The Minister of Power, Adebayo Adelabu, has disclosed that over $2bn in new private capital had been attracted to expand electricity access nationwide, reports Business Today NG.
Adelabu also disclosed that the sector’s annual revenue has grown by 70 per cent — from N1tn in 2023 to N1.7tn in 2024 — resulting in a reduction of government subsidy obligations by over N700bn.
He added that installed generation capacity has grown from 13,000 MW to 14,000 MW, with an all-time peak generation of 5,801 MW and a record maximum daily energy delivery of 120,370 MWh, achieved on March 4, 2025.
According to him, there has been no national grid collapse in 2025, a direct result of interventions under the Presidential Power Initiative, which has added over 700MW of transmission capacity.
He reported significant progress in narrowing Nigeria’s metering gap through the N700bn Presidential Metering Initiative and the World Bank-supported Distribution Sector Recovery Programme, which has already delivered 300,000 smart meters out of 3.45 million procured.
Adelabu made this disclosure on Friday, 25 July, 2025 during a meeting chaired by President with members of the Association of Power Generation Companies led by the Board of Trustees Chairman, Col. Sani Bello (retd.), at the Presidential Villa in Abuja, Nigeria’s seat of power .
He ommended President Bola Tinubu for the attention given to the power sector, stating that the administration’s reforms have restored investor confidence and improved performance across the electricity value chain.
“Your Excellency, your presence at this meeting is a clear testament to your unwavering commitment to the sustainability, stability, and long-term development of Nigeria’s power sector. Under your leadership, we have recorded critical milestones in less than two years,” the minister said.
Adelabu said the Tinubu’s administration signed into law the Electricity Act, 2023, which decentralises and liberalises the electricity market.
According to the minister, the administration had launched Nigeria’s first Integrated National Electricity Policy in 24 years to drive coherence in sector planning and delivery.
While acknowledging these strides, Adelabu cautioned that the sector is grappling with an urgent liquidity crisis that could undermine the sustainability of ongoing reforms and investments.
“Mr President, given the grave implications of this debt overhang, including the risk of a nationwide shutdown of generation assets, I humbly seek your immediate support for defraying these obligations, even if partially, over a defined period,” the minister appealed.
He urged the President to continue supporting structural reforms to ensure a resilient and financially viable power market.
In separate remarks, business leaders Tony Elumelu and Kola Adesina appealed for urgent intervention to preserve operations and encourage further investment in the sector.
“Mr. President, we’ve come to you as a last hope. The generating companies are heavily indebted to banks, and foreclosure threats are real, not because we’re not doing our jobs, but because the system owes us trillions,” Elumelu said.
He commended the Tinubu administration for restoring the integrity of oil production and banking stability.
Elumelu added, “We don’t need power to complete your transformation, we need power to enable it. Power is critical to unlocking Nigeria’s full potential. We urge you to help solve this debt problem.”
Adesina reiterated the need for immediate liquidity support while raising concerns over gas supply shortfalls.
