The Federal Government of Nigeria, under the leadership of President Bola Tinubu, has confirmed the disbursement of N199 billion in electricity subsidies for the month of December 2024. This figure represents a 2.76% increase from the N194.26 billion allocated in November, highlighting the government's ongoing commitment to support citizens amidst rising energy costs.
The Nigerian Electricity Regulatory Commission (NERC) made this announcement as part of its monthly report, indicating that the cumulative electricity subsidy for the year is projected to reach an unprecedented N2.4 trillion by the end of 2024. This substantial expenditure underscores the government's recognition of the critical role that affordable electricity plays in enhancing the quality of life for Nigerians and fostering economic growth.
Minister of Power, Adebayo Adelabu, emphasized that despite challenges such as aging infrastructure and increased vandalism, the government remains dedicated to ensuring that citizens have access to reliable and affordable electricity. "Our investment in electricity subsidies is a testament to our commitment to alleviating the financial burden on Nigerians and promoting inclusive growth," said Adelabu.
The increase in subsidies comes at a time when many households are grappling with frequent power outages and rising costs associated with electricity tariffs. The government’s proactive measures aim to mitigate these challenges and provide relief to consumers who have been adversely affected by fluctuations in energy prices.