The office of President Muhammadu Buhari proposes to spend ₦46 million to fuel generators this year, according to the 2019 budget.
The budget showed that 1,358 intended expenses are generator-related. In Nigeria, it has been discovered that residents spend $12 billion (₦4.332 trillion) yearly just to fuel generator in household and business premises.
As the most important office in Nigeria, that total fee for fuel generators at Buhari's place is understandable
Based on a survey conducted by a top polling agency called NOI Polls, households who use electric grid had a power supply for 9.2 hours daily in the first six months of 2019.
As presented here on Naijauto, part of the survey report says,
"To keep out the darkness, households own and operate an estimated 22 million small gasoline generators, whose combined generating capacity is eight times higher than on-grid supply, according to a June 2019 presentation by Dalberg, a global policy and advisory firm. Businesses and individuals spend about $12 billion a year, twice the country’s annual infrastructure budget, fueling these generators."
Nigerians spend $12 billion (₦4.3 trillion) yearly just to fuel generator in household and business premises
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The International Monetary Fund has singled out the absence of electricity and unstable power supply as the major constraints faced by businesses in Nigeria. This inadequacy brings about a yearly economic loss estimated at $29 billion (₦10.469 trillion)
Similarly, a survey conducted by the World Bank in 2014 noted that 27 percent of Nigerian companies inferred that electricity is the primary hindrance to running a business in Nigeria.
World Bank quoted that,
"power outages and deficient power infrastructure in Sub-Saharan Africa had a measurable negative impact on economic growth over the period of 1995−2007."
Everyone knows the importance of electricity in the running and expansion of a business. When the expenses on electricity get high, it will affect the running cost of a business and bring about low competition.
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