The Federal Government has secured about N700 billion from the Federation Account Allocation Committee (FAAC) to finance the deployment of 1.1 million electricity meters across Nigeria by December 2025.
Minister of Power, Adebayo Adelabu, announced this on Tuesday in Lagos at the 2025 Nigerian Energy Forum (NEF).
Speaking at the forum with the theme “Powering Nigeria through Investment, Innovation, and Partnership”, the minister explained that the initiative is part of the Presidential Metering Initiative (PMI), a comprehensive plan to close Nigeria’s metering gap, strengthen revenue assurance, and promote transparency in the electricity supply chain.
Adelabu said the PMI complements the 3.2 million meters being procured through the World Bank’s Distribution Sector Recovery Programme (DISREP), positioning the country to bridge the metering gap within five years.
The minister added that the government was leveraging bilateral funding and development finance to attract private investment and expand electricity access in underserved communities, 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. These interventions are accelerating renewable energy deployment and access to reliable power,” he said.
The minister also revealed that agreements signed at the 2025 Nigerian Renewable Energy Innovation Forum would add nearly four gigawatts of solar manufacturing capacity annually, 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,” he said.
Adelabu said the Electricity Act 2023 had transformed the sector by empowering states to establish subnational electricity markets.
“Fifteen states have received regulatory autonomy, with one fully operational. We’re ensuring alignment between wholesale and retail markets,” Adebayo added.
He maintained that tariff reforms had improved 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 added 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.
He also reaffirmed the government’s commitment to partnering with the private sector to unlock stranded generation capacity and build a sustainable power future.
