Nigerian government announces hike in electricity tariffs

The Nigerian government has announced an immediate upward review of electricity tariffs in the country from Wednesday 3 April, 2024, declaring that the new rate will be imposed only on consumers, who represent 15 per cent of the population but consume 40 per cent of the nation’s electricity.

Penpushing reports that Vice Chairman Nigerian Electricity Regulatory Commission (NERC) Musiliu Oseni made this known at a press conference held on Wednesday in Abuja, Federal Capital Territory (FCT), while it is recalled that the commission had, in January, said that the Nigerian government will pay as much as N1.6 trillion to subsidise electricity in the year 2024.

The Chairperson of the Nigerian Electricity Regulatory Commission (NERC) , Sanusi Garba, while unveiling a new electricity tariff plan payable by electricity consumers in the country said the order states appropriate tariffs that consumers should pay for investors to recover their operating costs.

Penpushing further reports that he stated that the order contains the Nigerian government’s policy on ensuring that due to the cost-of-living crisis, consumers will not be made to pay higher than the previous rates.

‘The order seeks that prices charged by DisCos are fair to customers and are sufficient to allow DisCos to fully recover the efficient cost of operation, including a reasonable return on the capital invested in the business in accordance with section 116 of the Electricity Act 2023’, Garba said.

Penpushing also reports that the chairperson added that the tariff order contains the appropriate tariff that DisCos should be charging if they are to remain in business, while noting that the rates are very clear.

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