Nationwide blackout Hits Nigeria with N3b lost to TCN strike as grid crashes
Yesterday, due to a strike by employees at the Transmission Company of Nigeria (TCN), the national grid lost all power, leaving homes and businesses throughout the whole nation in the dark.
This most recent grid failure—almost the tenth this year—occurs in the midst of rising Premium Motor Spirit (PMS) prices despite the Federal Government's present subsidy of more than N5 trillion and the high cost of diesel, which is already above N800 per litre.
The transmission section, which transports electricity from the producing plants to the distribution segment, is still under government control even though the power sector was privatized nearly eight years ago.
The National Union of Electricity Employees (NUEE) had threatened to halt service by calling for immediate industrial action. yesterday
Nigeria may suffer daily losses of almost N3 billion as a result of the electrical workers' strike. According to earlier information from Nigerian Bulk Electrical Trading (NBET) Plc, the country's electricity bills from the national grid average N60 billion per month, or nearly N720 billion annually. The cost of the strike may average roughly N3 billion per day given the government's ongoing subsidies.