Join/Login and make your voice heard Connect With Other Naijatipsland Members

Expect Another Electricity Tariff Hike Within Months – Presidential Aide

The Special Adviser to President Bola Tinubu on Energy, Olu Verheijen, says Nigeria’s electricity tariff will increase within months.

She stated this at the Africa Heads of State Energy Summit in Dar es Salaam, Tanzania.

Recall that on April 3, 2024, the Federal Government approved a threefold increase in electricity tariff for customers under the Band A classification.

According to the presidential aide, Nigeria’s power prices need to rise by about two-thirds (66 percent) for many customers to reflect the actual cost of supplying electricity.

She also stressed that higher electricity tariffs must be balanced with subsidies for less-affluent consumers, as they are necessary to fund maintenance, improve reliability, and attract private investors into power generation and transmission.

The presidential aide said Nigeria is trying to resolve the transition to a cost-efficient but cost-reflective tariff to attract private investors.

“One of the key challenges we’re looking to resolve over the next few months is transitioning to a cost-efficient but cost-reflective tariff.

“So the sector generates revenue required to attract private capital, while also protecting the poor and vulnerable,” Verheijen said.

She also highlighted that Nigeria’s power industry requires significant investment to meet its development goals.

0 0 votes
Article Rating
Subscribe
Notify of

This site uses Akismet to reduce spam. Learn how your comment data is processed.

0 Comments
Newest
Oldest Most Voted
Inline Feedbacks
View all comments
0
Would love your thoughts, please comment.x
()
x
Nigeria's Fast-Growing Online Forum
Logo
Verified by MonsterInsights