Monday, June 21, 2021

    Nigeria says power sector revenue grows by 40% in three months despite constant power outages

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    Naija247news Media, New York
    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

    Six months into the Federal Government’s intervention in the revenue process of the power sector, the latest figures have shown that revenue grew by 33.93 percent in the last three months to N184.26 billion as of February, 2021.

    Meanwhile residents, households and industries lament constant unending power outages without end in sight.

    The Presidential Power Sector Working Group had in September 2020, intervened in the collection process taking power away from the electricity distribution companies, DisCos, by restricting withdrawals from bank accounts where revenues are kept.

    The first three months of the intervention, September to November, 2020 saw total revenue of N137.57 billion, but a 33.93 percent growth in the following three months, December 2020 to February 2021, saw total revenue of N184.26 billion.

    A breakdown of the figures from both periods showed that December revenue was N64.97 billion, a 41.76 percent increase from the N45.83 billion recorded in September, 2020.

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