April 3, 2024
The Nigerian Electricity Regulatory Commission (NERC) has ordered instant review of increases in tariffs from Wednesday, April 3.
This was announced by NERC Vice Chairman Musiliu Oseni on Wednesday during a press conference in Abuja.
According to Oseni, only customers who represent 15 percent of the population but use 40% of the country’s electricity would be subjected to the new rates.
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.”
Details shortly…
