Adebayo Adelabu, the Minister of Power, has stated that Nigeria will cease subsidizing electricity.
The minister stated that Nigeria needs to shift towards a cost-effective tariff model, noting the country’s debts of 1.3 trillion naira to generating companies (GenCos) and 1.3 billion dollars owed to gas companies.
Adelabu made these remarks during a press conference in Abuja on Wednesday, stating that only 450 billion naira was earmarked for subsidy this year.
He emphasized that the ministry requires over two trillion naira to facilitate the subsidy.
The minister said that states will now have permission to generate power independently
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