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COVERPOWER & ENERGY

Nigeria’s Electricity Market Loses N330million Revenue Daily

Electricity Workers

An expert power in the nation’s sector and Chief Executive Officer of Kairos Techno-Solutions Ltd, Olajuwon Olaleye, has stated that the comatose state of the Nigerian electricity market, is costing the nation huge sums in daily revenue.

Olaleye disclosed that the sector now records N330 million revenue shortfall daily and N10 billion monthly.

Speaking to Daily Trust on Thursday, November 12, on the backdrop of planned tariff increase by the Distribution companies (Discos) in 2016,  he warned that it is capable of raising the present inflation level which could affect industrialization and the cost of living.

The expert said: “The market is going through a comatose phase because the people at the helm of affairs are failing to do or choosing not to do the right thing.

“Hence each day that passes the market loses roughly N330 million. Yes, and this sums up to about N10 billion market shortfall monthly and N120 billion annually,” Olaleye said.

 

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