A power sector shortfall of N931bn accumulated since 2015 has compounded the power outage issue in Nigeria, industry statistics and experts have noted. This is as 24 power Generation Companies (GenCos) are yet to be paid N340bn in the electricity market, thereby blocking further chances of getting enough gas to generate electricity, Daily Trust reports.
The Power Sector Recovery Plan (PSRP), an ongoing action plan of the Federal Government in the power sector; captured the N931bn shortfall to include a N458bn tariff deficit (non-cost reflective tariff) and another N473bn market shortfall (poor bills collection and technical losses) accumulated in 2015 and 2016.
Extracted statistics proved that Abuja Electricity Distribution Company (DisCo) is the most hit among the 11 DisCos with N64.1bn market shortfall. The lowest in the market is Yola DisCo, with N14bn shortfall. Operators said the poor tariff bar had caused them to under recover the cost of producing and selling electricity.
From the N473bn market shortfall figure, 24 active GenCos were owed N340bn for years 2015 and 2016. The top three most owed GenCos are Egbin Power, with N55.6bn shortfall, Okpai Power N47bn, and Delta Power having N33bn market shortfall. The GenCo with the least shortfall is Omoku Power, with N1bn shortfall.