Renowned energy expert Yemi Oke has raised concerns over the Nigerian government’s ongoing subsidization of electricity, pointing out that it fails to yield tangible benefits for consumers. In a recent interview on Arise News Channel, Oke emphasized the need for a comprehensive restructuring of electricity subsidies to ensure more equitable distribution and improved access to reliable energy services across the country.
Oke highlighted that despite significant investment in subsidizing electricity, many Nigerians continue to experience frequent power outages, erratic supply, and exorbitant tariffs. He argued that the current subsidy model is inefficient and unsustainable, failing to address the underlying issues plaguing the energy sector while disproportionately benefiting certain segments of the population.
According to Oke, the subsidization of electricity primarily benefits affluent households and large-scale industries, while low-income households and rural communities remain underserved and marginalized. This disparity not only perpetuates socioeconomic inequalities but also hinders the overall development and competitiveness of the Nigerian economy.
In light of these challenges, Oke called for a fundamental restructuring of electricity subsidies to prioritize consumer welfare and promote sustainable energy access for all Nigerians. He proposed redirecting subsidies towards targeted initiatives aimed at improving infrastructure, enhancing service delivery, and expanding renewable energy options.
Furthermore, Oke emphasized the importance of implementing transparent and accountable mechanisms for subsidy allocation and monitoring to prevent misuse and inefficiency. By adopting a more targeted and data-driven approach, the government can ensure that subsidies reach those who need them most while incentivizing investment in critical areas of the energy sector.
Oke’s recommendations have sparked a renewed debate among policymakers, energy stakeholders, and civil society groups, with many echoing his calls for subsidy restructuring.
As Nigeria continues to grapple with the challenges of energy access and affordability, the need for bold and decisive action to reform electricity subsidies has never been more urgent. By prioritizing consumer welfare and embracing sustainable energy solutions, the Nigerian government can lay the foundation for a more resilient, inclusive, and prosperous energy future for all its citizens.
