Electricity Subsidy Gulps N30bn Per Month - FG » IReporteronline Electricity Subsidy Gulps N30bn Per Month - FG - IReporteronline
Connect with us
                               

Latest News

Electricity Subsidy Gulps N30bn Per Month – FG

Published

on

Kindly Share This
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 an 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 the 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.

Kindly Share This
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Advertisement
religion15 mins ago

“Teaching Muslim Women That Allah Will Reward Them For Tolerating Their Abusive Husbands Enables Abusers” – Muslim ScholarShayk Azhar Nasser 

crime1 hour ago

JUST IN: Bandit Terrorists Abduct Nigerian Soldiers In Borno

crime1 hour ago

Police Arrest 4 Suspects Over Alleged Murder Of Banker In Yobe

Latest News3 hours ago

CCTV Footage Captures The Moment 9 Year Old Girl Deliberately Set Supermarket On Fire

Gist3 hours ago

#BBNaija: Actress Nkechi Blessing Sunday Goes Braless To Defend BBNaija’s Angel Over Shape Of Her Breast 

Latest News4 hours ago

Update: Benin Court Sends Sunday Igboho To Jail

Sports8 hours ago

Tokyo Olympics: Palestinian Judo Fighter Quits The Olympics Instead Of Fighting His Israeli Opponent 

Latest News8 hours ago

Update: 9-year-old girl revealed as the person who set Ebeano supermarket on fire [Video] 

Latest News8 hours ago

#BBNaija6: $ex in the house is a no for me — Maria [video]

Latest News9 hours ago

Benin Artefacts: Germany Reveals Date Of Return 

Latest News10 hours ago

Nnamdi Kanu May Have Been Killed – IPOB Reveals 

Latest News10 hours ago

Consumers To Pay More As FG Ends N30bn Monthly Subsidy On Electricity 

Gist10 hours ago

#BBNaija: Peace Wins First Head Of House Challenge

Latest News10 hours ago

Why Igboho Has Not Used His ‘Powers’ To Disappear From Custody – Cleric 

Entertainment11 hours ago

Our Support Don’t Cost A Thing: Tinubu Support Group Germany Breaks New Frontiers 

crime12 hours ago

2 Suspected Cultists Arrested With Gun And Indian Hemp In Edo [Photo]

Latest News12 hours ago

JUST IN: 3 More Bethel High School Student Escaped From Bandits’ Den

Latest News12 hours ago

JUST IN: Nnamdi Kanu Will Soon Be Free – Lawyer

Latest News13 hours ago

Buhari Signs N982b Supplementary Budget For 2021

Latest News13 hours ago

UPDATE:  Igboho’s Court Hearing Reportedly Taking Place Secretly In Cotonou As Security Men Order Supporters Out Of Court Premises

Politics4 months ago

BREAKING NEWS: Fear Grips Aso Rock As Osinbajo Takes Over Declares Buhari Unfit, Overhaul Presidential Staff(Photos and Video)

Latest News4 months ago

Prisoner Caught Having Sex With A Female Prison Warder In South Africa (Photos)

Latest News2 months ago

BREAKING: Popular Pastor, TB Joshua Is Dead

Latest News2 months ago

Who Destroyed The System? Buhari Tackles Governors, Exposes Their Deceit (Matters Arising)

crime4 months ago

“I don’t need your money again, stop following me” – Man jumps out of his Benz runs mad (video)

Latest News1 month ago

Exposed: How Side Chic Murdered Super TV CEO Micheal Usifo In Cold Blood  

Latest News2 months ago

Attahiru: Two People Jumped Off Crashing Plane With Parachutes, Disappeared – Eyewitnesses (Video)

Latest News4 months ago

Waiter At Yahoo Boy Birthday Party Where Over 20 Attendees Died Finally Speaks

Latest News3 weeks ago

Edo Cult War: The “Scores” So Far As Maphite Allegedly Demands 42 Aye Heads In 42 Hrs (Black Axe vs MF)

Latest News3 months ago

Things Fall Apart: Edo PDP Writes Secondus Call For The Resignation Of Philip Shaibu Issues Stern Warning To Obaseki

Politics4 months ago

Trouble Looms As Asari Dokubo Announces Formation Of Biafra Govt

Latest News3 months ago

BREAKING: Armed Robbers Attack Aso Rock, Raid Residence Of Buhari’s Chief Of Staff

Latest News3 months ago

[BREAKING] COVID-19: FG Returns Curfew, Restriction On Mass Gatherings

Latest News2 months ago

Did T.B Joshua Foresee His Death? See What He Said About His June 12 Birthday

Latest News3 months ago

2023: Prophet Reveals Buhari’s Successor

Latest News2 months ago

JUST IN: Senate Receives Bill To Extend Teachers’ Retirement Age By Five Years

Politics3 weeks ago

JUST IN: Massive Blow For PDP As Jonathan Dumps Party For APC

Entertainment3 months ago

Omotola Finally Speaks On Having An Affair With Adams Oshiomole

Entertainment1 month ago

Chidinma Again: See Hot Video Of Slay Queen Smoking Heavily Just Some Few Hours Before She Murdered Super TV Boss

Latest News2 months ago

JUST IN: Obaseki Appoints Osaigbovo Iyoha As Chief Of Staff

religion15 mins ago

“Teaching Muslim Women That Allah Will Reward Them For Tolerating Their Abusive Husbands Enables Abusers” – Muslim ScholarShayk Azhar Nasser 

crime1 hour ago

JUST IN: Bandit Terrorists Abduct Nigerian Soldiers In Borno

crime1 hour ago

Police Arrest 4 Suspects Over Alleged Murder Of Banker In Yobe

Latest News3 hours ago

CCTV Footage Captures The Moment 9 Year Old Girl Deliberately Set Supermarket On Fire

Gist3 hours ago

#BBNaija: Actress Nkechi Blessing Sunday Goes Braless To Defend BBNaija’s Angel Over Shape Of Her Breast 

Latest News4 hours ago

Update: Benin Court Sends Sunday Igboho To Jail

Sports8 hours ago

Tokyo Olympics: Palestinian Judo Fighter Quits The Olympics Instead Of Fighting His Israeli Opponent 

Latest News8 hours ago

Update: 9-year-old girl revealed as the person who set Ebeano supermarket on fire [Video] 

Latest News8 hours ago

#BBNaija6: $ex in the house is a no for me — Maria [video]

Latest News9 hours ago

Benin Artefacts: Germany Reveals Date Of Return 

Latest News10 hours ago

Nnamdi Kanu May Have Been Killed – IPOB Reveals 

Latest News10 hours ago

Consumers To Pay More As FG Ends N30bn Monthly Subsidy On Electricity 

Gist10 hours ago

#BBNaija: Peace Wins First Head Of House Challenge

Latest News10 hours ago

Why Igboho Has Not Used His ‘Powers’ To Disappear From Custody – Cleric 

Entertainment11 hours ago

Our Support Don’t Cost A Thing: Tinubu Support Group Germany Breaks New Frontiers 

crime12 hours ago

2 Suspected Cultists Arrested With Gun And Indian Hemp In Edo [Photo]

Latest News12 hours ago

JUST IN: 3 More Bethel High School Student Escaped From Bandits’ Den

Latest News12 hours ago

JUST IN: Nnamdi Kanu Will Soon Be Free – Lawyer

Latest News13 hours ago

Buhari Signs N982b Supplementary Budget For 2021

Latest News13 hours ago

UPDATE:  Igboho’s Court Hearing Reportedly Taking Place Secretly In Cotonou As Security Men Order Supporters Out Of Court Premises

Trending