The Federal Government has announced that the Renewed Hope Agenda is yielding measurable results across the electricity value chain.
Speaking at the inauguration of the new Nigeria Electricity Liability Management Company (NELMCO) headquarters in Abuja, the Minister of Power, Adebayo Adelabu, outlined a series of financial and operational milestones.
A cornerstone of the current reform is the aggressive reduction of inherited liabilities,from N2.303tn down to N146.76bn. which has significantly boosted investor confidence.
The Electricity Act 2023 has fundamentally shifted the landscape by decentralizing the market where 16 state electricity markets have been activated.
He also highlighted the development of the first National Integrated Electricity Policy in over 20 years.
Despite recent grid challenges, the Minister highlighted specific growth metrics increased from 13GW to 14GW, with a recorded peak of 5,801.44MW.
The Presidential Metering Initiative is addressing the shortfall, backed by N700bn from the Federal Account Allocation Committee and a $500m World Bank facility.
While the long-term data is positive, the Minister acknowledged the immediate hardships faced by Nigerians due to recent outages. He cited gas supply constraints and dry season demand surges as the primary culprits.
Adelabu offered a public apology to households and businesses, assuring the nation that stable supply would be restored within weeks as infrastructure challenges are addressed.
