond to settle verified legacy debts.
“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.’ Tinubu said.
The president described electricity as dividend of democracy which the government owe every Nigerian.
“Electricity is a democratic dividend we owe every Nigerian. We intend to deliver it.” He added.