Economy
Nigeria needs N3.2trn to subsidise electricity supply – NERC
The Federal Government will need about N3.2 trillion to subsidise electricity in 2024 if government reverses the current tariff hike. Sanusi Garba, Chairman of the Nigeria Electricity Regulatory Commission (NERC), disclosed this during a stakeholders’ meeting convened by the House of Representatives committee on Power in Abuja. He said the investments in the sector were insufficient to ensure consistent power supply nationwide. Garba said the sector would collapse if the foreign exchange and gas payment issues were not addressed.
He said that only N185 billion of the N645 billion subsidy allocated in 2023 was backed by cash, resulting in a substantial funding gap of N459.5 billion. Garba said non-payment of the subsidy had led to decreased gas supply and power generation, contributing to ongoing declines in generation and system collapse, largely stemming from liquidity i
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