The National Rural Electrification Agency allocated N193.3 billion for the construction and provision of electricity in 2023, but only N41.7 billion was actually spent, according to recent budget performance data.
Nigeria's power sector, long plagued by inefficiencies and infrastructural challenges, has left over N110 billion from funds released between 2020 and 2022 unused. Data from the Ministry of Budget and Economic Planning reveals that in 2020, N68.6 billion was allocated for capital needs, but only N44.2 billion was utilized by the third quarter. In 2021, N164.3 billion was released, yet only N122.2 billion was spent. By 2022, N75 billion was allocated, with a mere N30.8 billion utilized. Over this three-year period, a total of N110 billion remained unspent.
In 2023, despite a budget of N448.3 billion earmarked for electricity provision and construction, only N35.6 billion was used by the Ministry of Power throughout the year, according to figures from the Open Treasury Portal. Additionally, while N5 billion was budgeted for the rehabilitation and repair of electricity infrastructure, only N676,000 was spent.
These financial shortfalls come amid persistent power grid issues. On October 14, 2024, the national grid collapsed once again, leading to a nationwide blackout. Distribution companies confirmed a lack of electricity supply to their customers, while the Transmission Company of Nigeria (TCN) acknowledged a partial grid disturbance around 6:48 pm that day.
Nigeria's power sector continues to struggle with inadequate infrastructure and recurring grid failures, despite large budget allocations intended to improve the country's electricity supply.
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