Efforts are currently underway to restore power after the Nigerian national grid collapsed on November 5, 2024, at approximately 1:52 PM. The Transmission Company of Nigeria (TCN) has deployed engineers to address the issue, with an expected restoration time of several hours. “Our team is working tirelessly to ensure that bulk power supply is restored Read More…
Tag: power sector
Nigeria to cut electricity subsidies for high-end consumers, sparking fresh inflation concerns
Nigeria plans to axe electricity subsidies for a select group of consumers in a bid to rein in ballooning public finances, the presidency announced on Tuesday. This move follows a series of reforms undertaken by President Bola Tinubu aimed at stimulating economic growth. “With the huge subsidy burden and high cost of gas … the Read More…
Approval Granted: Nigeria Secures $1 Billion AfDB Loan for Budget Support and Forex Supply
Finance Minister Olawale Edun announced the Federal Executive Council’s (FEC) approval of a $1 billion concessional loan from the African Development Bank (AfDB) aimed at bolstering the budget and enhancing foreign exchange reserves. Edun revealed the loan details, citing a 4.2% interest rate over 25 years with an eight-year moratorium, following a cabinet meeting in Read More…
Lagos State Government proposes electricity cooperative model as an energy sector solution
The Lagos State Government has highlighted its newly introduced electricity cooperative model as a potential remedy for the country’s struggling energy sector, specifically within the state. Mrs. Folashade Ambrose-Medebem, the Commissioner for Commerce, Cooperatives, Trade & Investment, addressed this pivotal initiative during a one-day inaugural symposium held in Lagos. The symposium, themed “Venturing into Power Read More…
Power sector records improved all-time peak of 5,420.30MW
The Nigerian Power industry has achieved yet another improved all-time national peak of 5,420.30MW, which was effectively transmitted through the national grid at a frequency of 50.10Hz at 9:15pm on Aug. 18. Ms Ndidi Mbah, General Manager, Public Affairs, TCN, confirmed the development in a statement on Thursday in Lagos. Mbah said this was the Read More…
Senate says no plan to reverse privatisation of power sector
Sen. Gabriel Suswan, the Chairman Senate Committee on Power says the senate has no plans to reverse the privatisation of the power sector. Suswan made this known in Abuja during the committee’s oversight visit to some government structures being occupied by the Abuja Electricity Distribution Company (AEDC). According to him, the senate is not pushing Read More…