4.6 C
New York
Thursday, March 28, 2024

Nigerian Government To Sell Five Electricity Companies to Fund 2023 Budget

Date:

Share post:

The Nigerian government plans to sell some of the country’s power generation companies six months after announcing the restructuring of power distribution companies and the privatization of five power projects.

The government has said the sale will take place in the first quarter of 2023 and the proceeds will be used to fund the 2023 budget, Bloomberg reported on Thursday.

Nigeria

President Muhammadu Buhari presented a record budget of N20.5 trillion this coming October, with N10.78 trillion without revenue support, leaving a budget deficit of 4.8% of GDP.

Also, read; Angolan Top Court To Seize Isabel Dos Santos Assets Worth Millions Of Dollars

Gencos’ power generation businesses for sale are Geregu Power Station, a 562 MW facility located in Calabar, Cross River State, and Oloronsogo Power Station.

Alex Okoh, general manager of the Office of Public Companies, told Bloomberg on Thursday that bidding for the companies will begin this month and end in late March.

The plants are among the energy projects selected for privatization in July.

Nigerian Government To Sell Five Electricity Companies to Fund 2023 Budget

Since the government handed over power in 2013, private companies have struggled to provide electricity.

Nigeria’s power system remained largely inoperative, producing and distributing an average of 4,000 megawatts to around 200 million people.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Related articles

Houston Man Sentenced for Impersonating Bishop and Deceiving 10 Women Into Marrying Him

In a startling case of deception, Houston resident Orlando Coleman, 51, has been sentenced to prison for orchestrating...

Chinese Man Sentenced to Death for Girlfriend’s Murder in Nigeria

In a landmark ruling, a Nigerian court has sentenced a Chinese national, Frank Geng-Quangrong, to death for the...

Binance Executive Escapes Custody Amid Cryptocurrency Crackdown in Nigeria

In a dramatic turn of events, an executive of cryptocurrency exchange Binance has managed to escape custody in...

Tanzania and Rwanda Forge Closer Ties with New Border Point

Tanzania and Rwanda are set to enhance their trade and diplomatic relations with the opening of a new...