The Minister of Power, Adebayo Adelabu, says Nigeria needs $10 billion yearly for the next ten years to revive the power sector and address its challenges.
The minister made the statement when he appeared before the Senate Committee on Power for an investigative hearing over the recent electricity tariff hike by the Nigerian Electricity Regulatory Commission, NERC.
He also said because the government cannot afford the cost of infrastructure required to stabilise the sector, it must make the sector attractive to investors and lenders by making the pricing more commercial.
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Minister Adelabu also says this informed increasing the tariff for one band, which he says, is starting to generate interest among some investors.
He appealed to the lawmakers’ to support the process of paying the debt owed operators across the value chain of generation, transmission and distribution.
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