FG spends over N50 billion to Subsidies Electricity, Minister says

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FG spends over N50 billion to Subsidies Electricity
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Mr. Sale Mamman who is currently the Minister of Power of the Federation has stated that the Federal Government of Nigeria has spent over N50 billion to sponsor electricity supply in Nigeria.

However, it could be recalled that about $500 million was approved by the World Bank for the improvement of electricity distribution in Nigeria.

According to a source,

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The Nigerian Electricity Regulatory Commission (NERC) also announced that only 62.63% of electric customers in Nigeria were under the estimated billing package as of September 2020.

The Statement on the FG Subsidizing electricity supply in Nigeria was revealed by the Special Adviser Media, and Communications to the Minister, Mr. Aaron Artimas.

This disclosure was made while the Special Adviser, Media, and Communications to the Minister was receiving delegates of the Guild of Actors and Film Producers also known as the Kannywood.

According to Mamman,

“Worried by the incessant complaints by ordinary Nigerians over the unavoidable and periodic increase in the cost of electricity, the Federal Government has been subsidizing electricity supply in the country to the tune of over N50 billion.

“The funds are provided to augment the shortfall by the Distribution Companies (DiSCos) who have failed to defray the cost of bulk electricity supplied to them by the Generating Companies.

“However, following a minor increase in the tariff regime, the subsidy has now decreased by half, but still constitutes a serious drain on the nation’s economy,”

He also stated that

“The government has no alternative than to continue managing the sector before a final solution is secured.”

“Through the Presidential Power Initiative and other intervention measures, the government is diligently working to massively resolve all these inherited problems that have continuously frustrated the success of the sector,”

Conclusion

The Minister of power in the person of Mr. Sale Mamman made it known to the public that the Federal Government has spent over N50 billion in Subsidizing electricity supply in Nigeria.

 

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