Adesina gave the advice while speaking during a presidential inauguration lecture in Abuja, the nation’s capital.
The African Development Bank has stated that there is no justification for the abysmal power situation in Nigeria which is killing the private sector and making the Nigerian industry less competitive.
The AfDB President, Dr Akinwumi Adesina, who stated this on Saturday, added that the incoming administration of “President-elect”, Bola Tinubu must increase the tax generation in the country and ensure that multinational companies pay appropriate royalties and taxes.
The former Minister of Agriculture, who spoke on the backdrop of the nation's increasing borrowing to meet its financial obligations, also advocated that the incoming government should move away from tax exemption to tax redemption.
Adesina gave the advice while speaking during a presidential inauguration lecture in Abuja, the nation’s capital.
He also wanted the Nigerian authorities to block tax leakages in revenue collection, even as he noted that simply raising taxes is not enough, the government must provide the basic amenities to the masses.
“For faster growth, Nigeria must fix decisively, the issue of power once and for all. There is no justification for Nigeria not having enough power.
“The abnormal have simply become normal. Nigeria’s private sector is hampered by the high cost of power. Providing electricity will make Nigerian industry more competitive, especially within the context of the African Continental Free Trade Area,” he stated.
Speaking on the need to reduce cost of governance, the former agriculture minister described cost governance as too high, noting that it should be “drastically reduced to free up more resources for development”.