Federal Government has planned to spend N450 billion on power subsidies and interventions in 2024.
According to Daily Post, this was revealed in an analysis of the 2024 Nigerian Bulk Electricity Trading Company budget under the ‘FGN Power Intervention Fund’.
It was learnt that the government’s expenditure will increase to a total of N454.81bn in 2024.
The budget data indicated that N2.44 billion will be spent on personnel costs, while N2.36 billion will be spent on other recurrent costs.
Similarly, general travel and transport is expected to gulp N580 million, N15 million on utilities, N110m on materials and supplies, N210.75m on general maintenance services, N34 million on other services, N60 million on fuel and lubricants, N40 million on financial charges, N576 million on miscellaneous, and N736.51 million on supplementary overhead.
Reports revealed that the Federal government spent 204.56 billion on electricity subsidies in the third quarter of 2023, according to the Nigerian Electricity Regulatory Commission.
It also spent N375.8 billion on electricity subsidies from January to September 2023.
The Minister of Power, Adebayo Adelabu, had called for electricity subsidies amid calls by some stakeholders for tariff hikes in the Nigeria Electricity Supply Industry.
