President Bola Tinubu criticized Nigeria’s power generation capacity, calling the current 4.5 gigawatts output shameful.
He urged the members of the Presidential Economic Coordination Council (PECC) to collaborate in efforts to increase Nigeria’s on-grid electricity capacity.
This information was revealed in a statement by presidential spokesman Ajuri Ngelale, who noted that the President made these remarks on Thursday 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 stabilization program aimed at stabilizing the economy, enhancing job creation, and fostering economic security.
Focusing on energy security, the President stated that the initiative, which encompasses power, oil, and gas, aims to increase on-grid electricity delivery to homes and businesses from about 4.5 gigawatts to 6 gigawatts within six months.
Tinubu also mentioned that the plan seeks to boost oil production to 2 million barrels per day within the next 12 months.
Earlier, he had introduced a N2 trillion economic stabilization plan to revive Nigeria’s struggling economy.