From News Editor
The Federal Government says electricity distribution companies in Nigeria would require an estimated N2 trillion or about $2.5 billion in capital to improve power supply to Nigerians.
Olu Verheijen, an adviser to President Bola Tinubu on energy, disclosed this during a recent interview.
The government also stated that new investors need to revive the industry that can barely supply power to nearly 200 million people.
The companies are over-leveraged and under-capitalized, which has limited their capacity to invest in distributing electricity to households.
“We need to set policies that facilitate reorganization and recapitalization and bring in new partners with new capital,” he said.
President Bola Tinubu, in his New Year broadcast, had pledged to improve the electricity supply in Nigeria.
Minister of Power, Adebayo Adelabu has expressed readiness to support President Bola Ahmed Tinubu’s electricity turnaround agenda for Nigeria this New Year and beyond. (Daily Post)
