The Federal Government of Nigeria allocates N450 billion towards power interventions in 2024, as revealed in the budget analysis of the Nigerian Bulk Electricity Trading Company.
The government-owned enterprise outlined a total expenditure of N454.81 billion for the year, encompassing various sectors.
Breaking down the budget, N2.44 billion is allocated for personnel costs, N2.36 billion for other recurrent costs, N580 million for general travel and transport, N15 million for utilities, N110 million for materials and supplies, N210.75 million for general maintenance services, N34 million for other services, N60 million for fuel and lubricants, N40 million for financial charges, N576 million for miscellaneous, and N736.51 million for supplementary overhead.
In a New Year statement, the Lagos Chamber of Commerce and Industry emphasizes the need to attract private sector investment into the transmission segment of the power sector. The chamber believes that involving the private sector would enhance the technical and financial capabilities, contributing to overall economic growth.