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FG plans N450bn power intervention fund

In 2024, the Federal Government of Nigeria is planning to allocate a budget of N450 billion for power interventions, as revealed in a budget analysis by the Nigerian Bulk Electricity Trading Company.

This allocation is categorized under the firm’s capital expenditure. The Government Owned Enterprise’s total planned expenditure for 2024 amounts to N454.81 billion.informationguidenigeria

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The breakdown of the budget includes:

  • Personnel costs: N2.44 billion
  • Other recurrent costs: N2.36 billion
  • General travel and transport: N580 million
  • Utilities: N15 million
  • Materials and supplies: N110 million
  • General maintenance services: N210.75 million
  • Other services: N34 millionJAMB Portal
  • Fuel and lubricants: N60 million
  • Financial charges: N40 million
  • Miscellaneous: N576 million
  • Supplementary overhead: N736.51 million

Notably, a significant portion of the firm’s expenditure in 2024 is allocated to power intervention funds. As of May 2022, the Federal Government’s intervention fund for electricity distribution companies had risen to N2.9 trillion.

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This substantial amount reflects the ongoing commitment of the Federal Government to support and intervene in the power sector, which has been a consistent priority since the privatization of the sector in 2013. In 2017, the Federal Executive Council approved N701 billion as a Power Assurance Guarantee for the Nigeria Bulk Electricity Trading Company to facilitate payments to generation firms over a two-year period.

In 2019, the government announced that the power sector was going to get another intervention of N600bn. In 2019, the Market Operator, Transmission Company of Nigeria, Edmond Eje, stated, “At this stage I’ll tell you that it is for the market. If the money is injected into the Gencos, it is for the market; if it is injected into the Discos, it is for the market. It is generally for the shortfall in the payment of monthly invoices.”NYSC Portal

A House of Rep member, Ademorin Kuye (APC, Lagos), said while moving the motion, “The Nigeria Electricity Regulatory Commission performance as an industry regulator is questioned for its ability to move the industry forward and eliminate illiquidity.JAMB Result

“The Nigeria Electricity Supply Industry faces threat due to the poor performance and transparency of DISCOs and the NERC’s inability to sanction erring stakeholders.”

Check JAMB Result

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Emediong Silver

Emediong Ekpe is a graduate of English. A professional Sports journalist/analyst, and a spoken word artist. He is passionate about decimating information and putting smiles on people's faces via news writing. Whatapp: 08088735884

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