FG to Spend N450bn on Electricity Interventions, Subsidies in 2024
The Nigerian Government is planning to spend N450 billion on power subsidies and interventions in the year 2024. This is according to the analysis of the 2024 Nigerian Bulk Electricity Trading Company budget under the ‘FGN Power Intervention Fund’.
The government’s expenditure will hit a total of N454.81bn in 2024. The budget data showed that N2.44 billion will be spent on personnel costs, while N2.36 billion will be spent on other recurrent costs.
Also, N580 million is expected to be spent on general travel and transport, N15 million on utilities, N110m on materials and supplies, N210.75m on general maintenance services, N34 million on other services, N60 million on fuel and lubricants, N40 million on financial charges, N576 million on miscellaneous, and N736.51 million on supplementary overhead.
The Federal government according to reports spent 204.56 billion on electricity subsidies in the third quarter of 2023, according to the Nigerian Electricity Regulatory Commission. Naira Lost 11% as Banks Issue New Update on FX Spending
Similarly, it spent N375.8 billion on electricity subsidies from January to September last year. The Minister of Power, Adebayo Adelabu, insisted on electricity subsidies amidst calls by some stakeholders for tariff hikes in the Nigeria Electricity Supply Industry.
By Dayo Badmus
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