FG Announces Upward Adjustment In Electricity Tariffs

In a significant development, the Nigerian Electricity Regulatory Commission (NERC) has decreed an immediate revision in electricity tariffs effective as of Wednesday, April 3.

NERC Vice Chairman, Musiliu Oseni, announced this directive during a press briefing held in Abuja on Wednesday.

Oseni specified that the revised rates would only impact Band A customers, comprising 15 percent of the population, who receive an average daily electricity supply of 20 hours or more.

In NERC’s January report, it was revealed that the Federal Government would spend up to N1.6 trillion in 2024 to subsidize electricity.

The Chairperson of the NERC, Sanusi Garba, revealed a new plan for power rates that customers in the nation would have to pay. Garba stated that the order specifies the proper tariffs that consumers must pay in order for investors to recover their operational expenses.

He said: “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.”

Further details will be provided later.