• About
  • Advertise
  • Contact
Friday, May 30, 2025
  • Login
Vital News
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
Vital News
No Result
View All Result
Home Power

Payment of N3.3 Trillion Power Sector Debts by Tinubu : Another Benefit Of Petroleum Subsidy Withdrawal, Forex Rate Unification – TDF

Vital News by Vital News
May 21, 2024
in Power
0
TCN Blasts IBEDC, BEDC For Telling Lies To Cover Up Inability To Supply Electricity To Customers
Share on FacebookShare on Twitter

The Democratic Front (TDF) has again commend the President and Commander-In- Chief of the Armed Forces of the Federal Republic of Nigeria, Bola Ahmed Tinubu, for achieving yet another milestone in the efficient use of savings from the petroleum subsidy withdrawal.

The TDF which gave the commendation in a statement on Tuesday said the payment of the accumulated power sector debt by the president is a step in the right direction.

The statement was jointly signed TDF’s Chairman, Mr Danjuma Mohammed and the Secretary, Mr Wale Adedayo.

They said the payment of the debt “will reinvigorate the sector by aiding the electricity generation companies with the ability to meet all their financial obligations and also boost their capacity to generate adequate electricity supply for the country.

“Prior to the coming onboard of the Tinubu administration, the power sector in Nigeria was bedevilled with multi-dimensional challenges ranging from dilapidated infrastructure, low productivity, maladministration and corruption to criminal acts of electricity theft and brazen vandalism .

RelatedStories

NDPHC Says Attempts To Achieve Energy Inclusion Facing Frustration, Laments Dwindling Offtake By DISCOs

Power Supply : DISCOs Have Disappointed Us In Performance Expectations – Minister

Work Ongoing To Re-Erect Three Towers Along Kainji-Birnin Kebbi Transmission Line – TCN

Dangote Cement Ibese Donates Electrical Materials For Restoration Of Electricity Supply To 21 Communities In Ogun

“These negative trends in the power sector, grossly impeded the country’s ability to generate and distribute maximum power requirements for the stimulation of employment creation, development of domestic industrial base,as well for encouragement of economic growth and prosperity.

“The negative effect of all these have been decades of dismally low Gross Domestic Product (GDP).

” We, however, acknowledge with great pleasure the commitment and passion with which the President Bola Tinubu administration have approached the formidable challenges in Nigeria’s power sector since its inception.

“The decentralization of the spatial slot for electricity distribution to accommodate smaller investors in the sector, and the devolution of electricity regulatory powers to allow for the establishment of state regulatory agencies that will oversight the activities of electricity investors at both State and Local government levels.

“These are landmark decisions that will revolutionize the power sector for optimum performance and efficiency.

” The three months ultimatum for core electricity investors to acquire the heavily indebted electricity distribution companies (DISCOS), issued recently by the government is, in our opinion, the best solution to the failure and incompetence of the DISCOS, which have held the nation to ransom since 2013.

“The payment of 3.3 trillion Naira to clear the arrears of debt owed by the GENCOS is a confirmation of President Tinubu’s determination to revitalize the problematic power sector through massive capital investments, despite the multiple challenges confronting the economy.

“For many years, the electricity generation companies have operated with financial difficulties in procuring gas for energy generation under successive administrations.

“The poor supply of gas to the GENCOS has ensured that Nigerians continue to live under the agony of perpetual power outages that have paralyzed social and economic lives and businesses in the country.

” This timely intervention by President Bola Ahmed Tinubu in the power sector could not have been possible without the contribution of the twin policies that drive his administration’s economic reforms.

“That is, withdrawal of petroleum subsidy and the unification of foreign exchange rate policy.

“This reality underscores the need for Nigerians to continue to embrace and support the reform policies of the federal government.

” We are optimistic that the payment of the power sector debt by the President will disentangle the GENCOS from the indebtedness that have deprived them of access to gas supply for many years.

“For this singular reason, TDF expects a significant improvement in their optimum production and services to the nation going forward.

” We laud the efforts of President Bola Ahmed Tinubu in proffering viable solutions to the age long problems of the Nigerian power sector.

“TDF is very confident that the President has approached the power sector challenges from a solid perspective that is devoid of rhetoric but anchored on effective policy deployment.

” The presidential approval for the payment of 3.3 trillion naira debt in the power sector is a giant leap in the history of electricity provision in Nigeria.

“We hereby encourage Mr. President to sustain the current tempo for capital investment in the sector so that his target of 20,000 megawatts of electricity in Nigeria can be achieved.”
(vitalnewsngr.com)

Tags: debtgasPowersector
Previous Post

CBN Raises Interest Rate To 26.25pct From 24.75pct

Next Post

Tinubu Surely, Steadily Modernizing Nigeria’s Infrastructure With Multiple Projects – TSF

Vital News

Vital News

RelatedStories

NDPHC Says Attempts To Achieve Energy Inclusion Facing Frustration, Laments Dwindling Offtake By DISCOs
Oil & Gas

NDPHC Says Attempts To Achieve Energy Inclusion Facing Frustration, Laments Dwindling Offtake By DISCOs

May 25, 2025
FG Approves Concessioning Of Ikere Gorge Hydropower Plant, Construction Of New Power Substation In Ibadan
Power

Power Supply : DISCOs Have Disappointed Us In Performance Expectations – Minister

May 22, 2025
Work Ongoing To Re-Erect Three Towers Along Kainji-Birnin Kebbi Transmission Line – TCN
Power

Work Ongoing To Re-Erect Three Towers Along Kainji-Birnin Kebbi Transmission Line – TCN

May 17, 2025
Dangote Cement Ibese Donates Electrical Materials For Restoration Of Electricity Supply To 21 Communities In Ogun
Power

Dangote Cement Ibese Donates Electrical Materials For Restoration Of Electricity Supply To 21 Communities In Ogun

May 14, 2025
FG Approves Concessioning Of Ikere Gorge Hydropower Plant, Construction Of New Power Substation In Ibadan
Power

FG Approves Concessioning Of Ikere Gorge Hydropower Plant, Construction Of New Power Substation In Ibadan

May 14, 2025
Next Post
Go After Terrorists, Restructure Nigeria Now – Afenifere Urges Tinubu

Tinubu Surely, Steadily Modernizing Nigeria's Infrastructure With Multiple Projects - TSF

Ododo Directs Immediate Take Off Of 1,000 Units Renewed Hope Housing Project In Kogi

Ododo Directs Immediate Take Off Of 1,000 Units Renewed Hope Housing Project In Kogi

Emir Of Kano In Ijebu Ode, Felicitates With Awujale On 90th Birthday

Emir Of Kano In Ijebu Ode, Felicitates With Awujale On 90th Birthday

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Follow Us

Recommended

INEC To Present Certificate Of Return To Senators-elect, House Of Reps Member-elect March 7, 8

INEC Fixes April 15 For Conduct Of Supplementary Elections In Kebbi, Adamawa, Others

2 years ago
The Suspension of Wale Adedayo, Suspended Chairman, Ijebu East Local Government : What You Should Know  by Hon Fasheyi Adesuji Akindele

Ogun Opts For Low-key Independence Day Celebrations, Cancels Arrangements

2 years ago
Kwara Politician, Ahman Pategi Dies In Abuja

Kwara Politician, Ahman Pategi Dies In Abuja

7 months ago

Police warn thugs to stay off Abuja council polls

3 years ago

Instagram

    Please install/update and activate JNews Instagram plugin.

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

Topics

Abiodun Abuja APC arrest Atiku Bandits Bello Benue Buhari CBN Court Dangote death drugs Economy EFCC Election elections FG Fraud gunmen Hajj INEC Kano kidnap Kill Kogi Kwara Lagos NDLEA Niger Nigeria Ododo Ogun Oyo PDP Police Power refinery rescue road Security Senate students Tinubu
No Result
View All Result

Highlights

Midterm Performance : Taraba State Rated Least In IGR, Good Governance

School Wall Collapses On Students Writing WAEC In Taraba

Army Armourer, 17 Other Soldiers, 15 Mobile Police Officers, Traditional Ruler Arrested For Selling Arms To Criminals

Islamic Cleric To Die By Hanging For Killing, Stealing N300,000 From Client In Osun

Emefiele Drags FG To Appeal Court Over Forfeiture Of 753 Units Of Houses In Abuja Estate

NDLEA Arrests Two Pilgrims Heading To Saudi Arabia With Cocaine

Trending

21 Die, 10 Missing In Niger Flood Disaster
Environment

21 Die, 10 Missing In Niger Flood Disaster

by Vital News
May 29, 2025
0

The Niger State Emergency Management Agency (NSEMA) has confirmed the death of 21 persons in massive floods...

Sidi Ould Tah Elected New President Of AfDB

Sidi Ould Tah Elected New President Of AfDB

May 29, 2025
President Tinubu Appoints Former Speaker, Yakubu Dogara As Chairman Of NCGC

President Tinubu Appoints Former Speaker, Yakubu Dogara As Chairman Of NCGC

May 29, 2025
Midterm Performance : Taraba State Rated Least In IGR, Good Governance

Midterm Performance : Taraba State Rated Least In IGR, Good Governance

May 29, 2025
School Wall Collapses On Students Writing WAEC In Taraba

School Wall Collapses On Students Writing WAEC In Taraba

May 29, 2025
ADVERTISEMENT
Vital News

Vital News is an online newspaper with a mission to uphold professional journalism by reporting and publishing only facts and figures-based news reports across Nigeria and beyond.

Recent News

  • 21 Die, 10 Missing In Niger Flood Disaster May 29, 2025
  • Sidi Ould Tah Elected New President Of AfDB May 29, 2025
  • President Tinubu Appoints Former Speaker, Yakubu Dogara As Chairman Of NCGC May 29, 2025

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

© 2022 Vital News - . All Rights Reserved.

No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security

© 2022 Vital News - Vital News by Vital News.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In