- Bagudu disclosed this while briefing the top management staff of the Nigerian Electricity Management Service Agency (NEMSA) in Abuja.
- The main objective of the Electricity Act was to enhance the efficiency and effectiveness of the Nigeria electricity industry.
The Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, said President Bola Ahmed Tinubu’s administration has identified the power sector as the topmost priority of all the National Integrated Infrastructure Master Plan (NIIMP) asset classes. He stated that the project would only be achievable if all hands were on deck towards realising the targets. Bagudu said this while briefing the top management staff of the Nigerian Electricity Management Service Agency (NEMSA) in Abuja.
He added that over the years, the government had also embarked on several reforms to turn around the power sector, the latest being the new electricity bill. Bagudu noted that the electricity law repealed the Electricity and Power Sector Reform Act of 2005 and consolidated the law relating to the Nigerian Electricity Supply Industry (NESI). The Minister said the Nigeria Electricity Act 2023 prioritised the implementation of tariffs that accurately reflected the cost and service provided. The Electricity Act also promoted competition in the electricity sector through contracts and rules.
He further stressed that the main objective of the law was to enhance the efficiency and effectiveness of the Nigeria electricity industry. He added that NEMSA was one of the key players in the Nigerian Electricity Supply Industry (NESI) charged with the responsibility of carrying out the enforcement of technical standards and regulations, technical inspection, testing, and certification of all categories of electrical installations across the country to ensure stable, safe and reliable electricity networks.