The Minister of Power, Adebayo Adelabu, said on Thursday that the sector generated N700 billion in revenue last year.
He stated this during the 6th Edition of the 2025 Ministerial Press Briefing Series in Abuja.
The minister said the figure was a 70 percent increase from what was generated by the industry in 2023.
He said: “It is evident that, due to our transformative tariff reforms, the electricity market generated additional N700 billion in revenue in 2024, reflecting a 70 percent increase from what was collected in 2023.
“This resulted from the cost-reflective tariff adjustment for Band A customers. This growth in market revenue is unprecedented, as the highest growth previously achieved was 20 percent.
“This positively impacts the reduction of the government-subsidised tariff shortfall by 35 percent, decreasing it from N3 trillion to N1.9 trillion.”
According to him, the revenue growth demonstrates that financial viability and service delivery can coexist harmoniously.
Adelabu added: “The commitment of President Bola Tinubu’s administration to energy access was further demonstrated with the signing of the Nigerian Energy Compact in Tanzania in January.
“The initiative led by the World Bank and the African Development Bank (AFDB) aligns with the administration’s aspiration to expand energy generation.
“The target of M300 is to extend energy access to an additional 300 million Africans by 2030, out of the 600 million currently lacking access.
“This initiative will be realised based on a five-pillar strategy: expanding generation, strengthening utilities, incentivising private investment, accelerating renewables, and boosting regional integration.
“The compact sets ambitious goals to enhance electricity access, increase renewable energy adoption, and improve clean cooking solutions for millions of Nigerians, ‘’ the minister stated.
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