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)
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