The Nigerian Electricity Regulatory Commission (NERC) has ordered an immediate upward review of electricity tariffs in the country from Wednesday 3 April.
The NERC Vice Chairman, Musiliu Oseni, disclosed this while speaking at a press conference in Abuja on Wednesday.
Mr Oseni said 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.
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In January, it was stated that the Nigerian government would pay as much as N1.6 trillion to subsidise electricity in the year 2024.
Unveiling a new electricity tariff plan payable by electricity consumers in the country at the time, the Chairperson of the NERC, Sanusi Garba, said the order states appropriate tariffs that consumers should pay for investors to recover their operating costs.
Mr Garba further stated that the order contains the federal 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,” Mr Garba said.
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