The total estimated electricity subsidy cost to the Federal Government for 2024, without tariff adjustment, will be ~N2.9 trillion.
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It is quite sad that it is the ‘freezer’ comment that’s totally dominated the headlines from the recent electricity press briefing. There was a lot more that was said, that’s useful to know, as background and basis for conversation and debate. The Nigerian Electricity Regulatory Commission Vice Chair added that: If you isolate generation, that 67 per cent figure rises considerably. For example, in January, the total power generation invoice issued to DisCos was N240 billion, but the DisCos were asked to pay only N24 billion of this – 10 per cent, which means 90 per cent of the generation cost was being borne by the Federal Government of Nigeria as a subsidy.
Of the 12 million customers, only a little over five million are currently metered. Which means there is a metering gap of over six million. The pricing change will help address some of the liquidity issues in the industry, restore a “line of sight” for recovery of investment, and make it more “bankable.”
On this note, the NERC Vice Chair added that under the old Power Sector Reform Act, the powers of NERC to sanction are limited, and fines for DisCos are outdated . But with the new Act signed by President Bola Ahmed Tinubu, NERC now has expanded regulatory and sanctions powers.
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