NESI: FG earns N393billion revenue in 2022 first-half, highest in eight years

The Federal Government (FG) on Tuesday said it earned N393 billion from the Nigeria Electricity Supply Industry (NESI) In the first-half of 2022, its highest revenue in 8 years.

This was even as NESI, through the National Council on Privatisation and Bureau of Public Enterprise (BPE), netted N130billion from privatisation of the Afam Power Plants, the Yola Electricity Distribution Company, and the restructuring of the Aba Integrated Power Project.

The Minister of Power, Engr. Abubakar Aliyu made the disclosure at the 11th edition of PMB Scorecard 2015-2023 in Abuja.

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According to him, in 2021, the Q2 record growth rate of 5% by the Nigerian Economy had a large contribution from the power sector with a 78% Year-on-Year growth largely driven by liquidity reforms.

The minister while giving a brief on the sector’s achievements in eight years, disclosed that it completed over 105 Power transformers projects between 2015 and 2022.

He said the projects added a capacity of 6,216MWs to the grid, with 73 of the power transformers installed by TCN engineers in substations across the nation.

Similarly, he said it has begun to take delivery of critical equipment under the Siemens Presidential Power Initiative (PPI).

“You may recall that accelerated orders were placed for 10 Power Transformers and 10 Mobile Substations, with a delivery schedule beginning Sep’22,” he said.

So far, he said six of the 10 power transformers have already arrived Nigeria, adding “we have started installation in various locations while the remaining 4 are expected in Dec’22 and Jan’23.”

He further noted that the Mobile Substations are expected from Jan’23 through to Apr’23.

While also speaking on the National Mass Metering Program, he unfolded plans for an additional six million meters under the second and third phases of the program set to commence in the 1st quarter and 2nd quarters of 2023.

His words: “We have executed the most successful metering program post privatization with 1 million meters rolled out in the first phase of the National Mass Metering Program.”

He said the first phase generated 10,000 jobs in installation and assembly even as he noted that over 20,000 additional jobs would be generated in the second phase.

Aliyu also disclosed plans to establish a Meter Service Fund which will allow for continuous metering in the NESI.