{"id":115444,"date":"2024-11-29T13:39:55","date_gmt":"2024-11-29T12:39:55","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=115444"},"modified":"2024-11-29T13:39:55","modified_gmt":"2024-11-29T12:39:55","slug":"nerc-fgs-electricity-subsidy-spend-may-hit-n2-4trn-by-year-end","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/other-news\/nerc-fgs-electricity-subsidy-spend-may-hit-n2-4trn-by-year-end\/","title":{"rendered":"NERC: FG\u2019s electricity subsidy spend may hit N2.4trn by year end"},"content":{"rendered":"<div id=\"m#msg-f:1817059296373572837\" class=\"mail-message expanded\">\n<div class=\"mail-message-header spacer\" style=\"text-align: justify;\">The Nigerian Electricity Regulatory Commission (NERC) says the cumulative electricity subsidy for 2024 may increase to N2.4 trillion.<\/div>\n<div id=\"m#msg-f:1817059296373572837-content\" class=\"mail-message-content collapsible zoom-normal mail-show-images \" style=\"text-align: justify;\">\n<div class=\"clear\">\n<div dir=\"auto\">\nYusuf Alli, commissioner of planning, research, and strategy at the NERC, spoke on Thursday at the PricewaterhouseCoopers\u2019 (PwC) annual power and utilities roundtable in Lagos.<\/p>\n<p>Alli said the subsidy fluctuated due to challenges with foreign exchange and adjustments to tariffs.<\/p>\n<p>\u201cAs of November, the subsidy amount stood at N1.9tn, but with current trends, the monthly subsidy for electricity is expected to reach N260bn in December,\u201d he said.<\/p>\n<p>\u201cWhen the action was taken in April to increase tariff for band A, that reduced it by over N100 billion,\u201d he said.<\/p>\n<p>\u201cBut unfortunately, there has been some level of backsliding in the macroeconomic environment.<\/p>\n<p>\u201cSo right now, the best estimate that we have for 2024 is that the cumulative subsidy for the year will be N2.4 trillion.<\/p>\n<div dir=\"auto\">\n\u201cThe implication is that the federal government, Ministry of Finance, would have to find the money to pay the generating companies because they are the ones right now that are not getting their full money arising from the shortfalls.\u201d<\/p>\n<p>In its quarterly report for Q2 2024, the NERC said the federal government\u2019s electricity subsidy obligation stood at N380 billion \u2014 a 40 percent drop from the N633.3 billion incurred in Q1 2024.<\/p>\n<p>On April 3, the commission approved an increase in electricity tariff for customers under the Band A classification to reduce the amount the federal government spends on subsidising electricity.<\/p>\n<p>The agency said customers under the classification, who receive 20 hours of daily power supply, will pay N225 per kilowatt (kW) \u2014 up from N66.<\/p>\n<p>The NERC said the approved tariff would reduce electricity subsidy for the 2024 fiscal year by about N1.14 trillion.<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"mail-message-footer spacer collapsible\" style=\"text-align: justify;\"><\/div>\n<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>The Nigerian Electricity Regulatory Commission (NERC) says the cumulative electricity subsidy for 2024 may increase to N2.4 trillion. Yusuf Alli, commissioner of planning, research, and strategy at the NERC, spoke&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":97148,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[4],"tags":[],"class_list":["post-115444","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-other-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>NERC: FG\u2019s electricity subsidy spend may hit N2.4trn by year end - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/other-news\/nerc-fgs-electricity-subsidy-spend-may-hit-n2-4trn-by-year-end\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NERC: FG\u2019s electricity subsidy spend may hit N2.4trn by year end - Pointblank News\" \/>\n<meta property=\"og:description\" content=\"The Nigerian Electricity Regulatory Commission (NERC) says the cumulative electricity subsidy for 2024 may increase to N2.4 trillion. 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