FG releases N701bn lifeline to NBET, targets solar/wind energy

If the government’s promise is anything go by, relief is on the way for electricity consumers in Nigeria as Acting President Yemi Osinbajo said the Federal Government was ready to release the second batch of the N701 billion intervention fund to the Nigeria Bulk Electricity Trading Plc.

It would be recalled that through the European Union and African Development Bank, Nigeria was able to package an intervention fund of N1.5 trillion to boost the energy sector

Disclosing this on Tuesday in Abuja at the inaugural Nigeria Renewable Energy Roundtable organised by the Ministry of Science and Technology in partnership with the Nigerian Economic Summit Group and Heinrich Boll Stiftung, Nigeria, Osinbajo said the government was committed to further restructuring the power sector.

In his words: “We hope that this injection (of the fund) will help. We are also looking at several other reforms in the sector, hoping that the market can become self-sustaining, independent and runs on its own and frees up all of the private sector energy that is waiting to come into the market.”

According to the Acting President, the government would work with the private sector in developing standardised technology packages for energy delivery services in the country by exploring the opportunities for revolving funds for solar and wind projects, all aimed at creating more opportunities for investment.

He further said that:”It is the need to break the deadlock of the electricity market structures the the need to explore the options of transforming the competition for markets’ approach, as well as continuing to embark on a broader restructuring of the electricity sector.

“To do that, we need a framework that brings and keeps all stakeholders together towards ensuring that renewable energy becomes an engine of growth for Nigeria’s economy.”

Osinbajo added that the administration’s plan was to expand the Solar Home System programme to one million households, creating a few more million jobs.

Read also: N-POWER: FG to employ additional 300,000 graduates –Minister Lai

According to him, President Muhammadu Buhari’s administration was interested in seeing that all rural communities, especially those engaging in agro-based business are given priority attention by the power sector.

“It is in achieving this that the Federal Government had in collaboration with the Niger Delta Power Holding Company, been able to provide a sustainable renewable solar energy solution through end-to-end solution, including a pay-as-you-go system

“I was in Wuna to see it for myself. For the first time in its existence, the village now has solar-powered running water. The school has power and the school hall is now used as a community hall in the evenings. Each home has four points of light.

“Children can now stay up and do some studying at night. Many of Wuna’s women can now process their millet and yams at night. New jobs have been created, solar installers, maintenance, payment systems and so on, the Acting President stated.

 

RipplesNigeria ….without borders, without fears

Click here to download the Ripples Nigeria App for latest updates

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now