The Minister of Power, Adebayo Adelabu, has revealed that the Tinubu administration has invested over ₦700 billion in the power sector, with an additional $500 million through the World Bank from 2023 till date.
Adelabu made this known at a high-level stakeholders' meeting, where he identified four key areas affecting the sector. These include supply inadequacy, loss in investment, billing and revenue collection efficiency, and inadequate power supply.
He noted that the federal government has taken steps to address these challenges, including the implementation of the 2024 Electricity Regulatory Commission Law, which aims to decentralize and liberalize the sector.
The minister also highlighted the ongoing power projects in Oyo State, including the Maya-Ibarapa-Igangan, Iseyin-Okeho, Lalupon-Ejioku, and Ikere Gorge Dam, among others, which are expected to be completed soon to enhance power distribution in the state.
Earlier, the General Manager of the Ibadan Electricity Distribution Company, Francis Agoha, acknowledged the short power supply in recent times, but assured that the company is working to improve power distribution, with the installation of 59,000 free meters within the next two months.
The meeting was aimed at addressing the challenges facing the power sector and finding solutions to improve electricity supply across the country, particularly, in the South West and parts of North East
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