The Federal Government through the Power Holding Company of Nigeria, PHCN, is fleecing Nigerians of about N3.41 trillion ($19.6 billion) annually through outrageous electricity bills, which is not commensurate with the amount of power supplied to consumers.
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According to investigations by Sweetcrude, PHCN collects about N1.04 trillion annually from households in Nigeria, N2.074 trillion annually from Micro Small and Medium scale Enterprises, MSMEs; N2.86 billion from the 22 federal airports across the country and N3.4 billion from banks and other large scale enterprises.
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However, the amount collected by PHCN from federal and states, parastatals, ministries, Departments and Agencies of government; the 774 local government offices across the country; Police and military formations, state owned airports and almost a hundred airstrips across the country among others could not be obtained.