The Nigerian Electricity Regulation Commission (NERC) has said the Federal Government paid the sum of N36billion to subsidise electricity consumption in the first quarter of 2023.
According to DailyTrust, NERC said in its quarterly report that the money amounted to the payment of N12 billion monthly paid to the Nigerian Bulk Electricity Trading (NBET).
Charged with the collection of revenues due to generation companies and the Transmission Company of Nigeria (TCN) from the DisCos, the sum of N141.5billion was paid to the NBET from the N209.2billion invoice given to the DisCos.
NERC said the government intervention was made due to the “absence of cost-reflective tariffs, the government undertakes to cover the resultant gap (between the cost-reflective and allowed tariff) in the form of tariff shortfall funding. This funding is applied to the NBET invoices that are to be paid by DisCos.”
It said out of the 171,107 metres installed in 2023/Q1, 5.80 per cent were metered under the NMMP scheme, 92.71 per cent of customers were metered under the MAP intervention, while 1.47 per cent and 0.02 per cent were metered under the Vendor Financed and DisCo Financed schemes respectively.
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