Minister of Power, Works and Housing, Mr. Babatunde Fashola on Monday reassured Nigerians that the Federal Government was still committed to ensuring that the country makes steady progress and growth in power supply.
Speaking at the 25th Monthly Power Sector meeting in Uyo, Akwa Ibom State, Fashola said the power sector recovery programme put in place by his ministry and other stakeholders in the sector was beginning to yield the desired results.
“Clearly, our implemental power initiative is well underway, some jobs are manifesting and the promise of steady power is real. If we persevere, I am certain that we will witness uninterrupted power which is the final destination of our journey,” Fashola said.
In order to achieve this goal, the Minister disclosed that the Federal Government had secured the approval of $486 million from the World Bank for the Transmission Company of Nigeria (TCN) to fund the expansion of its transmission network.
Fashola said steady progress was also being made with the World Bank for the Rural Electrification and Distribution Expansion Funding, adding that the policies and programmes of the Power Sector Recovery Programme (PSRP) were meant to tackle all problems facing the nation’s power sector.
He further stated that arrangements were in top gear to implement the Eligible Customer Policy and increase connectivity to the 20,000 megawatts national grid which he said would reduce over-dependence on generators and reduce the nation’s fuel consumption level.
CBN Increases Benchmark Interest Rate To 27.50% To Tackle Inflation
At Last, Port Harcourt Refinery Begins Crude Oil Processing
Nigeria’s GDP Grows By 3.46% In Q3 2024, Driven By Services Sector
Tinubu Seeks ₦1.77 Trillion Loan To Fund 2024 Budget Deficit