The Federal Government has committed N450 billion to boost renewable energy and combat poverty in Nigeria. Minister of Humanitarian Affairs and Poverty Reduction, Professor Nentawe Yilwatda, made the announcement during a national budget roundtable at Covenant University in Ogun State.
The theme, “National Budgeting as a Critical Tool for Reducing Poverty and Inequalities in the Era of Energy Transitions,” highlights urgent issues, as the 2022 National Multidimensional Poverty Index indicates that 63% of Nigerians, approximately 133 million live in multidimensional poverty, many lacking access to electricity.
Of the N450 billion, N200 billion is allocated for renewable energy infrastructure, while N150 billion is earmarked to provide electricity access to 5 million households by the end of 2025. An additional N100 billion will train 250,000 Nigerians in renewable energy technologies, fostering job creation in sectors like solar and wind energy.
Yilwatda emphasized that this transition isn’t just about energy but also about creating jobs and enhancing education. He also referenced ongoing poverty reduction initiatives, which currently benefit over 5 million Nigerians.
Despite these ambitious goals, challenges such as funding gaps and infrastructure deficits remain. The Minister urged the private sector to collaborate actively with the government in achieving these renewable energy objectives. This budget allocation represents a critical step toward improving the lives of millions of Nigerians.
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