Nigerian Government Has given N1.5Trn In Bailout to Power Sector –Report

Areport by Bloomberg on Monday said that the Nigerian Government has given N1.5tn to the privatised power sector since the privatisation process in 2013.

According to the publication, this has still not improved the average power supplied to Nigerians within the period.

The report said, “Since 2015, the government has provided three bailouts via the central bank for the electricity sector, amounting to N1.5trn to plug revenue shortfalls.”

It noted that the reason for these credit packages is its refusal to increase tariffs.

Sighting data from the International Monetary Fund, Bloomberg asserted that Nigeria’s electricity tariffs should increase by at least 50 per cent to meet the cost of production.

Calling up data from The Nigerian Electricity regulatory Commission as well, Bloomberg notes that revenue collection in the Nigerian Electricity supply Industry stood at 64.1 per cent in the first quarter of 2019.

The distribution companies, who are at the final chain of the industry, remitted just 28 per cent of what it collected in the period however.

© REMXIE WORLD Plc

Thanks for checking out Our UPDATES

CLICK FOR MORE, 

We LOVE to hear from you 
remember to drop your view.

We ❤ you

Share Share Tweet Share Share Share

Home

Thanks For You Reading Our Updates We are very happy for you to come to our site. .