The Minister of Power, Adebayo Adelabu, has said that Nigerians spends N16.5 trillion annually on fuel and the servicing of generators.
Adelabu made this known on Tuesday at the ongoing NOG Energy Week in Abuja.
The minister attributed his assertion to research in 2023. However, he did not give the exact details but rather compared the figure to the 225 per cent electricity tariff hike of April 3, 2024.
“What Nigerians spend on self-generation of power—on fueling and servicing their generators—is N16.5 trillion, according to research that was carried out in 2023. Looking at this, you will see that what Band A customers pay is still cheaper compared to this, despite having 24-hour uninterrupted supply,” he said.
He further declared that “over $1 billion in investments have been placed into renewable energy sources by foreign lenders and institutions,” adding that his ministry, under the guide and support of President Tinubu, is making giant strides in energy and gas developments.