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“The recent tariff adjustments were long overdue since 2022,”Nwokolo said, explaining that the sector’s inability to finance necessary upgrades is due in part to unforeseen demands from Nigeria’s population growth and the consequent need to expand the network infrastructure.
He detailed the severe financial strains currently plaguing the sector, including issues with foreign exchange fluctuations and non-payment for gas, which are pivotal to maintaining a steady power supply.
Garba emphasized that without significant and sustained investment, Nigeria’s power sector is in jeopardy, with potentially catastrophic implications for national energy security..
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