President Bola Tinubu has expressed his dissatisfaction with Nigeria’s current power generation capacity of 4.5 gigawatts, calling it “shameful.” He urged the Presidential Economic Coordination Council (PECC) members to collaborate to increase the country’s on-grid electricity capacity.
In a statement by presidential spokesman Ajuri Ngelale, Tinubu spoke on Thursday during the PECC inauguration at the State House in Abuja. He emphasized the importance of increasing Nigeria’s electricity generation and distribution, alongside improving the oil and gas sector.
“We are determined to do that with your cooperation, collaboration, and recommendations. As a nation, it is so shameful that we are still generating 4.5GW of electricity,” Tinubu said.
The President stressed the need for energy security and outlined measures to increase oil production to two million barrels per day within the next few months.
READ ALSO: Tinubu Congratulates Keir Starmer on Labour Party’s UK Election Victory
He highlighted the necessity of removing barriers to investment in the energy sector and enhancing competitiveness.
Tinubu also pointed out the significance of innovative solutions to Nigeria’s economic challenges, underscoring the role of public-private partnerships in driving economic reforms.
As part of the economic stabilization program, Tinubu announced initiatives aimed at stabilizing the economy, enhancing job creation, and fostering economic security.
The energy security initiative aims to increase on-grid electricity from 4.5 gigawatts to 6 gigawatts within six months and boost oil production to 2 million barrels per day within the next 12 months.
This is part of Tinubu’s broader N2 trillion economic stabilization plans to revive Nigeria’s struggling economy.
