Minister of Power, Adebayo Adelabu, has announced that the federal government has secured about N700 billion from the Federation Account Allocation Committee (FAAC) to deploy 1.1 million electricity meters nationwide by the end of 2025.
Mr Adelabu disclosed this on Tuesday in Lagos during the 2025 Nigerian Energy Forum (NEF), themed “Powering Nigeria through Investment, Innovation, and Partnership.” He explained that after the initial deployment, the government would roll out two million meters annually for the next five years under the Presidential Metering Initiative (PMI).
According to him, the initiative is designed to close Nigeria’s metering gap, improve transparency in billing, and strengthen the financial stability of the power sector. He noted that the PMI complements the 3.2 million meters currently being procured through the World Bank’s Distribution Sector Recovery Programme (DISREP), positioning Nigeria to bridge the metering gap within five years.
The minister stated that the federal government is also leveraging bilateral funding and development finance to attract private investment and expand electricity access in underserved areas, including schools, hospitals, and public institutions.
“In the past two years, more than $2 billion has been mobilised through key programmes, including the World Bank’s DARES, NSIA’s RIPLE, and the JICA fund,” Adelabu said. “These interventions are accelerating renewable energy deployment and access to reliable power.”
He further revealed that new training infrastructure had been commissioned at the National Power Training Institute of Nigeria (NAPTIN) to build technical capacity within the sector. Agreements signed at the 2025 Nigerian Renewable Energy Innovation Forum, he said, would add nearly four gigawatts of solar manufacturing capacity annually, representing about 80 per cent of Nigeria’s current generation capacity.
“With this level of renewable energy production, Nigeria is on track to meet its domestic transition targets and serve regional power markets,” the minister said.
Adelabu added that the Electricity Act 2023 had transformed the energy sector by allowing states to establish their own subnational electricity markets. “Fifteen states have received regulatory autonomy, with one fully operational. We’re ensuring alignment between wholesale and retail markets,” he noted.
He maintained that ongoing tariff reforms had improved electricity supply reliability, reduced industrial energy costs, and boosted sector revenue from N1 trillion in 2023 to N1.7 trillion in 2024, with projections to exceed N2 trillion by 2025.
The minister also confirmed that President Bola Tinubu had approved a N4 trillion bond to settle verified debts owed to generation companies and gas suppliers, alongside a targeted subsidy plan to protect vulnerable consumers.
Mr Adelabu reaffirmed the government’s commitment to partnering with the private sector to unlock stranded generation capacity and build a sustainable power future. “Through sustained investment, innovation, and strong partnerships, we can power Nigeria’s journey toward a brighter, more resilient energy future,” he said.