Nigeria Spent N16.5trn On Diesel, Petrol In 2023, Says Power Minister

Nigeria Spent N16.5tri On Diesel, Petrol In 2023, Says Power Minister
Nigeria Spent N16.5tri On Diesel, Petrol In 2023, Says Power Minister

Nigeria’s Power Minister, Adebayo Adelabu, revealed that Nigerians Spent N16.5 trillion on diesel, petrol, and generators In 2023.

In his statement, he stated that;

“As of our last survey in 2023, Nigerians spent a staggering N16.5tn on alternative power sources, including diesel, petrol, and generator maintenance.

“Factories are also opting for off-grid power solutions, relying on gas-powered generators for their energy needs. This has led to a significant increase in informal sector spending, totaling nearly N20tn.

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“In contrast, the formal power sector’s revenue for 2023 was a mere N1tn, split among generation, transmission, and distribution companies. If just a quarter of the informal sector’s spending was redirected to the formal power sector, it would generate an additional N5tn in revenue, bringing the total to N6tn. This would undoubtedly lead to a more reliable and consistent power supply.

“Our goal is to restore confidence in the national grid, making it the preferred choice for industries currently relying on self-generation. With our affordable rates – N206 for Band A customers, compared to N290 for gas-powered generators, N450 for petrol generators, and over N900 for diesel generators, we aim to provide uninterrupted 24/7 power supply in Nigeria.”

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