The Minister of Power, Adebayo Adelabu, announced that Nigeria will discontinue electricity subsidies, emphasizing the need for a cost-effective tariff model due to significant debts to generating and gas companies.
Speaking at a press conference in Abuja, Adelabu highlighted a 1.3 trillion naira debt to generating companies and a 1.3 billion dollar debt to gas companies.
He revealed that only 450 billion naira was allocated for subsidy this year, while the ministry requires over two trillion naira.
Adelabu also mentioned that states will be allowed to independently generate power.
