FG Borrowed ₦1.3 Trn In Four Years To Subsidise Power Consumers - World Bank - Politics (2) - Nairaland
Nairaland Forum / Nairaland / General / Politics / FG Borrowed ₦1.3 Trn In Four Years To Subsidise Power Consumers - World Bank (11435 Views)
FG Can’t Continue To Subsidise Electricity — Power Minister, Adebayo Adelabu / Nigeria, Benin, Niger, Togo Power Consumers Owe Discos N1.4tn / Garba Shehu: Using Tax From Herdsmen, Farmers To Subsidise Petrol Unfair (2) (3) (4)
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| Re: FG Borrowed ₦1.3 Trn In Four Years To Subsidise Power Consumers - World Bank by Damianisa(f): 7:24am On Jun 17, 2021 |
I'm sure 70% are embezzled |
| Re: FG Borrowed ₦1.3 Trn In Four Years To Subsidise Power Consumers - World Bank by Nauttyprof(m): 7:26am On Jun 17, 2021 |
This really shows that this government just keeps being wasteful. Trillion Naira is a lot. You claim you are subsidising power that we don't even enjoy. The power that we keep complaining over and the transmission and distribution companies keep coming up with excuses. Is this not sick? This government is just too wasteful in every sense. How will you claim to have borrowed this huge amount of money in 4 years and nothing was put in place to check mate or monitor the activities of transmission and distribution companies? This is sick. One can safely conclude that a larger amount of the money was looted or the government just enjoys being wasteful. The annoying thing about this government is that they keep blaming previous governments whereas they have been wasteful than these governments put together. |
| Re: FG Borrowed ₦1.3 Trn In Four Years To Subsidise Power Consumers - World Bank by Umsworld: 7:27am On Jun 17, 2021 |
“However, 80 per cent of the spending on tariff shortfalls benefits the richest 40 per cent of the population; only eight per cent benefits the bottom 40 per cent, and of this, less than two per cent benefits the poorest 20 per cent. This is alarming and is a course of grievous worry 1 Like |
| Re: FG Borrowed ₦1.3 Trn In Four Years To Subsidise Power Consumers - World Bank by Eriokanmi: 7:28am On Jun 17, 2021 |
For the first time, these long-nosed people are willing to help us by uncovering the APC's heinous acts which had crippled our economy...whenever they said our economy was in good shape, I almost coursed them because they were not telling us the truth. Their assessments never reflected the prevailing realities each time. I hope the could do more. Things don bad gaaan. |
| Re: FG Borrowed ₦1.3 Trn In Four Years To Subsidise Power Consumers - World Bank by idolda: 7:30am On Jun 17, 2021 |
LeeSantos:They pay the full cost of electricity initially and it is expensive by Nigeria standard. When the sector is fully deregulated without govt interference, tariff will go up causing the sector to be more attractive to more investors in the power sector then competition will set in and force the tariff down. 2 Likes 1 Share |
| Re: FG Borrowed ₦1.3 Trn In Four Years To Subsidise Power Consumers - World Bank by KaluwisxPRO: 7:30am On Jun 17, 2021 |
affable4: They are asking the FG to stop the fraud of paying subsidy for Electricity that is not available to the masses. You can read, but comprehension is your problem, fix it. 2 Likes |
| Re: FG Borrowed ₦1.3 Trn In Four Years To Subsidise Power Consumers - World Bank by Multiplier7(m): 7:33am On Jun 17, 2021 |
Nigeria should leave West Africa alone and focus first on given the whole of Nigerians constant power simple. Reading this article I noticed there is so much waste in this country and it is costing the government so much too to the dentriment of the ordinary citizens. |
| Re: FG Borrowed ₦1.3 Trn In Four Years To Subsidise Power Consumers - World Bank by Countrypeople: 7:33am On Jun 17, 2021 |
...world bank nor talk wetin go make den ban you ooo! |
| Re: FG Borrowed ₦1.3 Trn In Four Years To Subsidise Power Consumers - World Bank by Witchersunited: 7:36am On Jun 17, 2021 |
Discos are the problem, they are profit oriented companies They don't accept electricity from genco Nigerian electricity wasn't ready for privatization, If everybody had prepaid meter, you can calculate the total supply needed and generation will be built to provide for it but people don't, and the discos are using those estimated billings to make money. 4 Likes |
| Re: FG Borrowed ₦1.3 Trn In Four Years To Subsidise Power Consumers - World Bank by Resurrection212: 7:36am On Jun 17, 2021 |
Lol world bank and IMF are the instrument use by western country to impoverish Africa. affable4: |
| Re: FG Borrowed ₦1.3 Trn In Four Years To Subsidise Power Consumers - World Bank by Witchersunited: 7:37am On Jun 17, 2021 |
Multiplier7:discos refuse power that's why its sold to other countries. 1 Like |
| Re: FG Borrowed ₦1.3 Trn In Four Years To Subsidise Power Consumers - World Bank by Dharmiejoe(m): 7:43am On Jun 17, 2021 |
It's obvious nigerian politicians and past military heads owns a large stake in the gencos so certainly they will continue to borrow and cash out all in the name of subsidy. Truth is the genco's are inadequate in supplying enough power to discos due to corrupt practices. Until it is fully privatised, no constant power supply. |
| Re: FG Borrowed ₦1.3 Trn In Four Years To Subsidise Power Consumers - World Bank by Elsueno: 7:43am On Jun 17, 2021 |
biafranrealson: Wetin u dey talk, no matter how many parts we separate, na equally we go divide the debt  |
| Re: FG Borrowed ₦1.3 Trn In Four Years To Subsidise Power Consumers - World Bank by Nobody: 7:43am On Jun 17, 2021 |
Such lies, even some of these international bodies are part of the problem. |
| Re: FG Borrowed ₦1.3 Trn In Four Years To Subsidise Power Consumers - World Bank by Nobody: 7:48am On Jun 17, 2021 |
biafranrealson: Now, you see why Naija can never decide until this and all other debts are paid |
| Re: FG Borrowed ₦1.3 Trn In Four Years To Subsidise Power Consumers - World Bank by Dspsalvate: 7:53am On Jun 17, 2021 |
IT'S A PATHETIC STATE TO BE WHEN YOU FINALLY REALIZED THAT YOU'VE MANEUVER YOUR LIFE TO A CUL-DE-SAC - IMPOSSIBLE GOING FORWARD AND MORE IMPOSSIBLE TO GO BACK BUT LET BE OPTIMISTIC AND KEEP OUR FAITH ALIVE BELIEVING THAT THERE'LL BE LIGHT AT THE END OF THE TUNNEL |
| Re: FG Borrowed ₦1.3 Trn In Four Years To Subsidise Power Consumers - World Bank by renew4life: 7:55am On Jun 17, 2021 |
Luckydubby7:Hmmm ! Meaning more money will be Borrowed ...I just hope borrowing would stop soonest . |
| Re: FG Borrowed ₦1.3 Trn In Four Years To Subsidise Power Consumers - World Bank by Funkybabee(f): 7:56am On Jun 17, 2021 |
The results of weak naira again Dam weytin federal government want to do again now Increase our bill? It's well 1 Like |
| Re: FG Borrowed ₦1.3 Trn In Four Years To Subsidise Power Consumers - World Bank by oche2020: 7:56am On Jun 17, 2021 |
One thing Missing no price bad way to do business in this morden day, love the supermarkets once u see price on it and. Your money no reach u Waka pass. powerbank245: |
| Re: FG Borrowed ₦1.3 Trn In Four Years To Subsidise Power Consumers - World Bank by Nobody: 7:57am On Jun 17, 2021 |
I know a lot of people will curse and abuse me....but the headline is why government should allow DISCOS and GENCOS to set the price of power. The thing with subsidizing power is simple. The more you subsides, the more costs rise...and the more you have to take loans to feed the subsidy monster. Allowing DISCOS and GENCOS to control power may lead to all of us paying higher for power...but government won't have to take loans to subsidize power, and may even save money. Then there is the massive investment that may flow in with the removal of price controls. Either we run power as a business...or we forget about stable power. 2 Likes 1 Share |
| Re: FG Borrowed ₦1.3 Trn In Four Years To Subsidise Power Consumers - World Bank by Nobody: 8:00am On Jun 17, 2021 |
Witchersunited: We had no choice but to privatize especially as government was running out of money to keep up NEPA/PHCN...but the problem is in privatizing NEPA....government forced them to charge for power below the cost of production and paid the subsidy....the difference between cost of production and actual price...to keep prices low. But the cost of produiction keeps rising...and thus we ended up borrowing. 1 Like |
| Re: FG Borrowed ₦1.3 Trn In Four Years To Subsidise Power Consumers - World Bank by Obinnasvg: 8:01am On Jun 17, 2021 |
A looter continue |
| Re: FG Borrowed ₦1.3 Trn In Four Years To Subsidise Power Consumers - World Bank by Nobody: 8:02am On Jun 17, 2021 |
KaluwisxPRO: This means that prices would go up if it happens. Which most Nigerians don't want. So, government keeps the subsidy fraud in place...because Nigerians don't want to pay market price for power. |
| Re: FG Borrowed ₦1.3 Trn In Four Years To Subsidise Power Consumers - World Bank by Nobody: 8:06am On Jun 17, 2021 |
Nauttyprof: We are subsidsing power. As at a few years ago...it cost N53 to produce one kwh of power...which was being sold by the discos for a cost of between N20-30. The difference between the N53 and the N30 was what the subsidy was meant to cover. Now it costs N70 to produce that same one kwh of power...and power costs vary between N50-67 per kwh, less if you get power for less than 4 hours a day. The difference between cost of production and cost of power is the subsidy. It isn't being looted as you think it is. The problem is, for DISCOS and GENCOS to really make money they need to charge above N70...like any good business. But they can't...and the susbsidy does not cover their cost of doing business. Add the fact that 40% of customers don't pay a dime for the power. No money...no cash to make improvements....no 24/7 power. 2 Likes |
| Re: FG Borrowed ₦1.3 Trn In Four Years To Subsidise Power Consumers - World Bank by JBArokonkwo1(m): 8:06am On Jun 17, 2021 |
affable4:. Poor comprehension is a problem.... They stated that revenue from tarrif was insuffient compared to what is spent on generating power. They also said this was largely due to the fact that govt supplies electricity more to the rich than the poor and this means power gets to those who need it less than those who needs it most. No where in the world is electricity subsidized by govt! Nothing good comes cheaply. I pay nearly 50 pounds monthly as my electric bills here! But of course the average Nigerian wants 24 hours power and still pay 7k a month as bill! You guys are the pathetic ones! 1 Like |
| Re: FG Borrowed ₦1.3 Trn In Four Years To Subsidise Power Consumers - World Bank by MondayOsunbor(m): 8:08am On Jun 17, 2021 |
Updating9JA: why people defrauding world bodies using Nigeria people which power are these people talking about |
| Re: FG Borrowed ₦1.3 Trn In Four Years To Subsidise Power Consumers - World Bank by Nobody: 8:08am On Jun 17, 2021 |
Damianisa: Nope. Power costs N70 to produce one kwh. That same kwh is sold for a cost of between N40-67 per kwh. The subsidy covers the difference between cost price and production price (if it was not paid, all the DISCOS would have long since gone out of business), but at the end of the day, the DISCOS cannot make a profit because they are not allowed to sell power above the production cost...which is why they reject power sometimes from the GENCOS....because they don't have enough money to pay for all the power. And GENCOS have to pay for gas in dollars. 2 Likes |
| Re: FG Borrowed ₦1.3 Trn In Four Years To Subsidise Power Consumers - World Bank by PAWG(m): 8:10am On Jun 17, 2021 |
Yet it’s this expensive, anyone that’s not feeling this high electricity tariff is the boss. Soon I’d have to start selling ACs cos I can’t afford to use them |
| Re: FG Borrowed ₦1.3 Trn In Four Years To Subsidise Power Consumers - World Bank by Nobody: 8:11am On Jun 17, 2021 |
Luckydubby7: Yep, the tarrifs aren't enough . As much as I hate to say this...Nigeria needs to pay cost reflective tarrifs before we see an improvement in power. It costs at least N70 to make one kwh of power. We pay anywhere between N40-67 for that same kwh. The subsidy covers the difference between cost and sale price. At the end of the day Discos don't make enough of a profit to pay GENCOS for all the power they produce...leading GENCOS to also run at a loss too. |
| Re: FG Borrowed ₦1.3 Trn In Four Years To Subsidise Power Consumers - World Bank by tolexy007(m): 8:11am On Jun 17, 2021 |
Why cant each state be generating power? what is difficult in that? |
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