{"id":90504,"date":"2022-01-09T12:54:01","date_gmt":"2022-01-09T11:54:01","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=90504"},"modified":"2022-01-09T12:54:01","modified_gmt":"2022-01-09T11:54:01","slug":"nerc-rakes-n938-5m-from-importers-of-generating-sets-others","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/nerc-rakes-n938-5m-from-importers-of-generating-sets-others\/","title":{"rendered":"NERC Rakes N938.5m from Importers of Generating Sets, Others"},"content":{"rendered":"
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The Nigerian Electricity Regulatory Commission (NERC) generated approximately N938.5 million from fees collected from importers of generators and other internal revenue sources from June 2020 to June<\/div>\n
\n2021, an analysis of the data for the four quarters provided by the industry regulator, has shown.<\/p>\n

NERC had in 2013 introduced a N25,000 charge per unit of 100KVA generator imported into the country in its guidelines for obtaining clearance certificate for the importation of generating sets and related matters.<\/p>\n

It also fixed a charge of N3,500 per unit of between 25kva and 100kva generators imported into the country, while generators between 5kva and 25kva attract a charge of N1,000 per unit.<\/p>\n

Furthermore, it resolved to begin the collection of N250 per unit of between 2.5kva and 5kva, while between 0.45 Kva and 2.5 Kva generators attract a charge of N150 per unit.<\/p>\n

The amount collected by NERC is exclusive of duties and other taxes paid by the importers in the country.<\/p>\n

Nigeria still relies largely on generating sets to power its over $400 billion economy.<\/p>\n

The Lagos State government had in October 2021 revealed that as a result of the country\u2019s inefficient and over-centralised electricity supply system, residents of the state alone, generated over 4,500MW daily through the use of generators.<\/p>\n

Details of the financial position of the NERC showed that in the second quarter (Q2) of 2021, the IGR from fees arising from the importation of generator sets , licence processing and licencing fee was N431 million.<\/p>\n

A breakdown of the amount showed that N20.23 million was generated in April, N160.79 million in May and N250.25 million in June of that year.<\/p>\n

Furthermore, in the first quarter of 2021, NERC raked in N126.53 million, broken down into N50.80 million, N28.13 million and N47.60 million in January, February and March, respectively.<\/p>\n

An analysis of the last six months of 2020 showed that in the third quarter of 2020, covering July, August and September, the industry regulator made N276.31 million from the same sources, segmented into<\/p>\n

N71.10 million, N111.11 million and N94.10 million, in the three months.<\/p>\n

Similarly, in the last three months of 2020, NERC raked in N104.88 million from import fee imposed on the sale of generating sets, among others.<\/p>\n

However, the total operating levy received from market charges were N4.868 billion for Q2,2021 and N5.061 billion for Q1,2021. Total revenue for the period was N5.299 billion and N5.18 billion respectively, with personnel cost gulping N1 billion and N1.88 billion respectively.<\/p>\n

Before then, in the last six months of 2020, operating levy was N2.64 billion for Q3 and N2.19 billion for Q2, with personnel cost standing at N843 million and N1.17 billion for the two quarters.<\/p>\n

But the commission\u2019s total expenditure profile for the period was N6.1 billion shared into N1.6, N1.0 billion, N2.0 billion and N1.44 billion for the period spanning June 2020 to June 2021.<\/p>\n

\u201cDuring the quarter under review (Q2,2021), the total revenue realized by the commission was N5.30 billion, about 2.12 per cent higher than the N5.19 billion revenue realised in the preceding quarter.<\/p>\n

\u201cThere was a 230 per cent rise in other internally generated revenue while the operating levy (i.e., market charges) recorded a decline of 3.75 per cent.<\/p>\n

\u201cThe higher revenue recorded in 2021\/Q2 was partly due to the recovery of outstanding licencing fees and the fund released from the statutory budget for capital project.<\/p>\n

\u201cDuring the same period, the total (capital and recurrent) expenditure of the commission stood at N1.44 billion which is lower than the N2.01 billion incurred during the first quarter of 2021,\u201d NERC stated.<\/p>\n

For Q3, 2020, it pointed out that the total revenue that accrued to the commission was N2.93 billion, representing an increase of 31 per cent from the revenue recorded in the second quarter and a decrease of 10 per cent from the revenues recorded in the first quarter.<\/p>\n

\u201cNotwithstanding the improvement in revenues, the commission\u2019s expenditure declined to N1.05 billion in the quarter from N1.36 billion in the second quarter and N1.94billion in the first quarter.<\/p>\n

\u201cSimilarly, liabilities also declined to N123 million from N218 million in the preceding quarter.”<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n

<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The Nigerian Electricity Regulatory Commission (NERC) generated approximately N938.5 million from fees collected from importers of generators and other internal revenue sources from June 2020 to June 2021, an analysis…<\/p>\n","protected":false},"author":1,"featured_media":77537,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-90504","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\nNERC Rakes N938.5m from Importers of Generating Sets, Others - 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\/news\/nerc-rakes-n938-5m-from-importers-of-generating-sets-others\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NERC Rakes N938.5m from Importers of Generating Sets, Others - 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