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Epileptic power supply costs Nigeria N10 trillion annually —World Bank
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FG borrowed N1 3tn in four years to subsidise power consumers, firms – W Bank
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FG borrowed N1 3tn in four years to subsidise power consumers, firms – World Bank
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Published 25 May 2021
Power supply in Nigeria comes majorly from seven power generation plants that produce 59 per cent of the total electricity supplied across the country, the World Bank has said.
According to the bank, Nigeria’s power sector had been operationally inefficient and this was further exacerbated by high losses and lack of payment discipline.
It disclosed this in additional details contained in the bank’s report on Nigeria’s Power Sector Recovery Programme, obtained by our correspondent in Abuja on Monday.
“The power sector is operationally inefficient with unreliable supply exacerbated by high losses and lack of payment discipline,” the bank stated.
Late President Umar Musa Yar’Adua dreamt of fixing Nigeria’s power and energy sector by 2020.
Elected in 2007, Mr Yar’Adua planned to carry out infrastructural and institutional reforms in the sector but died three years into his tenure in 2010. However, 11 years after his death, Nigeria is still grappling with erratic power supply.
“In the first six months, it will be power and energy. That is what is so critical, and I have said publicly that I will declare the sector a national emergency because almost all the other sectors of our economic and social life, in trying to develop a modern nation, depend on it,” the late president said in an interview with The News shortly after his victory at the poll.