mbahdi:
Useless government.same tin atiku said he will do when elected.and you all bashed him.useless set of confused men

God bless you.
When Atiku said that during his campaign, so many useless zone-bees bashed him and campaigned vigorously against him.

I remembered here when one state's APC chairman was shouting on top of his voice about it.
Same with Oshiomhole.
But today,why haven't they spoken against it now that their "Lord" is carrying out that campaign promise that is not his.

Same too with , Helinues, Simplyleo etc but why haven't they commented on this topic?

Yeye dey smell.

LADIES AND GENTLE MEN THE COUNTRY NIGERIA IS BEING SOLD OFF PIECE BY PIECE BY THE TIME APC IS THROUGH YOU WOULD FIND THIS COUNTRY ENSLAVED TO DEBTORS FOR THE REST OF OUR LIVES

So after using the Gencos to steal 100s of billions if Naira in the name of Power rejection compensation the Buhari cronies have now raised enough money to buy them outrightly

Lazycapitalist2:
The sale would only make sense, and would attract genuine investors...if the government stops controlling the price of electricity via NBET, and allows DISCOS to set the price of power themselves...since CBN won't sell dollars to the DISCOS and GENCOS at favourable rates.

You are too naive

RIP NIGERIA. This is the last burial for naija I swear

Wahala don get 6 packs!

Looking so attractive to the lost ones...

Light wahala

daddytime:
Why aren't they putting any of the Gencos in the north up for sale?

Of course, these ones will be couped up by the Northerners as usual.

We siddon dey look like Lukman

I was like, all of them in the South. Definitely, some Alhajis will buy. T hmm is guys are preparing for break up of the country

FarahAideed:


You are too naive

If you were a businessman would you sell at a loss so that you can help the poor?
That is how our power sector has been run.

Naive I am not.

Lazycapitalist2:


If you were a businessman would you sell at a loss so that you can help the poor?
That is how our power sector has been run.

Naive I am not.

Which loss . Abeg you don't know what's happening bin the power sector ..Loss?

FarahAideed:


Which loss . Abeg you don't know what's happening bin the power sector ..Loss?

Google for the pricewaterhouse coopers report on the liquidity issues in the power sector in Nigeria. It is an eye opener

Also a few years ago it cost 53 naira to produce one kwh of power, which we were selling at 20 to 30 naira then. The difference was covered by a subsidy which was partly funded by loans. Since then costs of production have gone up. It is now 70 naira to make that one kwh of power

Also one of the discos was forced out of the business because losses were high.

The power sector is running at a loss. You can pretend they are making profits. They aren't. Infact they are making losses to the point they cannot pay taxes.

All because Nigerians want cheap power.

Lazycapitalist2:


Google for the pricewaterhouse coppers report on the liquidity issues in the power sector in Nigeria. It is an eye opener

Also a few years ago it cost 53 naira to produce one kwh of power, which we were selling at 20 to 30 naira then. The difference was covered by a subsidy which was partly funded by loans. Since then costs of production have gone up. It is now 70 naira to make that one kwh of power

Also one of the discos was forced out of the business because losses were high.

The power sector is running at a loss. You can pretend they are making profits. They aren't. Infact they are making losses to the point they cannot pay taxes.

All because Nigerians want cheap power.

Hahahahaha I say you clearly don't know what is going on in the Nigerian power sector.. if they are truly running at a loss

Then why they don't want to metre homes ?

Why do discos keep rejecting 60 percent of power wheeled their way ?

Why is the govt spending over 800 billion naira annually paying Gencos for electricity the Discos deliberately reject ?

My friend let me tell you those Discos are not into the business of electricity sale like you think , what they sell to Nigerians is actually darkness and guess what one kilowatt hour of darkness cost nothing but the charge you over over 35 naira for it and then the govt coughs up another 800 billions to the Gencos to complete the circle of extortion and massive corruption

FarahAideed:



Hahahahaha I say you clearly don't know what is going on in the Nigerian power sector.. if they are truly running at a loss

Then why they don't want to metre homes ?

Why do discos keep rejecting 60 percent of power wheeled their way ?

Why is the govt spending over 800 billion naira annually paying Gencos for electricity the Discos deliberately reject ?

My friend let me tell you those Discos are not into the business of electricity sale like you think , what they sell to Nigerians is actually darkness and guess what one kilowatt hour of darkness cost nothing but the charge you over over 35 naira for it and then the govt coughs up another 800 billions to the Gencos to complete the circle of extortion and massive corruption

Just Google for the pwc report

Also, Nigeria needs far more than 800 billion naira to.fix the power sector. We actually.need billions of dollars not naira.

Google for the pwc report.

FarahAideed:



Hahahahaha I say you clearly don't know what is going on in the Nigerian power sector.. if they are truly running at a loss

Then why they don't want to metre homes ?

Why do discos keep rejecting 60 percent of power wheeled their way ?

Why is the govt spending over 800 billion naira annually paying Gencos for electricity the Discos deliberately reject ?

My friend let me tell you those Discos are not into the business of electricity sale like you think , what they sell to Nigerians is actually darkness and guess what one kilowatt hour of darkness cost nothing but the charge you over over 35 naira for it and then the govt coughs up another 800 billions to the Gencos to complete the circle of extortion and massive corruption

As a follow up to my previous comment....attached is a page from the Pwc report from 2018 on the power sector in Nigeria

Also, here is the report itself

Lazycapitalist2:


Just Google for the pwc report

Also, Nigeria needs far more than 800 billion naira to.fix the power sector. We actually.need billions of dollars not naira.

Google for the pwc report.

I never said the 800 billion was to fix the power sector , I said the Govt pays Gencos for every power the thieving discos reject and that payment is about 800 billion naira a year

FarahAideed:


I never said the 800 billion was to fix the power sector , I said the Govt pays Gencos for every power the thieving discos reject and that payment is about 800 billion naira a year

See the above page...plus the money paid does not cover losses adequately

Again, read the pwc report.

Lazycapitalist2:


See the above page...plus the money paid does not cover losses adequately

Again, read the pwc report.

What loss? A phantom loss they created ? You still don't understand the massive fraud going on in the power sector

FarahAideed:


I never said the 800 billion was to fix the power sector , I said the Govt pays Gencos for every power the thieving discos reject and that payment is about 800 billion naira a year

I haven't been able to find a source for your 800 billion claim

Instead, I found this report

The Nigeria Bulk Electricity Trading Plc (NBET) is reportedly owing Generation Companies (GenCos) a total of N143.82 billion in the third quarter of 2020, for the electricity produced and fed into the national grid.

Of the total invoice of N193.26 billion NBET received from GenCos in the three-month period, it only paid N49.44 billion, representing 25.58% of the invoice.


The N193.26 billion invoice comprises of a total invoice of N64.13 billion in July, N67.83 billion in August and N61.30 billion in September.
The N49.44 billion payment made to the GenCos by the bulk trader in July was N12.22 billion, representing 19.05%; N13.49 billion in August, representing 19.90%; and N23.73 billion in September, representing 38.72%.



Further checks indicate that remittances by electricity distribution companies (DisCos) partly contributed to NBET’s debt.

In this context, DisCos remitted only N50.68 billion to NBET in the third quarter of 2020, out of a total invoice of N189.05 billion received from NBET.

The DisCos received a total invoice of N66.33 billion in July; N63.62 billion in August; and N59.10 billion in September.
But the DisCos only paid NBET N12.91 billion in July; N14.89 billion in August, and N22.88 billion in September.


What to expect

It is clear from the above that NBET partly relies on payments by DisCos to settle GenCos. Thus, all things being equal, NBET may continue to owe GenCos in the future, considering that DisCos are not really efficient in collecting electricity tariffs due from customers.

In this regard, Nairametrics reported on 8th December that DisCos recorded loss of N58billion in unpaid electricity dues in Q2 2020 – indicating a collection efficiency of only 64.4%.

Nairametrics also reported in January that NBET owed GenCos in the country about N1 trillion. This appear to further uphold claims that the current arrangement between GenCos, NBET and DisCos is not really sustainable; and may require revision.

See the last paragraph.? Since the PWC report came out in 2018, the money challenge remains.

FarahAideed:

What loss? A phantom loss they created ? You still don't understand the massive fraud going on in the power sector

I wish it was a phantom loss

But as Nairametrics puts it from 2020

It is clear from the above that NBET partly relies on payments by DisCos to settle GenCos. Thus, all things being equal, NBET may continue to owe GenCos in the future, considering that DisCos are not really efficient in collecting electricity tariffs due from customers.

In this regard, Nairametrics reported on 8th December that DisCos recorded loss of N58billion in unpaid electricity dues in Q2 2020 – indicating a collection efficiency of only 64.4%.

Nairametrics also reported in January that NBET owed GenCos in the country about N1 trillion. This appear to further uphold claims that the current arrangement between GenCos, NBET and DisCos is not really sustainable; and may require revision.

I doubt this is a phantom loss. You want it to be one, but sadly it isn't.

If it was phantom, then PWC won't have devoted a whole indepenent report to it, and Nairametrics won't be reporting on it...if it were phantom.