Chief Adebayo Adelabu, the Minister of Power, has revealed that an annual revenue of approximately N6 trillion is necessary to achieve a consistent and reliable power supply in Nigeria.
Speaking at the Nigerian Oil and Gas Energy Week in Abuja, Adelabu emphasized the need for substantial investment to enhance the country's power generation and distribution capabilities.
Currently, the power sector generates about N1 trillion in annual revenue, indicating a shortfall of N5 trillion needed to stabilize the power supply across the nation.
According to a report by Vanguard, Adelabu highlighted the pressing need for the industry to attract the N16 trillion spent annually by individuals and organizations on self-generated power solutions.
He stressed that the requirement for stable and uninterrupted electricity in Nigeria demands significant funding, which the government alone cannot provide within its budgetary constraints.
Adelabu also argued that the power sector is more extensive than the telecommunications industry, noting the considerable expenses incurred by citizens on diesel, petrol, generators, and their maintenance.
Citing a 2023 study, he mentioned that Nigerians spent a total of N16.5 trillion on self-generation of power, underlining the urgent need for the power industry to mobilize additional resources to meet the nation's electricity demands.