The Nigerian Electricity Regulatory Commission (NERC) has said it received more money in 2017 than it did in 2016 from power sector investors who sought for regulatory permits or renew the licenses they held in Nigeria’s power market.
According to NERC, it received in 2017, N538.219 million from investors as payments for new permits and renewal of permits, as against N382.708 million it got in 2016. This represented an increase of N155.511 million or 40.6 per cent.
These figures were contained in latest audited financial statement of the Commission for the year 2017, signed by three Commissioners of the NERC Sanusi Garba, who is the Vice Chairman of NERC, Dafe Akpeneye, Commissioner for Legal, Licensing and Enforcement, and Nathan Shatti, Commissioner for Finance and Management Services, posted its webpage.
NERC equally noted that it recorded an increase in the amount of money accruable to it from the total revenue of the country’s electricity market, from N8.078 billion in 2016, to N8.661 billion in 2017.
According to it, it is statutorily entitled to 1.5 per cent of tariff charges per kilowatt hour (kWh) from power generation companies (GenCos) and another 1.5 per cent of licensee’s charges per kWh net of the cost of generation and transmission of electricity.
Another revenue source which the NERC accounted for in its annual financial statement was a N45.750 million grant it got from the MacArthur Foundation, in support of its efforts to improve accountability and public knowledge of the power sector
FEDERAL EXECUTIVE COUNCIL BRIEFING FEC
Minister of Finance Mrs Kemi Adeosun Minister of Information Culture and National Orientation Alhaji Lai Muhammed Minister of Mines and Solid Minerals Development Dr Kayode Fayemi and Minister of Power Works and Housing Mr Babatunde Raji Fashola during the Federal Executive Council briefing held at the Presidential Villa on Wednesday 31st January 2018