Power sector loses n108 billion in first quarter

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Power Sector Loses N108 Billion in First Quarter

The Nigerian power sector has recorded a significant loss in the first quarter of the year, with a total revenue of N108 billion. This is according to the latest data released by the Nigerian Electricity Regulatory Commission (NERC).

The loss is attributed to a combination of factors, including low electricity generation, high transmission and distribution losses, and inadequate gas supply to power plants. The sector's revenue has been declining over the past few years due to various challenges, including inadequate infrastructure, corruption, and lack of investment.

The power sector's revenue in the first quarter of the year was N108 billion, which is a significant decline from the N143 billion recorded in the same period last year. The sector's revenue has been declining steadily over the past few years, with a total revenue of N543 billion in 2020, down from N644 billion in 2019.

The NERC has attributed the decline in revenue to a combination of factors, including low electricity generation, high transmission and distribution losses, and inadequate gas supply to power plants. The commission has also identified the need for increased investment in the sector to address these challenges and improve the overall performance of the power sector.

The power sector's loss is a significant concern for the Nigerian economy, as it has a direct impact on the country's industrial and commercial activities. The sector's performance is also a major determinant of the country's economic growth and development.

In conclusion, the power sector's loss of N108 billion in the first quarter of the year is a significant concern that requires urgent attention. The sector's revenue has been declining steadily over the past few years, and it is essential to address the underlying challenges to improve its performance and contribute to the country's economic growth and development.