President Bola Tinubu has said Nigeria’s power generation capacity at about 4.5 gigawatts is shameful.
According to a statement by Ajuri Ngelale, presidential spokesperson, Tinubu spoke during the inauguration of the presidential economic coordination council (PECC) on Thursday.
The president called for the collaboration of the members to increase Nigeria’s on-grid electricity capacity.
”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,” Tinubu said.
“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.
”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.”
Tinubu highlighted the need for innovative solutions to the country’s economic challenges, stressing the importance of public-private partnerships in driving economic reforms.
Additionally, Tinubu announced measures under the economic stabilisation programme, aimed at stabilising the economy, enhancing job creation, and fostering economic security.
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.
The scheme, according to the president, also aims to increase oil production to 2 million barrels per day within the next 12 months.
Recall that Tinubu earlier on Thursday announced a N2 trillion economic stabilisation plan to revive Nigeria’s struggling economy.
