FILE PHOTO
Two major electricity distribution companies in the country, the Eko Electricity Distribution Company (EKEDC) and Ikeja Electric have secured the approval of the Nigerian Electricity Regulatory Commission (NERC) to spend N215.68 billion in the next five years.
NERC, in a document, maintained that it approved a five-year investment plan for upgrades by the two major firms based on the outcome of tariff review consultations carried out in quarter one (Q1) 2020, specifically February.
The electricity regulatory commission added that it had given approval to Ikeja Electric Plc to invest the sum of N121.92 billion for infrastructure upgrade across its network within a period of five years, while it also approved N93.76 billion for EKEDC to upgrade infrastructure across its network within the same period.
According to the Performance Improvement Plan (PIP) and Extraordinary Tariff Review Application for both DisCos, the purpose was to boost power supply and distribution by the electricity distribution companies to their customers.
NERC added the DisCos PIP and Extraordinary Tariff Review Applications were exposed to public hearings and consultations presided over by three commissioners.
The hearings, it said, were conducted in February 2020, adding that there were in line with the business rules of the commission and the regulations on the procedure for electricity tariff reviews in the Nigerian electricity supply industry.
NERC said the approved CAPEX for Ikeja Electric was N24.38 billion annually from 2021 to 2026, making a total of N121.92 billion, while EKEDC’s approved CAPEX was N18.75 billion annually from 2021 to 2026, which translates to a total sum of N93.76 billion.
YOU SHOULD NOT MISS THESE HEADLINES FROM NIGERIAN TRIBUNE
Former President of Nigeria, Dr Goodluck Ebele Jonathan, has opined that Nigeria is where it is today because of leadership of family and friends, acquaintances rather than ability and capability to deliver.
I Slept With My 12-Yr-Old Daughter Because My Wife Is No Longer Attractive To Me, Man Tells Police
A 49-year-old man, Ubong Akpan, is now in net of the Ogun State Police Command for allegedly having carnal knowledge of his 12-year-old daughter.
Cryptocurrency: Understanding The Craze, Threat
ON Friday, February 6, the Central Bank of Nigeria (CBN) rocked the boat with a circular that inadvertently highlighted how popular cryptocurrency transactions have become among Nigerians in recent years, judging by…
After Two Years, Daddy Freeze Apologises To Bishop Oyedepo
Daddy Freeze whose real name is Ifedayo Olarinde has apologised to Bishop Oyedepo who is the presiding bishop and founder of Living Faith Church aka Winners Chapel…
Hon. Seyi Sowunmi, a Labour Party member of the House of Representatives, has donated operational…
The Federal Government, through the Ministry of Arts, Culture, Tourism, and Creative Economy, has rolled…
Federal Government through the Ministry of Art, Culture, Tourism and Creative Economy has rolled out…
The Independent National Electoral Commission (INEC) has dismissed as fake and speculative a media report…
All Progressive Congress (APC) in Zamfara has raised the alarm of alleged which-hunt of their…
Sokoto Governor, Ahmed Aliyu, has assured workers of his administration’s commitment to investigate and address…
This website uses cookies.