Experts speak as fuel subsidy Removal stirs energy crisis

Date:

June 6,2023.

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The controversy over the removal of fuel subsidy has again brought to the fore the challenges in the power sector.

Naija247news reports that both power, petroleum and gas are intertwined in their functions. None can survive without the other’s support.

Nigerians for instance rely majorly on fuel to support the power generated nationally. This is mainly because generation and distribution remain an issue till date.

An average home connected to electricity has a power backup. Experts believe that approximately 70 percent of Nigerian electricity consumers have generators in their homes to support whatever they get from Discos. These generating sets rely on fuel to work.

Consequently, experts suggest that revamping the power sector and making it work optimally to the satisfaction of Nigerians will reduce the pressure on consumers who still need generators as an alternative source of power.

Fix power, end subsidy crisis

Charging the Bola Tinubu-led government, experts in the energy sector believe a quick fix of the power sector can help to cushion the effect of subsidy removal.

Mr James Ododo an oil marketer based in Uyo, Akwa Ibom State, hailed the removal of fuel subsidy, but insisted that the government must immediately swing into action by fixing the power sector. According to him, Nigerians cannot survive in the absence of power and fuel.

He said: “If we don’t fix power immediately, we will run into problems because most Nigerians, even those into small scale businesses, use generators to power their businesses.

“If we are going to be buying fuel at the rate that it is right now, then we must immediately fix the power sector.

“It will be dangerous to just remove subsidy and still sit back and watch the power sector remain the way it is. How will people do their businesses? The first major area to fix under the new regime of removal of subsidy is the power sector.”

Recall that President Bola Tinubu had assured Nigerians that the power sector will be improved tremendously under his leadership.

Tinubu, during his inaugural speech, said power must triple, assuring collaboration with states for better and proper distribution.

How he will do it remains unknown.(www.naija247news.com)

Peter Okafor
Peter Okaforhttp://Naija247news.com
Peter Okafor Financial Journalist | Editor | Contributor Overview: Peter Okafor is a seasoned Financial Journalist, astute Editor, and valued Contributor at Naija247news Media Group. With an unwavering passion for dissecting complex financial landscapes, Peter has become a trusted name in delivering incisive and insightful coverage of economic events, market trends, and corporate dynamics. Professional Journey Peter's journey in financial journalism has been marked by a commitment to excellence. Joining the ranks of Naija247news, he has consistently demonstrated a keen understanding of the intricate interplay between finance and the global socio-economic fabric. Expertise: Specializing in financial markets, economic analyses, and business developments, Peter Okafor has honed his expertise over the years. His ability to unravel intricate financial narratives and present them in a comprehensible manner sets him apart in the world of financial journalism. Contributions As an Editor and Contributor, Peter has played a pivotal role in shaping the narrative of Naija247news. His contributions extend to thought-provoking articles, in-depth market analyses, and coverage of key events that impact the financial landscape. Educational Background: Peter holds a degree in Journalism, complemented by specialized courses in Finance and Business Reporting. His educational foundation has provided him with the tools to navigate the intricate world of financial journalism. Innovation and Adaptability: In an era of evolving media landscapes, Peter Okafor exemplifies innovation and adaptability. Leveraging digital platforms and emerging technologies, he ensures that financial insights reach a diverse audience, fostering financial literacy and awareness. Awards and Recognition: Peter's commitment to journalistic excellence has not gone unnoticed. He has been the recipient of several awards, recognizing his outstanding contributions to the field of financial journalism. Vision for the Future: Looking ahead, Peter Okafor envisions a future where financial journalism continues to empower individuals, shape economic policies, and drive positive change. His dedication to staying at the forefront of financial news underscores his commitment to this vision. Connect with Peter Okafor: - LinkedIn: [Peter Okafor](#) - Twitter: [@PeterOkafor_N247](#) In the dynamic realm of financial journalism, Peter Okafor stands as a stalwart, combining experience, expertise, and a forward-looking vision to illuminate the path of financial understanding for a global audience.

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