Saturday, October 16, 2021
More

    Latest Posts

    GUS – The Search begins on DStv & GOtv this Saturday

    The most anticipated survival reality TV show, Gulder Ultimate Search (GUS) ‘The Age of Craftsmanship’ premieres Saturday Night, 16 October 2021 at...

    EndSARS: Policemen indicted by judicial panels to face sanction, says NEC

    The National Economic Council on Friday said officers indicted by the judicial panels set up to probe police brutality will face prosecution.

    COVID-19: FG lists fresh conditions to inbound travellers

    The Federal Government have listed fresh conditions to inbound travellers to Nigeria after the United Kingdom relaxed its COVID-19 travel restrictions for...

    EndSARS: Comedian Mr Macaroni berates celebrities for ‘eating’ govt money

    Ace comedian, Debo Adebayo, fondly known as Mr. Macaroni, has berated celebrities for being beneficiaries of the government, whom he claimed stifled...

    Electricity subsidy gulps N30bn per month, says FG

    The amount spent on subsidising electricity every month in Nigeria is now about N30bn, the Federal Government has said.

    It disclosed that the government’s subsidy on electricity had been reduced by N20bn monthly following improvements in the collection of power tariffs by distribution companies.

    The government stated this in a document on the progress and overview of Nigeria’s power sector. The document was obtained by our correspondent from the Federal Ministry of Power in Abuja.

    In February this year, the Minister of Power, Sale Mamman, stated that the Federal Government was subsidising electricity supply across the country to the tune of over N50bn monthly.

    Mamman had explained that the subsidy spending was because the government was worried by the incessant complaints by ordinary Nigerians over the unavoidable and periodic increase in the cost of electricity.

    He said the funds were provided to augment the shortfall by the power distribution companies who had failed to defray the cost of bulk electricity supplied to them by the generating companies.

    He had further explained that following a minor increase in the tariff regime, the subsidy decreased but still constituted a serious drain on the nation’s economy.

    However, in the document on the progress of the sector sighted in Abuja on Tuesday, the government revealed that its subsidy on electricity had dropped by N20bn monthly.

    Providing explanation on current electricity market collections in the document, the government said, “Tariffs rose by 36 per cent from September 2020. Collections have grown by 60 per cent plus.

    “Government subsidy has been reduced by N20bn per month. Record collections of N65bn hit in December 2020 cycle (from average of N39bn).

    Aside from subsidising electricity, the Nigerian government also subsidises Premium Motor Spirit, popularly called petrol, despite calls against this by both local and international organisations and experts.

    Earlier this month, for instance, the International Monetary Fund expressed concern over the resurfacing of subsidies in Nigeria.

    The global institution described the development as concerning, particularly in the context of low revenue mobilisation.

    Copyright PUNCH.

    Latest Posts

    GUS – The Search begins on DStv & GOtv this Saturday

    The most anticipated survival reality TV show, Gulder Ultimate Search (GUS) ‘The Age of Craftsmanship’ premieres Saturday Night, 16 October 2021 at...

    EndSARS: Policemen indicted by judicial panels to face sanction, says NEC

    The National Economic Council on Friday said officers indicted by the judicial panels set up to probe police brutality will face prosecution.

    COVID-19: FG lists fresh conditions to inbound travellers

    The Federal Government have listed fresh conditions to inbound travellers to Nigeria after the United Kingdom relaxed its COVID-19 travel restrictions for...

    EndSARS: Comedian Mr Macaroni berates celebrities for ‘eating’ govt money

    Ace comedian, Debo Adebayo, fondly known as Mr. Macaroni, has berated celebrities for being beneficiaries of the government, whom he claimed stifled...

    Don't Miss

    Janemena demands N500m from Tonto Dikeh for alleged libel, pregnancy loss

    Instagram dancer and influencer, Jane Orezimena, popularly known as Janemena, has written a letter to Nollywood actress, Tonto Dikeh, demanding the sum...

    ICPC arraigns ex-presidential aide, Obono-Obla, for certificate forgery

    The Independent Corrupt Practices and other related offences Commission has arraigned a former chairman of the Special Presidential Investigation Panel for Recovery...

    Chidinma pleads ‘not guilty’ to Super TV CEO Usifo Ataga’s murder

    Chidinma Ojukwu, a 300-level Mass Communication student of the University of Lagos, who is alleged to be the murderer of the Super...

    Actor Williams Uchemba decries presence of explicit content in kids’ cartoons

    Nollywood star, Williams Uchemba, has decried the presence of sexual content in children’s cartoons and comics. The actor took...

    Wizkid and Poco Lee join Burna Boy at Hollywood Bowl, as Grammy winner performs 33 songs in two hours

    After shutting down the O2 Arena and notable appearances at the 2021 Global Citizen Festival and The Governor’s Ball, Burna Boy brought...

    Stay in touch

    To be updated with all the latest news, offers and special announcements.