News
Power sector needs N6trn revenue annually to ensure steady supply – Minister
The Minister of Power, Chief Adebayo Adelabu has disclosed that about N6 trillion revenue is required annually to ensure steady power supply in Nigeria.
Adelabu who disclosed this yesterday while speaking at the ongoing Nigerian Oil and Gas Energy Week in Abuja said significant amount of investment is needed to improve power generation and distribution in the country.
He pointed out the the industry currently generates about N1 trillion annually in revenue, explaining that an additional N5 trillion in revenue would stabilize power supply in the country.
He pointed out the industry needs to work harder to attract the N16 trillion spent annually by individuals and entities in self generation of power in the country.
“The requirement to have a stable, uninterrupted and functional electricity supply in Nigeria requires huge funds that the government and its budgets cannot afford to fund it alone”.
He argued that the power industry is bigger than the telecommunications industry, pointing out that “if you know how much our people spend in buying diesel, petrol, generators and serving them in a year. The last study we had in 2023, a total spend of N16.5 trillion in self generation.
“The revenue for the entire industry, the grid and the formal power sector was just N1 trillion for 2023”, he added.
Despite the $1.3 billion debt owed to gas suppliers, the Minister called on oul and gas to supply more gas to the sector.
“The domestic gas-power market accounts for 60 percent (approx. 700 MMSCF Daily) of the total domestic gas supply. This gas quantity currently sustains Nigeria’s 4GW average grid generation capacity.
“In line with the Nigeria Energy Transition Plan vision 30:30, which seeks to achieve 30GW by the year 2030, our energy mix is projected to be 70% (or 21GW) thermal source (most likely gas considering the country’s gas potential) and 30% (or 9GW) renewable source.
By Kayode Sanni-Arewa
The federal government has endorsed the establishment of the Bola Ahmed Tinubu Federal Polytechnic in Gwarinpa, Abuja.
The decision was part of the government’s drive to ensure that every state in the country had at least one federal polytechnic.
The approval of Bola Ahmed Tinubu Polytechnic was conveyed in a letter dated January 9, 2025, by the Education Minister, Dr. Tunji Alausa.
It was addressed to the Minister of the Federal Capital Territory (FCT), Nyesom Wike.
The FCT Minister’s office confirmed receipt of the letter on January 16, 2025.
In the correspondence, Dr. Alausa urged Wike to identify suitable locations in Gwarinpa for both temporary and permanent sites of the polytechnic.
A joint team from the Federal Ministry of Education and the National Board for Technical Education have been listed to inspect the proposed locations before finalizing the site selection.
The Bola Ahmed Tinubu Federal Polytechnic is expected to boost technological education, vocational training, and entrepreneurship development, aligning with the government’s commitment to enhancing technical skills and economic empowerment across Nigeria. [With GWG report]
By Kayode Sanni-Arewa
The Nigerian National Petroleum Company Limited (NNPC Ltd) reports that the fire incident at its Buguma Wellhead 008, operated by its subsidiary, NNPC Eighteen Operating Ltd (NEOL), was directly caused by the activities of pipeline vandals attempting to compromise the Christmas Tree and steal crude oil.
This unfortunate act of sabotage, which also resulted in severe damage to the well’s back pressure valve, reflects a disturbing pattern of repeated attacks on wellheads in the zone. Since March 2023, crude oil theft on this asset has been persistent, with criminals now resorting to extreme measures, including the use of dynamite to destroy installations and illegally access hydrocarbons.
NNPC Ltd remains committed to combating these fires and mitigating the financial losses associated with these criminal activities, which place a significant burden on the nation’s economy. The company is working closely with relevant security agencies to put an end to these acts of vandalism.
Additionally, NNPC Ltd reaffirms its commitment to supporting communities affected by these destructive activities and will continue to provide necessary relief efforts to mitigate the impact on those affected.
Olufemi O. Soneye
Chief Corporate Communications Officer
NNPC Ltd.
Abuja
20th January, 2025
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