Nigerians spend an estimated N16.5 trillion annually on fuel and servicing generators, according to Adebayo Adelabu, Minister of Power. The staggering figure was revealed during the NOG Energy Week conference in Abuja on Tuesday.
Adelabu referenced research from 2023, highlighting the financial burden on Nigerians relying on self-generated power. “What Nigerians spend on self-generation of power—on fueling and servicing their generators—is N16.5 trillion. Looking at this, you will see that what Band A customers pay is still cheaper compared to this, despite having 24-hour uninterrupted supply,” he said.
Adelabu contrasted this expenditure with the 225 percent electricity tariff increase implemented on April 3, 2024, suggesting that despite the hike, reliance on the national grid remains more cost-effective for many consumers.
The minister also announced significant progress in renewable energy investments. “Over $1 billion in investments have been placed into renewable energy sources by foreign lenders and institutions,” Adelabu stated, emphasizing the government’s commitment to enhancing the country’s energy infrastructure under President Tinubu’s administration.
