Lauds Tinubu’s N4 trillion bond-for-debt intervention

Says Ikeja Electric to achieve 100% metering in 2 years

Adelabu: Nigerians ‘ll enjoy uninterrupted power before end of Tinubu’s govt 

Emmanuel Addeh in Abuja 

Chairman of Ikeja Electric, Dr Kola Adesina, at the weekend stated that the Bola Tinubu-led administration was restoring investors’ confidence in the power sector by the recent bond-for-debt commitment for the payment of N4 trillion owed Generation Companies (Gencos).

Speaking at the inauguration of a 15MVA injection substation in Kwaru, Lagos, Adesina in an address, described the event as not just a milestone for Kwaru and its surrounding communities, but a pivotal moment in Nigeria’s collective quest for a more reliable, inclusive, and efficient electricity supply in Lagos, and across the country.

The commissioning ceremony held at the project site attracted top government officials, power sector regulators, community leaders, and key industry stakeholders, reflecting a united commitment to bolstering Nigeria’s electricity infrastructure.

The facility is designed to provide a more stable and efficient electricity supply to approximately 50,000 residents and businesses in the rapidly growing beneficiary corridor, as the  substation will improve load management, reduce transmission losses, and strengthen distribution network resilience, thereby stimulating economic growth and enhancing the quality of life for residents.

Adesina stated that the commissioning of the Kwaru injection substation was more than a technical achievement, but a symbol of what is possible when vision, policy, and partnership align in the service of the people.

According to him, it reflected the renewed momentum under  the Tinubu’s administration, which he said is driving unprecedented reforms across the power sector.

“The government’s commitment is clear and demonstrable. Through bold interventions like the N4 trillion bond to settle legacy debts owed to the Gencos, the federal government is restoring confidence in the electricity market, strengthening liquidity, and unlocking stalled capacity across the value chain.

“Beyond that, the Federal Executive Council (FEC) has recently ratified a series of power-related projects aimed at expanding infrastructure, accelerating rural electrification, and supporting transmission and distribution upgrades nationwide. These approvals are further evidence that this administration is not just promising reform, it is implementing it.

“Furthermore, the federal government is rolling out the provision of 1.5 million meters to electricity customers across the country. This effort is not only about reducing estimated billing — it is about restoring trust, improving transparency, and ensuring that citizens pay for only what they consume. 

“Here in Ikeja Electric, our metering density is 75 per cent. We are committed to achieving 100 per cent in the next two years. The Kwaru Injection Substation, therefore, is not an isolated success. It is part of a broader ecosystem of transformation,” the Ikeja Electric chairman stated.

According to him, it will boost load capacity, stabilise voltage, reduce technical losses, and support improved power delivery to homes, schools, markets, and small businesses across the axis of Lagos.

He maintained that it was not just about wires and transformers, but about dignity, ensuring that mothers can store vaccines, that students can read at night, and that small enterprises can grow without constant interruption.

Besides, Adesina pointed out that progress would not have been possible without the relentless effort of a wide range of actors — from the policy direction at the presidency, to regulatory support, to the technical excellence of engineers and contractors. 

“To every stakeholder, public and private, who played a role in delivering this milestone — I offer my deepest appreciation. As we energise this substation, let us also energise our shared commitment to delivering stable, sustainable, and inclusive power for all. 

“Let us keep faith with the President’s vision of a modern electricity sector — one that drives industrial growth and transforms lives,” he explained.

He told the people of Kwaru and the wider Lagos community that the infrastructure belongs to them, urging them to take ownership of it, protect it and demand excellence from its operators.

Also speaking at the weekend, the Minister of Power, Chief Adebayo Adelabu, assured Nigerians that Tinubu was determined to ensure that citizens enjoy full and uninterrupted electricity supply before the end of his admission.

To this end, Adelabu stated that the President had continued to implement measures aimed at improving power generation, transmission, and distribution across the country, a statement by his spokesman, Bolaji Tunji, stated yesterday.

At the event, Adelabu reiterated Tinubu’s commitment to achieving this vision within the lifetime of his administration, stating that the present administration in Nigeria,  recognises that energy is not merely a commodity, but the backbone of economic growth and job creation.

“To ensure the growth and sustainability of the sector, the Federal Government of Nigeria continues to implement a multi-pronged approach, which has yielded some remarkable achievements,”  he added.

Beyond improving electricity supply to communities such as Abaranje, Isijola, Igando Road, Omoboriowo, Okerube, and surrounding areas, Adelabu emphasised that the project would have far-reaching benefits for  Lagos State’s economy. 

“This initiative will reduce operational challenges caused by power shortages, provide direct support to small and medium-sized enterprises (SMEs), stimulate economic growth, and create new job opportunities,” he said.  

The minister highlighted key achievements under the current administration,  including the decentralisation and liberalisation of the power sector through the Electricity Act 2023, which has activated 12 state electricity markets and led to the development of a National Integrated Electricity Policy after 24 years.

He added: “The attraction of over $2 billion in fresh investments to expand electricity access as well as the transition towards full commercialisation has increased the sector’s revenue by 70 per cent  in 2024.”

Other milestones, according to Adelabu, include an increase in Nigeria’s installed generation capacity from 13GW to 14GW, with an all-time peak of 5,801.44 MW and a maximum daily energy record of 128,370.75 MWh on March 4, 2025.

He highlighted: “The stabilisation of the national grid through the Siemens Project, adding over 700 MW of transmission capacity and the successful mobilisation of N700 billion from FAAC for the Presidential Metering Initiative, alongside a $500 million World Bank DISREP fund, which will add 3.45 million meters to the sector.”

However, Adelabu  acknowledged ongoing challenges, particularly in distribution, where loss levels exceed regulatory limits, market remittances fall short, and customer complaints about service disruptions persist. 

“Under my leadership, the Federal Ministry of Power remains fully committed to working with Discos to address these issues and ensure energy security nationwide,” he assured.  

The minister commended Ikeja Electric  for completing the substation project within 12 months, praising their “diligence, proper planning, stakeholder engagement, and technical expertise.

“Ikeja Electric is one of the top-performing Discos in Nigeria. We recognise their efforts and urge even greater strides in expanding access and improving service quality. The Federal Ministry of Power remains committed to supporting initiatives that enhance energy reliability and affordability for all customers”, he said.

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