Electricity subsidy not sustainable for government: Minister
Minister of power, Adebayo Adelabu, says the federal government cannot continue to shoulder the burden of subsidising electricity for Nigerians, asserting that the government’s power debt to generating companies (GenCos) had ballooned to more than 1.3 trillion naira.
Mr Adelabu made the statement at a presser in Abuja on Wednesday where he disclosed that the N450 billion budgeted for electricity was far too small to cover the N1.3 trillion debt burden owed to GenCos.
Nigerians have bewailed the removal of subsidies announced by President Bola Tinubu at his inauguration last May, which drove up the prices of goods and services by over 300 per cent.
The steep daily decline in the nation’s currency, exacerbated by soaring inflation, increased abductions and insecurity, has caused many impoverished citizens to stage protests across various states of the nation, including Niger, Osun, and Minna, saying they can no longer cope with the prevailing hardship under Mr Tinubu’s watch.
Other persons, such as Nollywood actor Olaiya Igwe, who staunchly backed Mr Tinubu to win the polls, have withdrawn their support, lamenting he crushed their expectations with his performance and weak policies, particularly in light of how the masses are struggling to survive the economic and cost of living crisis.
Former Edo governor Adams Oshiomole has absolved Mr Tinubu of any blame, asserting the nation is only battling the hardship occasioned by the reckless policies of immediate past president Muhammadu Buhari which might take a while to rectify.
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