Lucky Obukohwo Reporting
The Federation Accounts Allocation Committee (FAAC) has deployed N700 billion to implement the Presidential Metering Initiative, a key effort aimed at bridging Nigeria’s long-standing electricity metering gap, thereby addressing the issues of estimated billings.
The funding complements the World Bank’s $500 million Distribution Sector Recovery Programme (DISREP), which will add 3.45 million meters across the country.
Speaking in Abuja at the signing of a 30-year concession agreement between Quaint Energy and the Ministry of Power for the 6MW Ikere Gorge and 2MW Omi-Kampe Hydro projects in Oyo and Kogi states respectively, Minister of Power, Adebayo Adelabu, said that the government’s push for full commercialisation of the power sector increased revenue by 70 percent in 2024 and reduced government liabilities by N700 billion.
According to him “Nigeria’s energy landscape is rapidly evolving, and opportunities for investment abound across the power sector value chain.
“Our market fundamentals are improving, our policy environment is clear, and the national leadership is committed to creating the enabling conditions for long-term investment and innovation.
“The Ministry of Power stands ready to work with credible investors to deliver impactful projects that improve lives and strengthen our economy.”
Adelabu also listed the country’s historic achievement in electricity integration: “The successful synchronisation of the Nigerian power grid with the West African Power Pool (WAPP) across all 14 member countries for over four hours is a major step towards a fully integrated regional electricity market.
“Installed generation capacity has increased from 13GW to 14GW, with an all-time peak of 5,801.44MW and a daily energy record of 128,370.75MWh on March 4, 2025.”
The Minister further reiterated that the development of a National Integrated Electricity Policy is expected to attract over $2 billion in fresh investments, further extending electricity access and strengthening the sector.
The move, backed by FAAC funding and international support, signals a decisive push to modernise Nigeria’s power infrastructure and accelerate investor confidence in the sector.