FG plans N450bn power intervention fund

The Federal Government is set to spend N450bn on power interventions in 2024.

This is according to the budget analysis of the Nigerian Bulk Electricity Trading Company. Under the firm’s capital expenditure, N450bn was budgeted for ‘FGN Power Intervention Fund.’

The Government Owned Enterprise’s expenditure intends to spend a total of N454.81bn in 2024.

N2.44bn will be spent on personnel costs, N2.36bn will be spent on other recurrent costs, N580m on general travel and transport, N15m on utilities, N110m on materials and supplies, N210.75m on general maintenance services, N34m on other services, N60m on fuel and lubricants, N40m on financial charges, N576m on miscellaneous, and N736.51m on supplementary overhead.

Most of the firm’s spending would be on power intervention funds in the New Year. As of May 2022, the Federal Government’s intervention fund to electricity distribution companies rose to N2.9trn.

Despite these intervention funds, the power sector has been besieged with many grid collapses. As of October 2023, the House of Representatives stated that it was set to probe all financial interventions by the Federal Government in the power sector in the past 10 years.

It said the investigation would cover over $1.25bn injected into the sector by the government since the 2013 privatization till date.

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