Audio By Carbonatix
Nigeria's Power Minister Adebayo Adelabu has proposed the removal of the electricity subsidy, saying the country can no longer sustain it.
Mr Adelabu said that subsidising the cost of electricity had resulted in the government owing a debt of 1.3 trillion naira ($857m; 682m) to power generating companies and an additional $1.3bn to gas companies, local media reported.
The minister added that Nigeria has allocated 450bn naira to electricity subsidies this year, but findings show that the subsidies could end up costing 2.9 trillion naira.
Earlier this month, the International Monetary Fund (IMF) advised Nigeria to remove the electricity subsidy in order to restore economic stability.
The proposal to remove the subsidy is facing some pushback, amid fears that its withdrawal could worsen economic hardship.
The West African country is currently experiencing a cost-of-living crisis, with many struggling to survive.
In May last year, President Bola Tinubu removed the fuel subsidy, which had been in place for decades and kept the price of petroleum products low.
The move led to increases of up to 200% in fuel prices and had a knock-on effect on the economy, increasing the prices of food and other necessities.
Latest Stories
-
Today’s Front pages: Tuesday, January 13, 2026
1 second -
Galamsey fight: Western Regional Minister calls for real-time monitoring of water bodies
2 minutes -
NPP has lost its identity, the current party is “fake” – Prof Frimpong-Boateng
13 minutes -
GRA targets GH¢225bn revenue in 2026 as VAT reforms take effect
21 minutes -
Heath Goldfields promises community-centered revival of Bogoso-Prestea Mine
23 minutes -
Ghana’s development visions lack scientific foundation – Frimpong-Boateng
26 minutes -
Interior Minister confirms arrest over fake security service recruitment scheme
28 minutes -
Ghanaians would’ve laughed at us if you were appointed Finance Minister – Richard Nyama to Stephen Amoah
31 minutes -
Police nab suspect who beat landlady to death at Agona Nyakrom
35 minutes -
Re-electing old flagbearer will be a “trainwreck” for NPP – Prof Frimpong-Boateng
36 minutes -
Police arrest seven alleged human traffickers, rescue 48 victims in Ho
40 minutes -
One dead, three injured in ghastly crash on Kibi–Suhum Road
45 minutes -
Bawumia is a nice person but can’t lead Nkrumah’s Ghana – Frimpong-Boateng
1 hour -
Amin Adam took over a rotten economy and fixed it; he isn’t your mate – Richard Nyama to Stephen Amoah
1 hour -
BoG sets strict Ghana Card rule for financial transactions
1 hour
