Between January 1 and March 6, Nigeria’s power sector lost N117.8bn, investigation has shown.
Findings showed that the sector kept losing billions of naira daily, as it lost as much as N2bn daily in some days during the period under review.
It was also gathered that the least amount lost by the sector on a single day during this period was N1.47bn (on February 4, 2020).
Reasons for this huge daily financial losses were the unavailability of gas to fire thermal power plants and the lack of transmission infrastructure.
Others include high frequency issues on the grid caused by the unavailability of distribution infrastructure as well as water management constraint.
An analysis of different reports and data obtained from the Federal Ministry of Power, Transmission Company of Nigeria and the Presidency on Sunday showed that in January, the sector lost about N54.32bn.
The losses continued in February, as the industry lost about N51.15bn, while in the first six days of March, it lost N12.25bn.
The highest single daily loss during the review period was N2.31bn which was recorded on February 27.
A random pick of daily losses by the sector in the first month of the year showed that on January 1, 4, 13, 18, 23 and 30, the country’s electricity industry lost N1.88bn, N2.03bn, N1.64bn, N1.98bn, N1.87bn and N1.77bn respectively.
Also, another random pick in the second month of 2020 revealed that on February 3, 7, 11, 14, 21 and 29, the sector lost N1.61bn, N1.92bn, N1.95bn, N1.96bn, N2.06bn and N2.1bn respectively.
The most recent figures so far released in the sector for the month of March, which were from March 1 to March 6, showed that the industry lost N2.21bn, N2.21bn, N1.97bn, N1.87bn, N1.93bn and N2.16bn respectively during the six-day period.
Further findings showed that large quantum of electricity could not be generated daily due to the constraints posed by gas unavailability, among others.