Electricity Funding Gap Exceeds N300billion

The 11 electricity Distribution Companies, DisCos, in the country, under the aegis of Association of Nigerian Electricity Distributors, ANED, on Tuesday, July 19, said power sector funding gap from 2013 is now over N300billion.

The group’s spokesman, Barr Sunday Oduntan, who spoke to newsmen in Abuja yesterday, urged the Federal Government to create mechanisms to drive further investments into the sector.

He said a fair Multi Year Tariff Order (MYTO) was meant to cushion the impact but has not been cost reflective until the recent one signed in December last year.

Oduntan said the MYTO 2.1 was then suspended till February this year noting that the privatised companies bore the revenue gap of January when the MYTO was not enforced.

The spokesman also urged the Federal Government to strengthen transmission services by doing a proper concession on managing and investing in the Transmission Company of Nigeria (TCN).