The Minister of Power, Adebayo Adelabu has announced that the FG can no longer subsidize electricity due to N1.3 trillion debt to power generating companies and $1.3 billion to gas companies.
The Minister of Power revealed this during a press conference in Abuja on Wednesday saying the FG needs about N2 trillion to subsidize electricity but just N450 billion was budgeted for it. Adelabu said the grid which has collapsed more than 5 times since December 2023 is a result of weak machines and its reduced capacity to generate power, shortage of gas, and destruction of power stations in the North-eastern part of the country.
He added that N50 million has been allocated from the 2024 budget to build mini power grids to generate power across the country. He also warned power distribution companies to buckle up or have their license withdrawn.