Electricity subsidy increased by 275% in Q2 2023: NERC
The Nigerian Electricity Regulatory Commission (NERC) said on Wednesday that the federal government paid N135.23 billion to subsidise electricity consumption in the second quarter of 2023.
The commission’s Q2 2023 report on its website said the federal government spent N135.2 billion to plug the revenue generation shortfall in the power sector.
It said this indicated an increase of N99.21 billion, representing 275 per cent compared to the N36 billion it paid in the first quarter of 2023.
The report stated that the government incurred a subsidy obligation of N135.23 billion in 2023/Q2, which is substantially higher than the N36.02 billion it incurred in 2023/Q1.
”The government incurred a subsidy obligation of N135.23 billion in 2023/Q2, which is an increase of N99.21 billion (275 per cent) compared to the N36.02 billion incurred in 2023/Q1, ”it said.
The commission stated that the subsidy was due to the absence of cost-reflective tariffs across all distribution companies.
It said the increase recorded in the period was a result of the government’s policy to harmonise the exchange rate.
The report said that, on average, subsidy obligations incurred by the government per month were N45.08 billion in Q2 2023.
(NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
States
Akeredolu’s aide ignorant for saying we can’t demand Ondo governor’s whereabouts: PDP
He further added that those residents seeking information about his whereabouts are merely mischief makers.
States
Palliatives: Ogun govt. extends N10,000 transport allowance for civil servants by six months
The governor described the allowance as a part of the temporary immediate-term interventions.
States
UNICEF trains 3,000 vulnerable youths, women in Adamawa
He said that the initiative was meant to teach the youth various skills that would make them self-reliant.
NationWide
FG defers kickoff of newly approved universities
He said this was in recognition of the funding needed for effective and efficient educational programmes at these universities.
States
JED to address electrocution of six people in Kabong community
An electricity facility malfunctioned on Saturday and electrocuted six persons, injured two, and destroyed other properties in Kabong community.
Lagos
Lagos govt. to increase entertainment industry’s GDP to 6% with film city
Mr Sanwo-Olu said the film industry had the power to transcend boundaries and bring people together.
