The Nigerian Electricity Regulatory Commission has released a fresh report revealing that the Federal Government’s monthly expenditure on energy subsidy obligations surpassed N1.91 trillion in the first 11 months of 2024.
Additionally, the report stated that electricity distribution businesses generated N1.23 trillion in income in the first nine months of 2024, which was more than the N1.08 trillion generated in 2023.
Despite the removal of subsidies for Band A consumers, a study of data from the power sector regulator’s monthly supplemental order, which was made public on its website on Sunday, showed that electricity subsidies increased every quarter of the year.
The total amount spent from January to November 2024 is N1.283 trillion, or 204.15 per cent more than the N628.61 billion spent in 2023.
According to a breakdown, electricity subsidies totalled N633.30 billion during the first three months of 2024. However, in the second quarter, it dropped to N380 billion.
During the third quarter, which included July, August, and September, the sum increased by 36.46% to N518.55 billion. Despite multiple instances of the national grid collapsing, the subsidy expenses for October and November came to N380.06 billion.
