Despite the challenges facing Nigeria’s power sector, over N110 billion from the funds released has not been utilised since 2020 based on budget performance report published by the Ministry of Budget and Economic Planning.
Records show that in 2020, the sum of N68.6 billion was released for the sector’s capital needs, however, only N44.2 billion was utilised as of the third quarter of the year ending in September.
In 2021, N164.3 billion was the actual amount released while N122.2 billion was utilised.
In 2022, the sum of N75 billion was released while N30.8 billion was utilised.
Therefore, between 2020 and 2022, the sum of N110 billion released was not utilized.
Further review shows that in 2023, the sum of N448.3 billion was budgeted for the provision/construction of electricity, however, only N35.6 billion was spent for the whole year by the Ministry of Power, according to data released on the Open Treasury Portal.
Also, N5 billion was budgeted for the rehabilitation/repair of electricity infrastructure, however, only N676,000 was spent.
The National Rural Electrification Agency budgeted N193.3 billion for construction/provision of electricity, however N41.7 billion was spent for the purpose in 2023.
The Bureau Newspaper reported on Monday that the national grid had collapsed, triggering nationwide blackout as distribution companies declared lack of supply to their customers.
Transmission Company of Nigeria (TCN) also confirmed the development, noting that the national grid experienced a partial disturbance on Monday, October 14, 2024 at about 6:48 pm.
Nigeria has constantly faced issues with its electricity sector with constant grid collapse amid other infrastructural issues.
