Index to Nigerian Newspapers

The Nigerian electricity market is facing a crisis due to debt, weak corporate governance structure, poor tariff system, weak regulatory enforcement and lack of respect for extant regulations. This has led to the takeover of the assets of Ibadan Electricity Distribution Company (IBEDC) by the Asset Management Corporation of Nigeria (AMCON) and the sacking of most key management staff. The debt owed to banks by the power sector stands at about N819.97 billion as of last year, and the National Bureau of Statistics (NBS) has put non-performing loans (NPLs) on the rise. Ibom Power has acquired a licence for 685MW, but is facing challenges due to the inability of its host DisCo to take the quantum of power it generates. The Akwa Ibom State government has taken up the responsibility of TCN by building 132/33KVA and 260MVA at Ikam, which Vice President Yemi Osinbajo commissioned in 2020.