The Nigerian Electricity Regulatory Commission (NERC) has mandated an immediate review of the recent tariff hikes starting from Wednesday, April 3.
NERC Vice Chairman Musiliu Oseni announced this during a press conference in Abuja on Wednesday.
Oseni stated that only customers constituting 15 percent of the population, who consume 40% of the nation’s electricity, would be affected by the new rates.
According to the NERC’s January report, the Federal Government is projected to spend up to N1.6 trillion in 2024 on electricity subsidies.
READ ALSO: Low Power Supply: FG Orders NERC to Revoke Licences of Non- Performing DISCOs
NERC Chairperson Sanusi Garba unveiled a new pricing scheme for electricity that will be implemented nationwide. Garba clarified that the order outlines the tariffs consumers are required to pay to enable investors to recoup their operational costs.
He explained, “The order ensures that the tariffs charged by Distribution Companies (DisCos) are equitable for customers and adequate for DisCos to recover the efficient cost of operations, including a fair return on the capital invested in the business, as per section 116 of the Electricity Act 2023.”
More details to follow…
