There appears to be no end sight to the woes of the power sector with economic experts expressing concerns over a whooping N836.08 billion owed to Deposit Money Banks (DMBs) by power generation and distribution companies.
According to a report by CSL Stockbrokers Limited, Lagos (CSLS) titled; “The continued rise of bank loans to power sector”, obtained by Daily Sun over the weekend, power generation firms and independent power producers owed banks an estimated N562.19 billion while power transmission and distribution firms are indebted to the tune of N273.89 billion.
This means that power sector loans to banks stood at about N836.08 billion as at the end of June 2022.
Privatised in 2013, the Nigerian electricity sector has failed to live up to consumers’ initial optimism; that the country would build nothing less than 40,000 megawatts of electricity.
But rather than achieve the ambitious milestone, official bottlenecks have continued to leave the sector stunted at about 3,000 megawatts; on the average, hobbled by incessant system collapse.