RT @NigeriaGov: PRESS STATEMENT FROM @EnergyReformsNG In power sector, FG prioritizes metering, debt reduction, and protection of the mos…

In power sector, FG prioritizes metering, debt reduction, and protection of the most vulnerable Nigerians – Rollout of smart meters starting 2025 will end estimated billing for 7 million households ABUJA, 03 February 2025 — It has become necessary to clarify media reports suggesting an imminent 65 percent increase in electricity tariffs. This is a misrepresentation of what I actually said in a recent press interview. I highlighted the fact that, following the increase in Band A tariffs in 2024, current tariffs now cover approximately 65 percent of the actual cost of supplying electricity, with the Federal government continuing to subsidize the difference. Also, while the government is indeed committed to ensuring fairer pricing over the long term, the immediate focus is on taking decisive action to deliver more electricity to Nigerians, ensure fewer outages, and guarantee the protection of the poorest and most vulnerable Nigerians. In line with these, the Federal government’s power sector priorities include: Targeted Electricity Subsidies: Today, the Federal government spends over ₦200 billion per month on electricity subsidies, but much of this support benefits the wealthiest 25 percent of Nigerians rather than those who truly need assistance. To address this, the Federal government is working towards a targeted subsidy system to ensure that low-income households receive the most support. This approach will make electricity more affordable and accessible for millions of hardworking families. Presidential Metering Initiative (PMI): One of the most significant steps in this reform is the Presidential Metering Initiative, which is accelerating the nationwide rollout of 7 million prepaid meters, starting this year. This will finally put an end to the practice of estimated billing, giving consumers confidence in what they are paying for and ensuring transparency in electricity charges. Metering will also improve revenue collection across the sector and will attract the investments needed to strengthen Nigeria’s power infrastructure. Settlement of Legacy Power Debt: Furthermore, the Federal government is addressing one of the major roadblocks to improved service, the mounting debts owed to power generation companies. For years, these debts have prevented investments in new infrastructure and hampered efforts to improve electricity supply. By clearing these outstanding obligations, the government is ensuring that power companies can reinvest in better service delivery, stronger infrastructure, and a more stable electricity supply for all Nigerians Reducing Costs for Alternative Power Generation: Through a range of fiscal incentives, including VAT and Customs Duty Waivers, the Federal Government is working to lower the cost of alternative power sources such as Compressed Natural Gas and Liquified Petroleum Gas. The government fully understands the economic realities facing citizens and is committed to ensuring that reforms in the power sector lead to tangible improvements in people’s daily lives. Every policy is designed with the Nigerian people in mind — eliminating unfair estimated billing, ensuring that subsidies benefit the right people, and creating the conditions for stable, affordable electricity. These reforms are laying the foundation for better service delivery, expanded access to electricity for homes and businesses, and unlocking prosperity for all Nigerians. Signed Olu Arowolo Verheijen Special Adviser to the President on Energy

RT @OluVerheijen: Download the 2024 Energy Reforms document from the Office of the Special Adviser to the President on Energy, here: https:…

In attendance: @AfDB_Group President @akin_adesina, Hon. Ministers of @federal_power and @finminnigeria, Special Adviser Energy @NGRPresident @OluVerheijen, senior @AfDB_Group and @NigeriaGov officials, and others #Mission300 #PoweringAfrica

The 2024 wrap up document detailing the energy reforms of Mr. President @NGRPresident and other important resources can now be accessed through our official website

Nigeria’s energy landscape but also setting the stage for unprecedented levels of investment in 2025 and beyond, reaffirming Nigeria’s role as a powerhouse in Africa’s energy sector. Photo credit @WoodMackenzie

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RT @OluVerheijen: The future belongs to us, so we are driven every moment by a sense of urgency to reshape that future...

RT @NigeriaGov: KEYNOTE ADDRESS BY THE SPECIAL ADVISER TO THE PRESIDENT ON ENERGY, MRS. OLU AROWOLO VERHEIJEN @OluVerheijen, AT AN EXECUTIV…

RT @NigeriaGov: 2/2 *KEYNOTE ADDRESS BY THE SPECIAL ADVISER TO THE PRESIDENT ON ENERGY, MRS. OLU VERHEIJEN, AT A NIGERIAN ECONOMIC SUMMIT…

RT @NigeriaGov: KEYNOTE ADDRESS BY THE SPECIAL ADVISER TO THE PRESIDENT ON ENERGY, MRS. OLU VERHEIJEN, AT A NIGERIAN ECONOMIC SUMMIT (#NES3…