Business
Nigeria To Spend $350bn On Power Generation In 15 Yrs
As the Federal Gov
ernment vets the procurement of one million electricity metres as part of its equity distribution scheme, the Minister of Power, Prof Chinedu Nebo has revealed that a total sum of $350 billion would be required to raise power generation to a minimum of 20,000 megawatts (MW) over a span of 15 years.
Addressing newsmen at an opendoor meeting in Abuja recently the minister said that subject to the volatility of the local currency, about $1.5 million would be needed to produce one megawatts of gas power plant.
The further stated that although the earlier target of 6000mw to be delivered by December was not achieved.
According to him, the chances of acing 12,500mw more than doubled last year’s estimate within a two-year timeline was feasible.
Nebo said the new meters will be circulated to end-customers by the electricity distributions companies (DISCOS). Explaining why fitful power outages and proper payment leakages remain a major challenge for the ministry to overcome inspite of the huge amount of Sunken funds, he cited causes of electricity theft as a prime reason.
He added that the private sector inherited a customer base that showed that more than 50 per cent do not have meters.
“Nigeria has the highest per capita electricity theft in the world.
“We have thieves who steal electricity, they maybe very well dressed as responsible citizens but they are thieves because they are not paying their electricity bills”, he said.
He explained that president Goodluck Jonathan approved the funding to give over one million meters to Nigerians to reduce the gap and they allow the Discos to fix the time that all Nigerians will get meters.
Business
NIMASA Marks 2025 Customer Week, Pledges Service Excellence

Business
SEME Customs Foils Smuggling Attempt Of Expired Flour, Seizes N2bn Contraband

Business
LASG UNVEILS GROUNDBREAKING OMI-EKO PROJECT AT FIVE COWRIES TERMINAL

-
News4 days ago
ASUU Begins Two-Week Strike Today
-
Sports4 days ago
S’Eagles Survive Plane Malfunction Emergency
-
News44 minutes ago
Digital Infrastructure Key To Nigeria’s Economic Growth -NIEEE
-
Oil & Energy4 days ago
Gencos’ Debts: NDPHC Commends Tinubu Over N4tn Bond Approval
-
Education4 days ago
NAS moves to end Out-of-School syndrome in Enugu
-
Rivers4 days ago
Daewoo Restates Commitment To Transperancy In Tax Administration
-
Business4 days ago
SEME Customs Foils Smuggling Attempt Of Expired Flour, Seizes N2bn Contraband
-
News4 days ago
RHI: 1,000 RIVERS WOMEN RECEIVE GRANTS TO BOOST SMALL BUSINESSES …… As First Lady Flags-Off Economic Empowerment Scheme