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Adelabu Claims Power Generation Rose 30% in 2024

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Adebayo Adelabu

By Adedapo Adesanya

The Minister of Power, Mr Adebayo Adelabu, said power generation in the country increased by about 30 per cent in 2024, but missed crucial targets in the review year.

Mr Adelabu made the disclosure during his ministry’s 2025 budget defence before the Senate Committee on Power at the National Assembly complex on Monday.

He said that when he assumed the leadership of the ministry in 2023, he met an average of 4,100 megawatts of power generation.

“I can tell you authoritatively that by the end of 2024, we had a peak generation of 5,528 megawatts of power from 4,100 megawatts that we met on ground and the reason for this is not far-fetched. We added a new hydroelectric power dam, Zungeru, with 700 megawatts.

“There was also a tremendous increase in the generation lines by other existing generation companies,” he said.

The Minister said that the target for power generation was 6,000 megawatts, adding, however, that due to the challenges experienced toward the end of 2024 in terms of grid collapses, the ministry missed the target by a minimal margin.

He further said that apart from energy access expansion, the sector had plans to stabilise the grid and other transmission infrastructure.

“I’m happy to also inform you that out of the eight collapses of the national grid that we experienced during 2024, five were full collapses, while three were partial collapses.

“Out of the five full collapses, three were actually due to generation problems. So, as against the 12 collapse that were publicised, it was just about eight collapses.

“We have been trying very hard to ensure that we manage the grid that was inherited.

“Unfortunately, it is still very old. It is dilapidated. And we are just managing it until we are able to fix it permanently.

“This is the focus of the Presidential Power Initiative, to ensure that the entire grid is revamped so that we won’t be having all this vandalism.

“So these are the summaries of our activities. And we are proud to say that we almost met all our targets for 2024.

“Our hope is that 2025 will be a better year for us, and we will be able to address all the existing issues in the sector,” he said.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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FG Pledges to Revive Atlantic Refinery Project

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Atlantic Refinery Project

By Adedapo Adesanya

The Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, has expressed dismay over the abandonment of the Atlantic Refinery project in Brass Local Government Area of Bayelsa State, promising to rejuvenate it.

Mr Lokpobiri made this commitment during an inspection visit to Ewa-ama Road, which leads to the Brass Petroleum Products Terminal (BPPT), where he engaged with key community stakeholders.

He assured stakeholders that the federal government would review the project to ensure its eventual completion.

“The federal government remains committed to completing critical infrastructure projects that drive economic growth and improve livelihoods. This project will be thoroughly reviewed to ensure its eventual completion,” he pledged.

The Minister commended the people of Brass for their peaceful disposition despite the challenges posed by the refinery’s abandonment, urging them to sustain the peace.

“Stability is crucial for attracting further investments and development to the region,” he emphasised.

Reaffirming President Bola Tinubu’s commitment to delivering on key development projects, Mr Lokpobiri reiterated that the government remains dedicated to advancing initiatives that will benefit the Niger Delta.

The Minister was accompanied on the visit by Mr Farouk Ahmed, the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), as part of efforts to assess and fast-track key projects in the region.

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Obi Urges Transparency, Accountability as 2025 Budget Swells 9%

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Peter Obi Prioritize Economic Recovery

By Adedapo Adesanya

The presidential candidate of the Labour Party in the 2023 general elections, Mr Peter Obi, has called for transparency and accountability as a result of the recent increase in the 2025 budget by 9.1 per cent to N54.2 trillion.

Mr Obi, in a message on X, the social media platform formerly known as Twitter, said while the sources of revenue were detailed, there was no corresponding breakdown of expenditures to justify the budget increase.

President Bola Tinubu on Wednesday raised the proposed budget by 9 per cent from N49.7 trillion to N54.2 trillion, citing additional revenues generated by key government agencies such as the Federal Inland Revenue Service (FIRS), the Nigeria Customs Service (NCS), and other government-owned agencies.

Mr Obi, in his message, stressed the need for Nigerians to be informed on how public funds are allocated and spent.

“For transparency and accountability sake, Nigerians need to know how the resources generated from them are being allocated to ensure that they are judiciously spent on the country’s development and the well-being of the people,” Mr Obi said.

He added that budgetary expenditures should be directed toward critical areas of development, including education, healthcare, security, and poverty alleviation, to ensure meaningful impact on citizens’ lives.

“Yesterday, I read about the increase in the Budget of Restoration to ₦54 trillion due to increased revenue.

“While the sources of this revenue were detailed, there is no corresponding breakdown of expenditures to justify the increase. For transparency and accountability sake,” part of the statement read.

He said Nigerians are still waiting for a detailed account of the execution and expenditures of the Renewed Hope budget, which was passed in December 2023, calling on the National Assembly to seize this opportunity to obtain and make public the full details of the 2024 budget of Renewed Hope budget.

He also called on lawmakers and government officials to prioritise openness and accountability to safeguard public trust as preparations begin for the 2025 Budget of Restoration.

“Transparency in this regard is crucial for ensuring accountability, learning from past budgets, and making informed decisions for the nation’s progress.

“As we work towards passing the Budget of Restoration for 2025, let us uphold openness, accountability, and the welfare of the Nigerian people. We owe it to ourselves, our children, and the future of our great nation,” he stated.

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Fidelity Bank MD Lauds Soludo’s Prudent Spending of Anambra Funds

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Nneka Onyali-Ikpe fidelity bank md charles soludo

By Modupe Gbadeyanka

Governor Charles Soludo of Anambra State has been applauded by the chief executive of Fidelity Bank Plc, Mrs Nneka Onyali-Ikpe, for the infrastructural development in the state.

The banker said she was marvelled at the avalanche of projects in the state and how the Governor has managed the scarce funds of the state without borrowing.

“I am very impressed with the quality, size, and finishing of the projects being executed in this state without borrowing from financial institutions,” Mrs Onyali-Ikpe said during a tour of projects in Anambra State on Wednesday.

“I’m blown away by the size of infrastructure that I’m seeing today; the contemporary architecture, the finishing, and the size of it. It is intimidating. I’m excited that we finally have something that befits our state, Anambra.

“I’m interested in knowing how Soludo is building the infrastructure without borrowing money,” the Fidelity Bank chief said.

During the tour, the banking executive, accompanied by the Deputy Chief of Staff and Chief of Protocol to Governor Soludo, also visited the ongoing Anambra State government house and lodge with Amphitheatre, the Solution Fun City, a centre for funfair and celebrations, amongst others.

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