The Vice President, Yemi Osinbajo, has unveiled the Afam 3 Fast Power 240-megawatt turbine in Rivers State.
Osinbajo, who arrived at the venue in a chopper at exactly 11:35 am was escorted into the premises and received by the Chairman of Transcorp Group, Tony Elumelu, and other dignitaries.
In his address, Osinbajo said, “In 2020, electricity subsidies reached N584 billion, but service-based tariffs have led to a doubling of collection in the Nigeria Electricity Supply Industry from N40 billion in 2020 to N80 billion in the first quarter of 2023.
“If this trajectory continues, the Nigeria Electricity Supply Industry will be able to pay for itself. Our administration has also created programs for off-grid for electrification. Rural Electrification Agency now has the capacity to provide electricity supply on a first-class basis.
“We are on track to electrify all Nigerians in the next decade. However, we will not make progress if our gas supply does not improve. The gas supply challenges are hampering improvements.”
Osinbajo went further to commend General Electric, the National Council on Privatization as well as the host communities for the project which will increase the country’s power supply capacity.
In November 2020, the federal government and the Transcorp Power Consortium signed a share sale and purchase agreement in relation to Afam Power Plc and Afam 3 Fast Power Limited, which is expected to add 966 megawatts of electricity to the national grid. The National Council on Privatization approved the privatization of the Afam Power Plant at its meeting held on August 22 and 23, 2017.