Nigeria’s energy crisis is getting worse

, threatening businesses, and the cost of subsidising petrol is climbing even higher despite an official increase in pump head price. Earlier, the Minister of State for Petroleum Resources, Timipre Sylva, had said that about 62 per cent of citizens – over 120 million persons – lacked access to electricity. Effective measures are therefore needed fast to save the economy.

With the energy market in turmoil, the inflation rate is climbing. It surged to 18.6 per cent in June, up from 17.71 per cent in May. It was the fifth consecutive rise in five months and the highest in 65 months. Across the board, prices of goods and services are racing upwards, entrenching poverty and devastating businesses.

This is disastrous, as the country is unable to cash in on rising oil prices fuelled by the Russia-Ukraine war to plug its revenue haemorrhage and meet high debt service obligations.

Siemens electricity deal is starting in September ,that will increase the power to 35000 MW and end the crisis

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