Adebayo Adelabu has argued that other African countries, such as Guinea, Togo, and Mali, pay more for electricity than Nigerians. However, many critics have pointed out that Nigeria’s economic situation is very different from these countries, and that the government’s decision will have a negative impact on Nigerians who are already struggling to make ends meet.

In a visit to Ikeja Electric on Thursday, Adebayo Adelabu argued that Nigerians would be willing to pay more for electricity if they received a better service for their money. He stated that a lack of adequate power supply is a major factor behind the country’s high electricity costs.

Adelabu also expressed concern that some of the country’s distribution companies (Discos) are not investing enough in infrastructure. He stated that the government plans to address this issue by introducing legislation that would require all Discos to meet a minimum level of capitalization. This is intended to ensure that the Discos have the resources to provide adequate power supply to Nigerians.

He said: “A lot of our distributors are satisfied with the status quo. There are some high-impact investments you can make in infrastructure that will double your fortune. It translates to increased revenue for you. Some discos are not ready to put in any money; they are just satisfied with getting their monthly stipend.

“We will not allow that. That is why we are saying that if by persuasion, we cannot achieve it, we will achieve it through legislation. We are looking at capitalization requirements for Discos, which will compel them to pay more funds.

“Power business is highly capital intensive. It requires a lot of investments and infrastructure, and the investment can never be lost. It will also transform into sales and revenue for Discos. So we believe that our Discos must be ready to invest in high-impact infrastructure.”