The Federal Government has ruled out any immediate increase in electricity tariffs, reaffirming its commitment to improving power supply through ongoing reforms and investments across the electricity value chain.
Minister of Power, Joseph Olasunhanmi Tegbe, gave the assurance during a stakeholders’ engagement with industry players and the media in Lagos on Friday, describing the session as the beginning of a new era of openness, accountability and collaboration in the power sector.
Tegbe said the government’s objective is to make electricity more available, improve grid reliability, ensure the financial sustainability of the power market and restore investor confidence.
“Our objective is clear. To make electricity more available, make the grid more reliable, make the market financially sustainable and restore investor confidence. Ultimately, we want to ensure that electricity becomes a catalyst for national productivity rather than a constraint to economic growth,” he said.
The minister noted that resetting the power sector does not mean previous efforts have failed but rather builds on reforms already initiated under President Bola Tinubu’s administration while addressing long-standing structural challenges.
He stressed that there are no plans to increase electricity tariffs, contrary to reports circulating on some media platforms.
According to Tegbe, the Presidential Metering Initiative is being accelerated to achieve universal metering, ensuring consumers are billed only for electricity they actually consume.
He added that the administration has also prioritised investment in transmission infrastructure, expanded rural electrification, strengthened coordination across the electricity value chain and continued reforms aimed at attracting private sector investment while safeguarding public interest.
Highlighting recent interventions, the minister said the Ministry of Power has launched the Power Force initiative, which will engage 5,000 Nigerian youths in electricity meter installation nationwide to bridge the metering gap while building technical capacity in the sector through the National Power Training Institute of Nigeria (NAPTIN).
He also disclosed that significant progress has been made in resolving long-standing challenges surrounding meter procurement and improving electricity generation.
According to him, the national grid has consistently generated more than 5,000 megawatts over the past two weeks.
“Our ambition is clear. Reliable electricity that powers our homes. Competitive electricity that powers our industries. Sustainable electricity that attracts investment. Inclusive electricity that reaches every Nigerian,” Tegbe said.