Represented by Vice President Yemi Osinbajo, the President described the facility as an important part of the nation’s evolving story to electrify millions of citizens, homes, factories and businesses.
The project is a subsidiary of Transcorp Group, with a 240-megawatt installed capacity plant, comprising eight trailer-mounted gas turbines of 30 megawatts each. The partnership began in November 2020, when the company, led by Tony Elumelu, signed the Afam power, share sale and purchase agreement at a ceremony presided over by the Vice President.
Buhari regretted that the nation witnessed a major weakness in the privatisation process, which held from 2005 to 2006, following inadequacy of private investments and new cash injections.
He, however, expressed joy that an indigenous company like Transcorp was making 100 per cent of the 166mw investment in Afam Generating Company (Genco).
He said: “In 2019, electricity subsidy reached a peak of N584 billion in an environment that became so burdensome for the Nigerian government’s fiscal position.”
He observed that introduction of service-based tariff and payment initiative, supervised by Nigerian Electricity Regulatory Commission (NERC) and Central Bank of Nigeria (CBN), as well as introduction of National Mass Metering Programme (NMMP) boosted revenue in the electricity supply industry from N40 billion in 2012 to N80 billion monthly in the first quarter of this year.
“In 2022, five non-performing distribution companies (DisCos) were brought into a restructuring programme that has led to a N10 billion monthly reduction in shortfalls.
“If this trajectory continues, it means that the electricity supply industry will attain self-sufficiency by end of 2023, as it will be able to resource itself and pay for itself,” Buhari added.
Minister of Power Abubakar Aliyu, represented by Permanent Secretary in the ministry, Temitope Fashedemi, described the infrastructure as a landmark achievement.
Governor Nyesom Wike, who was represented by Head of Service, Rufus Godwin, expressed hope that the project would promote more foreign investments in the state.
Chairman of Transcorp Group, Mr. Tony O. Elumelu, said: “We all know the importance of power in Nigeria. We all experience the consequences of our power deficit – the implications for our people, our businesses, our schools, hospitals and institutions – our national destiny.
“Transcorp Group is a key player in the power sector. We recognise power is the single most critical factor to lifting our people out of poverty and enabling job creation.”
