FG Seeks Private Funds To Overcome $ 2.5 Billion Electricity Shortage

Posted by on Oct 18, 2020, Under: News

FG Seeks Private Funds To Overcome $ 2.5 Billion Electricity Shortage

The federal government has requested additional private sector funding to close the $ 2.48 billion energy deficit, which means 80 million Nigerians have access to electricity.

Chief Executive Officer and CEO of the Rural Electrification Agency (REA) Ahmad Salihidjo Ahmad said this Saturday at a seminar for the agency’s House of Representatives in Abuja after he held a similar seminar for the Senate.

Ahmad said the $ 2.5 billion is the investment needed to provide access to the current 80 million Nigerians without electricity.

“India was the country with the largest number of people without access to electricity, but I regret to say that Nigeria has surpassed it, and recently that figure is 80 million Nigerians without access to electricity.”

Asking for a better budget for REA to accomplish this task, he said, “It is very risky to rely on the government budget as it is not enough. We need to develop policies to attract more private sector investment. ”

Minister of State for Energy Mr. Goddi Jedi-Agba, represented by the permanent secretary of the ministry, Mr. Chinyaka Ohaa, asked for legislative support from the REA.

“More than 80 million Nigerians do not have access to reliable electricity. To change this narrative, we must continue to strategically deploy renewable and autonomous technologies to power Nigeria, one community at a time. ”

In announcing the opening of the seminar, House President Femi Gbajabiamila said the seminar was strategic and could not have been held at a better time than now.

“On behalf of the speaker, I declare this seminar open,” said Magaji Dau Aliya, chairman of the House Committee on Power, who represented the speaker.

Regarding his role, Aliu said during the workshop that members will do whatever is necessary and consult with the REA to ensure an adequate budget.

He said more than 200 million projects were pending in the portfolio and urged REA to better navigate to ensure greater access to electricity in rural areas.

REA Rural Electrification Fund (REF) Executive Director Dr. Sanusi Ogiare said REA has connected 103,500 homes since 2016, impacted 460,720 people, created 5,042 jobs and created 561 million. investment dollars.

Oyare said lawmakers should strengthen the agency, noting that despite numerous changes to Oronsaye’s merger report, REA remains one of the agencies targeted for liquidation.

Source: – Daily Trust