Our priority is to make power sector financially sustainable — Tegbe

Minister of Power, Joseph Tegbe has revealed that the federal government is prioritizing making the power sector financially sustainable.

Speaking at a media stakeholders’ session in Lagos on Friday, Tegbe highlighted ongoing efforts to overcome the country’s power challenges.

He noted that under his leadership the government is identifying areas that are commercially viable with high demand noting that the sector is plagued with liquidity issues than technical issues.

He revealed that a financial viable sector is important to the Ministry’s mandate to delivering sustainable electricity to all Nigerians.

“Our ambition is clear. Reliable electricity that powers our homes. Competitive electricity that powers our industries. Sustainable electricity that attracts investment. Inclusive electricity that reaches every Nigerian,” he said.

He noted that resetting the sector does not imply that nothing has been achieved; it means building decisively upon the unprecedented reforms already initiated by President Bola Ahmed Tinubu whilst addressing long-standing structural deficiencies that have prevented the sector from reaching its full potential.

“Our objective is clear. To make
electricity more available, make the grid more reliable, make the market financially sustainable and restore investor confidence. Ultimately, we want to ensure that electricity becomes a catalyst for national productivity rather than a constraint to economic growth,” Tegbe stated.

The Minister also affirmed that President Bola Ahmed Tinubu has demonstrated strong political commitment to electricity sector reform since the liberalisation of the industry, as his administration understands an undeniable truth that, “No nation has ever industrialised without reliable electricity.”

The Minister also dismissed rumours of plans to increase tariff as reported in some media platforms, noting that through the Presidential Metering Initiative, Nigeria is moving decisively towards universal metering because consumers deserve transparency, fairness and confidence that they only pay for the electricity they actually consume.

“This administration has also prioritised investment in transmission infrastructure, expanded rural electrification, strengthened institutional coordination across the electricity value chain, and continued to pursue reforms that encourage private capital while preserving the public interest,” the Minister noted.

Tegbe said the Power Ministry has immediately commenced several significant interventions, including the inauguration of the Power Force.

This initiative brings together 5,000 Nigerian Youths for meter installation across the country. This is to close the metering gap and also develop a strong, skilled pool of young Nigerians in the electricity field (NAPTIN).

Other interventions include
significant progress in resolving the age-long challenges surrounding meter procurement, and encouraging improvements in electricity generation, as over the course of the last 2 weeks, the sector has consistently crossed the 5000MW mark.