Nigeria News

Nigeria loses 620MW of electricity in three months

ElectricityNigeria lost a total of 620 megawatts per hour of electricity in three months, between October and December 2012, arising from differences in average electricity generated and average electricity consumed during the period.

Data obtained from the fourth quarter economic report released by the Central Bank of Nigeria, CBN, revealed that the amount lost may be as a result of challenges experienced in the distribution of electricity.

According to the report, the country generated an average of 3,598.5MW/h of electricity in the fourth quarter, while only 2,978.5MW/h of electricity was consumed during the period.

The report noted that electricity generation appreciated by 7.2 per cent to 3,598.5MW/h from 3,358 MW/h generated in the third quarter of 2012.

The improvement in average electricity generation was attributed to the increase in gas supply to the thermal stations and increase in water levels at the hydro stations.

However, average electricity consumption for the fourth quarter of 2012 stood at 2,978.5 MW/h, rising by 1.5 per cent from an average of 2.934.5 MW/h in the third quarter.

The report attributed the development to the increase in power supply due to the improved electricity generation.

The improvement in electricity consumption, notwithstanding, the report noted that federally-collected revenue in the fourth quarter of 2012 stood at N2.414 trillion, dropping by 0.4 and 13.3 per cent below the budget estimate and the level in the preceding quarter, respectively, but an increase of 101.1 per cent above the receipts in the corresponding period of 2011.

Continuing, the report stated, “At N1.824 trillion, oil receipts, which constituted 75.6 per cent of the total, exceeded the budget estimate and receipts in the corresponding period of 2011 by 9.91 and 151.2 per cent, respectively, but declined by 5.8 per cent below the receipts in the preceding quarter.

“The increase in oil receipts relative to the budget estimate was attributed, largely, to the rise in the receipts from petroleum profit tax, royalties and domestic crude oil and gas sales during the period.

“Non-oil receipts, at N589.98 billion (24.4 per cent of the total), was below the budget estimate and receipts in the preceding quarter by 22.8 and 30.3 per cent, respectively.”

The decline in non-oil revenue relative to the preceding quarter’s level, reflected largely the fall in corporate tax, Federal Government independent revenue, as well as customs and excise duties during the review period.

“Federal Government retained revenue for the fourth quarter of 2012 was N821.24 billion, while total expenditure was N1.242 trillion. Thus, the fiscal operations of the Federal Government resulted in an estimated deficit of N420.81 billion or 3.8 per cent of estimated nominal GDP for fourth quarter 2012, compared with the quarterly budgeted deficit and the preceding quarter’s deficit of N284.05 billion and N489.54 billion, respectively.

“Agricultural activities during the review period were dominated by harvesting of cash and root crops. Preparation of land and nurseries for vegetables and pre-planting operations for dry season farming, particularly in the Northern part of the country were also carried out.

“In the livestock sub-sector, farmers were engaged in fattening and other management activities in anticipation of the end of year sales.”

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