The Federal Government spent N628.61bn as subsidy on electricity in 2023, as power distribution companies collected a total revenue of N1.08tn during the same period, the latest industry data obtained from the Nigerian Electricity Regulatory Commission on Wednesday showed.
An analysis of figures from the power sector regulator indicated that electricity subsidies continued to increase every quarter all through last year.
It was observed that subsidies on power in the first, second, third, and fourth quarters of 2024 were N36.02bn, N135.23bn, N204.6bn, and N252.76bn respectively.
It was also observed that during the same period, power distribution companies raked in N247.09bn, N267.86bn, N267.61bn, and N294.95bn in the first, second, third, and fourth quarters of 2023 respectively.
