Posted by Adebayo Adelabu, the country's minister of power, has stated that electricity subsidies can no longer be maintained.
The minister stated that Nigeria is currently 1.3 trillion naira in debt to generating businesses (GenCos) and 1.3 billion dollars due to gas firms, and that the country has to start moving towards a cost-effective pricing plan.
This was revealed by Adelabu during a news conference in Abuja on Wednesday, when he confirmed that the subsidy budget for the year was merely 450 billion naira.
He stated that in order to provide subsidies, the ministry requires more than two trillion naira.
Independent power generation by states would now be permitted, according to the minister.