N.5bn annual diesel forcast killing to businesses ― Paytv

Nigeria’s alternative cable television, TStv, has cried out over the rising cost of diesel in Nigeria, as a major source of electrical power to her service infrastructure at the headquarters in Abuja.

The Managing Director, TStv Africa Pay TV, Mr Bright Echefu, lamented the poor power supply faced in the country and urged the Federal Government to improve on it and save businesses in the nation.

Echefu lamented through his Facebook handle on Thursday where he noted that he received a request for the usual 68,000 litres of diesel for the headquarters and its affiliated offices, which totalled N54.4 million for this March alone.

“TStv headquarters alone runs 24 hours on generators since July 2021. It consumes 45,000 litres monthly and that is no joke.

“If this issue is not resolved by government, it means TSTV should be prepared to look for N489 million to power its generators for the next 9 months,” he said.

The Pay TV boss explained that the company bought 769,300 litres of diesel and spent a total of N232 million from January to December 2021 for its headquarters and affiliate offices across the country.

He also explained that the diesel used in the TStv headquarters had risen from N14 million monthly as at 2021 to N36 million monthly in 2022.

“In January 2022, the N17 million monthly rose to 24m monthly. I cried. This March, I am so pained that diesel for TSTV headquarters operation alone has climbed to N36 million for the same 45,000 litres we buy at 14m in October 2021.

“As a company, it was never convenient spending 17m monthly on power in Abuja HQ of TSTV alone.

“From our finance records, TSTV bought 769,300 litres of diesel and spent spent a total of N232 million from January 2021 to December 2021 for TSTV headquarters and its affiliate offices.

“There are several months we have relied on generators to run our 24 hour operations. In most part of 2021, we spent between N12 million and N14 million monthly on diesel.”

He, however, informed that the actual need of TSTV monthly was 68,000 litres and this covers other offices of TStv and affiliated businesses across Nigeria.

He said he received a request for the usual 68,000 litres of diesel for the headquarters and its affiliated offices, which costed N54.4 million for this March alone.

“TStv headquarters alone runs 24 hours on generators since July 2021. It consumes 45,000 litres monthly and that is no joke.

“Yesterday, I received a request for the usual 68,000 litres of diesel for TSTV headquarters and other offices of affiliated companies and guess what the cost will be, N54.4 million for March 2022 alone.

“Imagine N54.4 million for the month of March alone. N54.4 million is 23 per cent of our total spending on diesel in 2021.

“How can N14 million monthly that we spent in most of last year for diesel climb to N54.4 million monthly? He queried tasking the federal government to ensure steady power to make Nigerian businesses survive.