President Bola Tinubu, in his New Year address on Monday, pledged his administration’s resolve to improve the nation’s electricity supply and development of more power projects.
It could be recalled thatTinubu and the German Chancellor, Olaf Scholz, on Friday, December 1; signed the Presidential Power Initiative agreement designed to inject 12,000MW of electricity into the national grid.
This came on the sidelines of the United Nations Climate Change Summit, COP28, in Dubai, the United Arab Emirates.
In his New Year address, however, Tinubu noted that he, along with the German Chancellor, at the climate summit in Dubai, pledged their commitments to “a new deal to speed up the delivery of the Siemens Energy power project that will ultimately deliver a reliable supply of electricity to our homes and businesses under the Presidential Power Initiative which began in 2018.”
While noting the significance of a steady electricity supply to the economic transformation of the country, he said, “My administration recognises that no meaningful economic transformation can happen without a steady electricity supply. In 2024, we are moving a step further in our quest to restart local refining of petroleum products with Port Harcourt Refinery, and the Dangote Refinery which shall fully come on stream.”
The President added that his administration is currently carrying out other power projects to “strengthen the reliability of our transmission lines and optimise the integrity of our National grid.”
Tinubu had earlier admitted that the past year 2023 was a “very challenging one” as it was eventful in several ways.
However, he noted that the transition of power from his predecessor, Muhammadu Buhari, was “peaceful, orderly and successful,” and subsequently marked “another remarkable step in Nigeria’s 24 years of “unbroken democracy.”
The President added that his administration is ensuring constant food supply, security and affordability by stepping up plans to cultivate 500,000 hectares of farmlands across the country to grow maize, rice, wheat, millet and other staple crops.
Tinubu cited his 13 foreign trips in the last seven months, saying, “My message to investors and other business people has been the same; Nigeria is ready and open for business.”
Over the years, past governments have lacked the wherewithal to maintain and improve the nation’s erratic power supply, despite the allocation of funds to speed up the nation’s electricity generation and transmission.
