Power Sector Losing N24bn Monthly To Imported Fuel –Fashola
The Nigerian electricity supply industry is losing an estimated N24bn monthly as a result of the importation of fuel such as diesel for alternative sources of energy, the Minister of Power, Works and Housing, Babatunde Fashola, has said.
According to Fashola, Nigerians consume about 300 million litres of diesel every month and 75 per cent of this volume is imported, while about 40 per cent is used in generators to produce electricity.
The minister stated these at the 24th monthly power sector stakeholders’ meeting hosted by the Transmission Company of Nigeria in Abuja on Monday, and explained that about N24bn was being lost by the sector as a result of the importation of fuel on a monthly basis.
Fashola, who was represented by the Minister of State II for Power, Works and Housing, Suleiman Hassan, said, “Many power consumers use diesel. Diesel importation has been declining over the last two years.
"Many are reporting that they ran their generators for noticeably few hours. This is progress. However, Nigerians still consume about 300 million litres of diesel every month and most of this is used to power generators.
“About 75 per cent is imported, putting pressure on scarce foreign exchange. Assuming 40 per cent of the consumption is used for power generation at an average of price of N200 per litre, the electricity industry is losing N24bn every month largely to imported energy.”FOR MORE FRESH STORIES, DOWNLOAD BOUNCE NEWS APP HERE
ALSO WATCH: 62-Year-Old Graduate Butcher Who Works At Lagos Abattoir