Nigerian Firms Spend N1.83 Trillion on Diesel in 2 Months

Nigerian businesses reportedly spent approximately N1.83 trillion on diesel within two months, highlighting the ongoing failure of the power sector to deliver reliable electricity. This information was presented in a report titled "Nigeria's Energy Sector Reform: Three-Year Review 2023-2026," which was released by Oy, a former president of the Nigerian Chamber of Commerce and Industry.

President Bola Ahmed Tinubu contended that the report does not accurately reflect the economic realities faced by households and businesses. The report indicates that the Nigerian National Petroleum Company (NNPC) has seen its internal debt rise by 70 percent to about N30.3 trillion, exacerbating operational costs for manufacturers and small businesses reliant on diesel generators.

The report calls for a transparent, data-driven assessment of the energy sector's performance and emphasizes the need for genuine reforms to improve electricity supply and reduce reliance on diesel generation.