x

“Nigerian Govt Subsidizes Electricity with N36bn in Q1 2023

According to a quarterly report by the Nigerian Electricity Regulation Commission (NERC), the Federal Government spent a total of N36 billion in Q1 2023 to subsidize electricity consumption in the country. This amount translated to a monthly payment of N12 billion to the Nigerian Bulk Electricity Trading (NBET).

The NBET, responsible for collecting revenues from DisCos on behalf of generation companies and the Transmission Company of Nigeria, received N141.5 billion out of the N209.2 billion invoice issued to the DisCos.

A breakdown of the figures reveals how each DisCo paid its respective share. Abuja DisCo paid N20 billion from its N32.8 billion bill, while Benin DisCo paid N14.4 billion from N17.8 billion. Eko Disco paid N19.4 billion from N22.8 billion, and Enugu DisCo paid N15.72 billion from N20 billion.

Ibadan Disco paid N17.5 billion from its N24.5 billion invoice, Ikeja DisCo paid N29.6 billion from N35.9 billion, and Jos Disco paid N7 billion from N8.8 billion. Kaduna DisCo paid N1.8 billion from N15.3 billion, Kano paid N6.1 billion from N15 billion, Port Harcourt DisCo paid N8.5 billion from N14.5 billion, and Yola Disco paid N899 million from N1 billion.

read more:Baba Memorial Schools Clocks 20 Years, Vows To Give Sound Education To Younger Generations

NERC explained that the government’s intervention was necessitated by the “absence of cost-reflective tariffs.” To bridge the gap between cost-reflective and allowed tariffs, the government provides tariff shortfall funding, which is applied to the NBET invoices to be paid by DisCos. This subsidy helps ensure electricity affordability for consumers in the absence of fully cost-reflective tariffs.

Hot this week

Editors Urge Government To Create Safe, Enabling Environment For Journalists

· Ask security agents to find missing Vanguard journalist As...

EXCLUSIVE: Buhari orders probe of Isa Funtua, AMCON over keystone and Etisalat

Following the controversy generated by the leading opposition party,...

6 Signs your boyfriend thinks you are ugly -Take note of No. 2

They say there are three kinds of people; the...

2023: South-East, Middle Belt Forum Endorses Peter Obi

The South-East and Middle Belt Forum has endorsed the...

FCT Striking Primary Teachers, Insist “No Payment, No Work”

By Joyce Remi-Babayeju Striking primary school teachers in in the...

NCPC South South Zonal staff celebrate , Chief Weli Wosu

By Joyce Remi-Babayeju The staff of the Nigerian Christian Pilgrim...

Wike Lauds Tinubu For Rescuing Nigeria From Collapse

By Joyce Remi-Babayeju The FCT Minister, Barr Nysome Wike has...

WSIS 2025: NCC Wins Global Prize for Digital Awareness Programme

Nigeria, through the Nigerian Communications Commission (NCC), has won...

Kaduna: Suspected Diphtheria Outbreak Kills 3 Children, Infects 6 in Zaria

By Achadu Gabriel, Kaduna At least three children have died...

NBC Commends Alu Ya Gode FM/Alu TV for Professionalism, Code Compliance

By Muhammad Ibrahim, Sokoto The National Broadcasting Commission (NBC) Sokoto...

Sokoto Assembly to Pass Vote of Confidence on Governor Ahmad Aliyu

By Muhammad Ibrahim, Sokoto The Sokoto State House of Assembly...

Sokoto State Seeks Strategic Education Partnerships at International Summit in Turkey

By , Sokoto Sokoto State recently participated in the International...
spot_img

Related Articles

Popular Categories

spot_imgspot_img