The Federal Government has said that there was an unprecedented electricity market revenue growth from N1 trillion in 2023 to N 1.7 trillion in 2024.
It also said that the market generated an additional ₦700 billion in revenue, reflecting a 70% increase from the cost-reflective tariff adjustment for Band A customers.
It added that there was also reduction of the government-subsidised tariff shortfall by 35%, decreasing it from N3 trillion to N1.9 trillion.
Minister of Power, Chief Adebayo Adelabu stated these yon Thursday at the sixth edition of the 2025 Ministerial Press Briefing Series held at the National Press Centre, Abuja where he made his presentation of the first 100 days performance review for 2025 (Q1 2025).
He said: “It is evident that, due to our transformative tariff reforms, the market has generated an additional ₦700 billion in revenue, reflecting a 70% increase. This results from the cost-reflective tariff adjustment for Band A customers.
“Market revenue for 2024 rose from N1 trillion in 2023 to N1.7 trillion. This growth in market revenue is unprecedented, as the highest growth previously achieved was 20%.
“This positively impacts the reduction of the government subsidised tariff shortfall by 35%, decreasing it from NGN 3 trillion to N1.9 trillion. This demonstrates that financial viability and service delivery can coexist harmoniously.
“Furthermore, regarding market liquidity, the diligent efforts of the Nigerian Electricity Liability Management Company have resulted in the reconciliation and reduction of Federal ministries, department and agencies, (MDA) debts owed to Abuja DisCo by 47.4%, decreasing from ₦15.53 billion to ₦8.17 billion.
“With N25 billion allocated in the 2025 budget to complete all outstanding transmission projects, we are systematically addressing infrastructure gaps to deliver a more resilient and capable national grid.”
