KP receives another Rs3bn in hydropower profits

PESHAWAR: Khyber Pakhtunkhwa has received an additional Rs3 billion from the federal government on account of net electricity profit, KP Finance Minister Taimur Saleem Jhagra said on Saturday.

“The federal government has so far provided Rs11 billion to the province under electricity profit during the ongoing financial year,” he informed. “The KP government will now negotiate on the increase the instalment amount with the federation.”

Jhagra attributed the continuous inflow of net electricity profit to the prudent efforts of the KP government. “Earlier, Rs3 billion was received in December and November, while in October 2020, the provincial government received Rs2 billion,” he added.

According to Jhagra, Chief Minister Mahmood Khan had been making concerted efforts to secure hydropower benefits for the province, while Speaker National Assembly Asad Qaiser, federal ministers Umar Ayub, Pervez Khattak and Faisal Wada also played a key role in this regard.

Article continues after this advertisement

The provincial minister said that discussions would be held to increase the monthly instalments of hydropower profits so that all the royalties for the current financial year are provided to the province and arrears are recovered soon under a comprehensive strategy and mechanism.

According to sources, in the last financial year, the KP government had allocated Rs55 billion in net profit from the federal government in its budget documents, of which the federal government only managed to release Rs15 billion.

Sources said the provincial government had earlier protested against the federal government for delaying the payment of instalment. However, despite facing several financial constraints to complete its developmental projects, the province remained unable to secure its net hydel profit from the centre.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Must Read

FBR makes brand registration mandatory for selling products of various sectors

ISLAMABAD: The federal government has made licensing of brand names mandatory for selling unregistered products in the market. In this regard, the Federal Board of...