President Bola Tinubu has urged members of the Presidential Economic Coordination Council (PECC) to work together to increase Nigeria’s on-grid electricity capacity. This appeal was made during the PECC's inauguration at the State House in Abuja, according to presidential spokesman Ajuri Ngeglale.
“With your cooperation, collaboration, and recommendations, we are determined to improve our energy situation. It is quite disheartening that our nation is still generating only 4.5 gigawatts of electricity,” said President Tinubu.
Addressing the critical issue of energy security, Tinubu emphasized the importance of improving the oil and gas sector while boosting electricity generation and distribution across the nation. He set a target to raise oil production to two million barrels per day in the coming months and vowed to remove obstacles to investment in the energy sector to enhance its competitiveness.
Tinubu also highlighted the need for innovative approaches to tackle Nigeria's economic issues and stressed the vital role of public-private partnerships in driving economic reforms. He unveiled measures under an economic stabilization program aimed at stabilizing the economy, creating jobs, and ensuring economic security.
Focusing on energy security, the President outlined an initiative to increase on-grid electricity from about 4.5 gigawatts to 6 gigawatts within six months. Additionally, the plan aims to boost oil production to two million barrels per day over the next year.
In a related development, Tinubu introduced a N2 trillion economic stabilization plan to rejuvenate Nigeria’s economy