The World Bank has said that the Federal Government of Nigeria is spending $1.5bn (N568.5bn at N379/$ exchange rate) annually to fund electricity tariff shortfalls, adding that the amount could further increase if the country fails to take the right action.
The bank disclosed this in its enlarged report on Nigeria Power Sector Recovery Programme obtained in Abuja on Sunday. The World Bank said Nigeria’s power sector was operationally inefficient with unreliable supply exacerbated by high losses and lack of payment discipline. Picking on the various arms of the sector, the bank stated that power generation was characterised by high non-available capacity due to the fact that many plants were out on fault, damage, maintenance, major overhaul, etc.
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