Power sector lost N268bn in six months – VP’s Office

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The losses incurred in Nigeria’s sector have been on a persistent rise as the and electricity companies continue to disagree over issues affecting the industry.

Latest data obtained from the Advisory Team in the Office of the Vice President on Friday showed that between January 1 and July 19, 2018, the sector lost N268.4bn. This represents an increase of N67.1bn when compared to the N201.3bn lost by the sector from the first day of this year to June 5, 2018.

Outlining some of the causes for the persistent losses being recorded in the sector in their report on Friday, the Advisory Team said insufficient of gas, poor and transmission networks, as well as reserves constraint contributed to the losses. “The estimated amount lost to insufficient gas supply, distribution, transmission and water reserves to date in 2018 is N268,374,000,000,” the team said.

Source: The Punch

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