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Power sector needs N6trn revenue annually to ensure steady supply – Minister

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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.

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“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.

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“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.

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Customs Service Auctions Impounded Fuel At N630 Per Litre In Oyo State

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The Nigerian Customs Service (NCS) on Saturday auctioned about 20,000 liters of Premium Motor Spirit (PMS), commonly known as petrol, at N630 per liter in Ibadan, the Oyo State capital.

The product, intercepted from smugglers, was sold to the public at Afoo Filling Station, Masfala area.

The National Coordinator of Operation Whirlwind, Comptroller Hussein Ejibunu, who flagged off the sale, revealed that the tanker carrying the petrol was seized alongside 30 kegs containing 25 liters each during a smuggling attempt.

The total duty-paid value of the seized 30,750 liters was estimated at N42.75million.

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According to Comptroller Ejibunu, the auction followed a court condemnation order after the items remained unclaimed. He stated that the Comptroller General of Customs, Bashiru Adeniyi, directed the sale to improve public access to fuel during the festive season.

Comptroller Ejibunu explained the government’s commitment to ensuring that citizens receive their entitlements promptly, highlighting that auctioning seized goods to Nigerians aligns with government policy.

He cautioned smugglers to abandon their illegal activities, warning that offenders would face prosecution.

Reflecting on a similar operation two months earlier, he noted that seized petrol was sold to the public in Yola, Adamawa State, at the regulated price. Specifically, 25-liter kegs of petrol were auctioned at ₦10,000 each.

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He added that legal proceedings against a suspect apprehended during that operation were already underway.
Ejibunu urged Nigerians to support the Nigeria Customs Service by providing information on economic saboteurs, pledging the agency’s dedication to curbing smuggling under the directive of the Comptroller General.

He further explained that a collaboration between the Oyo/Osun Area Command and the Commander of Operation Whirlwind to enhance security, strengthen the economy, and deter smuggling.

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85 Chinese accused of cybercrime released on bail

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Eighty-five Chinese nationals who were remanded at Kuje Custodial Centre in Abuja over alleged cybercrime have been released on bail, Sunday PUNCH has gathered.

The spokesperson for the Nigerian Correctional Service, Federal Capital Territory Command, Adamu Duza, who disclosed this to our correspondent said the Chinese were released on Friday, December 20, 2024.

The suspects were part of a group of 113 foreign nationals arraigned before the Federal High Court, Abuja, on November 24, 2024 on charges of cybercrime, money laundering, and unlawful residency in Nigeria.

The group includes individuals from Vietnam, Thailand, Indonesia, Brazil, the Philippines, Myanmar, and Malaysia, as well as 17 Nigerian collaborators.

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Justice Ekerete Akpan, who presided over the case, had initially ordered the remand of the male defendants at Kuje prison and female defendants at Suleja prison.

The charges stem from the allegations that the accused persons used sophisticated computer systems to facilitate hacking activities and operate fraudulent gambling platforms such as 9f.com, c2.top, and 8pg.top.

They were also accused of overstaying their business permits and remaining in Nigeria without valid residency or visas.

The suspects were arrested on November 3, 2024, in Katampe District, Abuja.

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Duza confirmed to Sunday PUNCH that the release of the 85 Chinese nationals was supervised by the FCT Controller of Corrections, Ajibogun Olatubosun, to ensure all protocols were followed and their personal properties were returned.

He said, “85 Chinese in our detention facilities have been released on bail. The Controller was on ground to ensure their release and their properties intact.”

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Yuletide: FG plans 60 buses for inter-state routes

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The Federal Government is set to unveil a total of 60 buses any moment from now as part of its commitment to ease the transportation of Nigerians travelling by road during the yuletide season.

This initiative is part of an agreement signed with transport unions under the Ministry of Transportation’s free transportation programme.

The Chairman and Chief Executive Officer of the Presidential Compressed Natural Gas Initiative, Michael Oluwagbemi, disclosed this during an interview with Sunday PUNCH, on Friday.

On Friday, the government, through the Nigerian Railway Corporation, declared free rides for 340,000 train users travelling to their hometowns for the Christmas and New Year celebrations.

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Providing further updates on the scheme, Oluwagbemi said the buses for the programme would soon be launched for the benefit of Nigerians.

He explained that the buses would transport passengers travelling between Abuja and neighbouring states, as well as to Lagos, Ibadan, Abeokuta, and other surrounding areas.

Oluwagbemi said, “There is an agreement on the mass-transit programme. You all already know that in Abuja today, we have those 15 buses running interstate from here to Gwagwalada, to Keffi and Nyanya, as well as Zuba in Niger State.

“That programme is already ongoing, and it will be expanded to interstate routes this week. So, we are going to put an additional 60 buses to run interstate here in Abuja and neighbouring states, as well as Lagos, Ibadan, and Abeokuta and neighbouring states.

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“These buses will be providing free transportation till the beginning of next year as part of the Ministry of Transportation’s free transportation programme.”

Oluwagbemi also stated that the government planned to reduce transportation costs by converting cab drivers’ vehicles to CNG by the end of January 2025.

He added, “We signed a number of those agreements, but mainly two types of agreements, the transporters-vehicle agreement, where we are converting their vehicles.

“I believe a lot of them are now converted and before the end of January, they should be able to apply those discounts when they reach the benchmark targets.”

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