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Financing the 2023 budget: the Nigerian government announces the sale of 5 electricity companies

26/12/2022
Categories: Companies

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Six months after announcing the restructuring of electricity distribution companies and the privatization of five energy projects, the Nigerian government announces its intention to sell certain power generation companies of & electricity in the country.

The government said the funds will be used to finance the 2023 budget and that the sale will take place in the first quarter of 2023. Indeed, Muhammadu Buhari a presented a record budget of 20.5 billion naira in October for next year with 10.78 trillion naira not supported by income. It thus left a budget deficit of 4.8% of GDP. The Geregu power plant, a 562 megawatt facility in Calabar, Cross River State, and the Olorunsogo power plant and Gencos generation companies are for sale.

In reality, power plants are among the energy projects that were preselected to be privatized in July.

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