By Etuka Sunday
The Federal Government has reduced the N1,891billion accumulated electricity tariff shortfall to N247 billion with the pledge to eliminate it by December 2022.
This was disclosed at a one-day media workshop organised by the Nigerian Electricity Regulatory Commission (NERC), in collaboration with the Power Sector Recovery Operation (PSRO) Secretariat on Wednesday, April 20, 2022 in Abuja.
FG’s plans to bridge the tariff shortfall was part of its financial interventions for the power sector under the Power Sector Recovery Programme (PSRP).
The PSRP is a comprehensive response to Nigeria’s power challenges. It includes a set of measures to ensure that a minimum of 4,500MW/hour of electricity is supplied to the distribution grid from 2022.
Although this has not been achieved yet as the grid is standing below 4000MW because of the persistent system collapses being experienced in the country, but there is high hope that it could be achieved.
Speaking at the occasion, the NERC’s Chairman, Engr. Sanusi Garba said, the federal government was committed to ensuring an efficient electric power supply industry that would guarantee Nigerians adequate, reliable and affordable electricity.
Engr. Garba said, “the Federal Government initiated the PSRP with the support of the World Bank to achieve the goal of Nigerians having access to adequate, reliable and affordable electricity in Nigeria.”
“Notwithstanding the electric power supply industry is now private sector driven, its relevance to economic growth and industrial development will require strategic government interventions.
“At this developmental stage, the industry’s challenges require that hands be on the deck to achieve an efficient and effective electric power supply industry that we desire for our economic development,” Garba said.
He explained the objectives of PSRP to include: the power sector’s financial viability, improve electricity supply reliability to meet the growing demand, strengthen the sector’s institutional framework, implement policies that promote and encourage investors’ confidence, and institutionalise a contract-based electricity industry.
According to him, “one of the policy interventions of the Federal Government is the National Mass Metering Programme (NMMP). About one million meters were installed at Phase zero of the NMMP.
“Phase one of the NMMP, which envisages the installation of four million meters, will start as soon as the procurement process is concluded.
“In addition, Distribution Companies have submitted Performance Improvement Plans to NERC which commits them to certain minimum service delivery levels and progressive improvement in service quality and standards”.
The event witnessed a presentation on the PSRP, which outlined the programme objectives, plans, and the milestones achieved so far in its implementation.
A significant part of the event is the launch of the PSRP website- www.psrp.org.ng where the public, including the media, can get the latest update on the PSRP implementation.
The website and social media handles would be managed by the PSRO Secretariat.
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