Democracy day speech: President Tinubu highlights administration’s reforms in energy sector

President bola tinubu has called on Nigerians to remain steadfast and believe in the dream of moving Nigeria to the desired end of national growth and prosperity. In his national broadcast speech to mark 27 years of uninterrupted democracy in Nigeria on friday, president tinubu noted that the reforms embarked upon by his administration upon assumption of office since 2023 were not chosen for ease, but for necessity.

While acknowledging that some of the reforms may have come with painful consequences, the president said the policy direction of the government became imperative given what he met on ground.”Three years ago, our public finances were under severe strain, investment was discouraged, and economic uncertainty threatened our future”
“We chose to act, embracing reforms to advance Nigeria’s economic freedom” the president declared.

While speaking on reforms in the energy sector president bola tinubu noted that today, refining capacity has increased thereby strengthening energy security and reducing the nation’s reliance on imported petroleum products. “Since 2023, our reforms have restored stability and credibility to economic management, federation revenues have risen, providing states and local governments with more resources for infrastructure, education, healthcare, and security development”

President tinubu said his administration has also taken bold steps in the power sector noting that signs of visible improvement in that space are already been felt by citizens. “By 2023, when we came on board, the electricity sector was characterised by chronic generation shortfalls, an unreliable gas supply, and transmission infrastructure so fragile that it could not evacuate available power”.
“Distribution companies were burdened by massive looses and a metering deficit of over four million”

The president noted that the obvious signs in 2023 was a sector drowning in legacy debt, resulting in a sector that generated less than 13,500megawatts installed capacity, distributed less than it transmitted and collected revenues far below what it needed to sustain itself.

To address some of the challenges in the power sector, the president in his democracy day broadcast noted that he immediately signed the 2023 electricity act which grants states authority to generate, transmit, and distribute power. The presidential power sector task force according to the president is already working hard to reduce the metering deficit, declaring that he has authorised the task force to raise 4trillion bond to settle verified legacy debts.
“The rural electrification agency, supported by the world bank and the african development bank, has deployed off-grid and mini-grid power to underserved communities, universities, markets, and hospitals.” This in the wisdom of the president is to expand and deepen clean, reliable, and affordable electricity access across vulnerable communities across the country.

“Electricity is a democratic dividend we owe every Nigerian” the president concluded on his administration’s reforms in the energy sector since 2023.