During the 11th edition of the 2019-2023 Scorecard for President Muhammadu Buhari – led administration, which was organized by the Federal Ministry of Information and Culture in Abuja, the federal government announced that it profited a sum of N393 billion in the Nigeria Electricity Supply Industry (NESI) during the 2022 first half (H1), which this figure is the highest it has been in the past eight years. Minister of Power Abubakar Aliyu has revealed that the industry achieved a higher historical level in compilations in the most recent billing period of October, totaling N74 billion.
The minister explained that all of this was accomplished while keeping people with lower incomes (who do not every time get enough power supply) safe by maintaining subsidies for the reduced tax bands and enabling those with an adequate power supply to generally pay the higher costs. Also, over 80 percent of the market’s tariff deficits have been eliminated, while they are well on the path toward developing a sustainable market that is capable of supporting itself.
The sector metering program generates thousands of jobs for Nigerians.
Speaking about other developments for the sector, Aliyu stated that the National Mass Metering Program had been a huge accomplishment, with 1 million meters being launched in the initial phase of the program. He shared the news that preparations are being finalized for a supplemental 6 million meters to be installed as part of the project’s second and third phases, both of which are scheduled to begin in the first and the second quarter of 2023, respectively.
In addition, he stated that the first phase was responsible for the creation of 10,000 jobs in the areas of installation as well as assembly, while the second phase would be responsible for the creation of over 20,000 additional jobs. Both of the phases have financially sound structures in place. As part of the heritage that the Buhari government will leave behind, they are also helping to build a Meter Service Fund, which will make it possible for consistent metering in the NESI, he added.
Buhari administration has contributed significantly to the sector.
Further elaborating on Buhari’s accomplishments in the sector, he stated that a total of 105 Power Transformer projects had been executed between 2015 and 2022, adding 6,216MVA to the power system, with 73 of the distribution transformers being installed in power stations throughout the nation. Aliyu also claimed that Nigerians would obtain an extra 4,000MW of power generation from the Buhari administration. In addition, he said they will finish and launch the 700MW Zungeru Hydro Power Plant in the 2023 first quarter.
Among the many, the 240 MW Afam III as well as the 300 MW Okpai Phase II will go live. They will relinquish an implemented capacity of nearly 22,000MW and put the country on a steady course toward a target of 10,000MW of supplied energy (currently, they are at 8,000MW, with 5,000MW on-grid and 3,000MW+ of production captive off-grid). He went on to say that they have comprehensive programs in movement, with amenities and investment opportunities secured totaling over $3 billion, to close the huge disparity between the transmission capacity and delivered energy.
Over the years, the sector recorded a good health status.
As regards the sector status, Aliyu said an evaluation of Nigeria’s supply of electricity reveals that it is a lot healthier than it was under the previous administrations. Stable power requires a healthy industry. Their task is too big for the federal government alone because investors only invest in healthy, performing sectors. He further said the objective analysis would prove that power industry economics are getting the point. He added that liquidity reforms drove the power sector’s 78 Year-on-Year growth in Q2 2021, contributing to the Nigerian economy’s record 5 percent growth rate, according to the Nigerian Bureau of Statistics (NBS).
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NESI: Website
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FG generates N393bn revenue from power sector – NESI revenue in the first half of 2022 is the highest in the past eight years. – Express your point of view.
That huge amount generated from power and yet the power supply is epileptic in all areas,the sector has recorded a good growth in all ramifications
Look at the extent of money being generated and still we don’t have consistent electricity. Even some households don’t have electricity at all. We really have a terrible government.
How come is this figure attained when the citizens keep on crying out on the epileptic power supply. Definitely the power company is truly overcharging especially those using direct meter.
FG generates N393bn revenue from power sector yet it people don’t have even have connections not to talk about electricity…. I just pray God opens people eye this time to vote for the right candidates
A lot is been generate from electricity but we still don’t have consistent electricity and we are been charged high and people are still paying. Enough electricity should be provide for the people since they are paying for it so they have to enjoy what they are paying for
It’s unfathomable that the business was able to reach a higher historical level in compilations during the most recent billing cycle in the month of October.
All of this was accomplished while maintaining the status quo for people with lesser incomes who do not always receive sufficient amounts of power.
U can imagine the huge amount of money been generated from power sector yet no constant light in Nigeria. This means that government is rubbing us from our right
keeping subsidies for the lower tax categories and allowing people who have access to an adequate power supply to typically pay the higher prices are both important.
If this article is something to be trusted or if it true, that mean Nigeria is progressing well and in some years to this time,the country will reall benefit from it because more revenue will be generated to the government coffer
Buhari administration doesn’t deserve any credit when it comes to power. The credit should go to his predecessor; former president Goodluck Jonathan. They invested in the power sector before President Buhari took over power.The revenue generated is huge.
It’s crucial to maintain tax credits for those at the bottom of the income scale and to let those with ready access to power pay the higher rates.
Even with all this cash being made, we still don’t have reliable power. The majority of homes do not have access to modern conveniences like electricity. We have a truly dreadful government.
Power in Nigeria is in much better shape than it was under past governments, according to an analysis of the country’s grid.
It is wonderful news that the freshly revised notes will soon be made available for use by the general public, and the release date has been set for January 30.
The Buhari administration is also contributing to the creation of a Meter Service Fund, which would allow for uniform metering across the NESI.
Additional 6 million meters will be put in the project’s second and third phases, which are slated to commence in the first and second quarters of 2023, respectively.
An analysis of Nigeria’s power supply finds that it is in significantly better shape than it was when the country was run by the regimes that came before it.
The credit should be given to the pass administration and this present one for the great achievement in power sector. The Buhari-led administration only worked on what was on ground so the credit should be extended to previous administration too. The achievement is not complete until there is steady supply of electricity.
Maintaining tax credits for those at the lowest income levels is essential, while allowing those with easy access to power to pay the higher rates.
FG makes N393 billion from the power business, yet its citizens don’t even have connections, let alone understand energy. This is so repulsive. Some regions of the nation hardly have access to 24-hour electricity.