Ministerial Press Briefing on Electricity Tariff: Remarks by The Minister of Information
The 4th edition of the Ministerial Press Briefing Series (MPBS) hosted by the Honorable Minister of Information and National Orientation, Mohammed Idris and featured the Honorable Minister of Power, Mr Adebayo Adelabu. Was held today, 5th April 2024 at the National Press Centre, Abuja.
Also present at this Press Briefing are Chief Executives of Agencies under both Ministries and Senior Media Aides from the Presidency.
Below is the opening remarks by the Hon. Minister of Information and National orientation.
Protocol:
Good afternoon, ladies and gentlemen of the press, esteemed stakeholders in the Nigerian Electricity Supply Industry (NESI), and all Nigerians tuning in. Thank you for joining us today.
We are here to discuss the recently approved tariff review by the Nigerian Electricity Regulatory Commission (NERC), and hereby welcome our distinguished guests; Mr Adebayo Adelabu, Minister of Power; Mrs. Olu Verheijen, Special Adviser to the President on Energy; Dr. Musiliu Oseni, Vice Chairman of the Nigerian Electricity Regulatory Commission (NERC), other Commissioners of the NERC, and indeed other stakeholders.
First, I wish to commend the media for being steadfast in attending these briefings and reporting the issues to Nigerians, as they unfold. Thank you so much, my dear colleagues, as I urge you to continue to report the development taking place under the Tinubu Administration to further reinforce the confidence of Nigerians in our democratic process.
You would recall that at the maiden edition of this Ministerial Press Briefing Session, I had outlined my vision for the Federal Ministry of Information and National Orientation, which is captured by a 5-point agenda, as follows:
To Restore public trust in public communications.
To Amplify policies and programs of the Federal Government, as well as inspire Nigerian narratives.
To Reorient national values and deepen the social contract between government and citizens.
To Modernise technology and talent in the Federal Government’s Information and Communications systems.
To Create an enabling operating environment for the media in Nigeria, through favorable policies and incentives.
Let me restate our commitment to transparency in public communication as a deliberate policy to build trust between the government and its citizens. This is paramount because transparency plays a crucial role in fostering and reinforcing that trust. We understand that transparency is not just a principle to be upheld but a foundation for good governance. Therefore, we are committed to ensuring that our communication channels remain open,
accessible, and informative while we strive to provide accurate, timely, and relevant information to the public on matters of governance, policy, and programme.
Since our last meeting with you, some salient achievements have taken place in our economy as we are all witnesses to the fact that through the implementation of some macroeconomic reforms, our foreign exchange market has stabilized and our beloved Naira is getting stronger daily.
The recent establishment of the Presidential Economic Coordination Council and the Economic Management Team Emergency Task Force underscores Mr. President’s commitment to fostering a unified strategy for economic management that leverages the expertise and insights of key stakeholders from both the public and private sectors. These teams will serve as platforms for robust discussions, analysis, and decision-making to drive sustainable economic growth, job creation, and prosperity for all Nigerians.
The launch of the Renewed Hope Infrastructure Development Fund (RHIDF) aims to raise about N20 trillion for investment in critical sectors such as the real sector of the economy, transport, social services, agriculture, and ICT among others.
The Fund seeks to support projects that promote growth, enhance local value-addition, create employment opportunities, and promote exports.
For emphasis, the projects to be targeted by the Fund include the construction of the Lagos-Calabar Coastal highway, which kick-started recently, the Sokoto-Badagry Expressway, Lagos-Kano Expressway, the Eastern Rail Lines and the modernization of ports and aviation facilities across the country.
To expand access to education as a potent weapon against poverty, the President has signed the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) bill, 2015, into law. This groundbreaking initiative goes beyond mere legislation – it is a revolutionary approach to set up a permanent structure that would support the pursuit of education by our youths.
A few days ago, the Federal Government unveiled a progressive policy in the power sector, which aims to boost sufficiency in power supply for all Nigerians. The most important aspect of the policy is that the Tinubu administration is sustaining electricity subsidy to 85% of Nigerian consumers, which re-justifies its credential as a Pro-People democratic government while effecting electricity tariff increment to only 15% of the electricity consumer population.
Misconceptions and concerns around the tariff review are understandable. However, let me reassure every Nigerian that this review is a strategic step toward a more sustainable, efficient, and equitable electricity sector. It lays the groundwork for significant improvements in service delivery, infrastructure development, and economic prosperity. Our focus must therefore remain steadfast on ensuring that the electricity sector’s transformation benefits all Nigerians, supports our industries, and propels our nation towards its bright future.
You would also recall that the President Bola Ahmed Tinubu signed the Electricity Act (Amendment) Bill, 2024 into law to further strengthen the governance structure in the Power Sector and mandates the GENCOs to set aside 5% of their actual annual operating expenditure from the preceding year for the development of the host communities. The Act also removed Electricity from the Exclusive list to empower state government to generate and distribute electricity to residents.
Distinguished guests, I wish to inform you also that this briefing is being live broadcast by NTA, FRCN, VON, Channels TV and TVC.
Let me now invite the Honourable Minister of Power, Mr. Adelabu to make his presentation on the success stories in the power sector.
Thank you all for listening.
