President Bola Ahmed Tinubu has given his approval to the Electricity Act 2023, signalling a positive development for Nigerians who have long been plagued by inconsistent power supply. The legislation, which was initially passed by lawmakers in July 2022, will replace the Electric Power Sector Reform Act (EPSRA) of 2005.
The newly enacted Electricity Act is set to revolutionize Nigeria’s electricity sector by introducing de-monopolization at the national level. This means that the generation, transmission, and distribution of electricity will no longer be controlled by a single entity, but rather opened up to states, companies, and individuals who will have the authority to generate, transmit, and distribute power.
One of the key objectives of the Electricity Act is to provide a comprehensive legal and institutional framework for the Nigerian Electricity Supply Industry (NESI) during the post-privatization phase. Furthermore, the legislation aims to attract private sector investments into the sector, promoting growth and stability.
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Under the previous administration led by Muhammadu Buhari, the Electricity Act was initially passed in July 2022. Now, with President Tinubu’s endorsement, it is set to come into effect and bring about significant changes to Nigeria’s power sector.
Currently, Nigeria’s power generation stands at approximately 4,000 MW, a woefully insufficient amount for a population of over 200 million people. However, with the implementation of the Electricity Act, existing power plants are projected to produce a substantial increase of 12,522 MW of electric power, promising a more reliable and ample supply of electricity for the nation.
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