Oil revenue remains the dominant source of income for the economy, notwithstanding the structural or physical diversification shown by the rebasing. The estimate of the total GDP of the Nigerian economy moved from US$270 billion to US$510 billion at the 2014 exchange rate. That is the nature of returns on work or efforts that generate output and returns on rent-seeking efforts. That orientation gave way to the rapid but sustainable growth of the rent-seeking economy. Nigerian electricity companies want to charge appropriately without supplying electricity efficiently.

Source: Punch May 20, 2024 08:59 UTC