President Bola Tinubu has decried Nigeria’s power generation capacity, saying that the capacity of 4.5 gigawatts is shameful.
Tinubu called for the collaboration of the Presidential Economic Coordination Council (PECC) members to increase Nigeria’s on-grid electricity capacity.
This was disclosed in a statement by the presidential spokesman, Ajuri Ngeglale, who said the President spoke during the PECC inauguration at the State House in Abuja.
“We are determined to do that with your cooperation, collaboration, and recommendations. As a nation, it is so shameful that we are still generating 4.5GW of electricity,” the President was quoted as saying.
“We have the challenge of energy security in Nigeria. We need to work together to improve our oil and gas sector, and we must also increase electricity generation and distribution throughout the country.
“We must increase our oil production to two (2) million barrels per day within the next few months and we are determined to remove all entry barriers to investments in the energy sector while enhancing competitiveness.”
The Nigerian leader also highlighted the need for innovative solutions to the country’s economic challenges, stressing the importance of public-private partnerships in driving economic reforms.
He announced measures under the economic stabilisation programme, aimed at stabilising the economy, enhancing job creation, and fostering economic security.
Dwelling on energy security, the President said the initiative — which includes power, oil and gas — aims to increase on-grid electricity to be delivered to homes and businesses from about 4.5 gigawatts to 6 gigawatts in six months.
According to Tinubu, the scheme also aims to increase oil production to 2 million barrels per day within the next 12 months.
Earlier, Tinubu announced a N2 trillion economic stabilisation plan to revive Nigeria’s struggling economy.
