Budget Minister says FG committed to achieving 350GW electricity by 2043

The Minister of Budget and Economic Planning Abubakar Atiku Bagudu has reaffirmed the commitment of the Federal Government towards to achieve the targeted goal of 350GW of energy producing capacity by the year 2043.

The Minister stated that achieving such goals would only be achievable if all hands were on deck, during a briefing by top management staff of the Nigerian Electricity Management Service Agency (NEMSA) in his office in Abuja.

He stated that “the current administration of President Bola Ahmed Tinubu has prioritized the Power Sector as the topmost priority of all the National Integrated Infrastructure Master Plan (NIIMP) asset classes.”

Sen. Atiku Bagudu received Top Management Staff of the Nigerian Electricity Management Service Agency (NEMSA) in his office recently, where he urged all hands to be on deck to realize 350GW electricity generating capacity by the year 2043. pic.twitter.com/vgu3xHVnXd

— Budget & Economic Planning NG (@PlanningNG) September 28, 2023

He went on to say that the government has implemented various changes to help turn around the power sector over the years, the most recent of which was the new electricity bill. ”The electricity law repeals the Electricity and Power Sector Reform Act of 2005 and consolidates the law relating to the Nigerian Electricity Supply Industry (NESI),” Bagudu explained.

The Minister informed that the Nigeria Electricity Act 2023 prioritised the implementation of tariffs that accurately reflected the cost and service provided as well as promoted competition in the electricity sector through the use of contracts and rules.

He further stated that the main objective of the law was to enhance the efficiency and effectiveness of the Nigeria electricity industry, adding that NEMSA was one of the key players in the Nigerian Electricity Supply Industry (NESI) charged with the responsibility of carrying out the enforcement of technical standards and regulations, technical inspection, testing, and certification of all categories of electrical installations across the country to ensure stable, safe and reliable electricity networks.

Bagudu added that the agency strived to ensure zero incidences of electrical accidents, energy accountability, eliminate substandard electrical equipment and material and rid the system of quack electrical installation personnel contractors.

Bagudu explained that the agency had embarked on some of the activities which included: an inspection of over 15,931 electricity projects across the country, out of which 10,692 had been certified fit for use by NEMSA, monitoring of 12,114 existing networks and power systems nationwide; Inspection of 3,255 electrical installations at factories across the country, among others.

He stated that “electricity has become a part of our daily lives, it is a great benefit to all of us, but the electricity we use is associated with a lot of hazards, and these hazards are so real that they can even affect professionals themselves; so, to mitigate these hazards, several technical standards and revelations are now developed, and that is why this agency was established to carry out enforcement of technical inspection, testing, and certification before they are used.”