Latest
Netizens Express Sh*ck As Minister Of Power Reveals How Much FG Spent On Electricity Subsidy In 2023
Netizens Express Sh*ck As Minister Of Power Reveals How Much FG Spent On Electricity Subsidy In 2023....KINDLY READ THE FULL STORY HERE▶
Written By Oshiobugie John
During his official visit to the Ibadan Electricity Distribution Company (IBEDC) Head Office, Minister of Power, Adebayo Adelabu, disclosed that the Federal Government has expended approximately N700 billion to subsidize electricity. Adelabu emphasized that the government’s subsidy continues due to the non-cost-reflective nature of the current tariffs set for DISCOs. CONTINUE READING
He pointed out, “As it is today, the Federal Government still subsidizes electricity because the current tariff DISCOs are allowed to charge is not cost-reflective. This is why the Federal Government spent close to N700 billion in 2023 to subsidise electricity. If tariffs are left at this current rate, it is projected that the government will spend about N1.7 trillion to subsidise electricity. The FG cannot afford that.”
Adelabu clarified that any tariff revision would undergo sensitization and advocacy processes to justify the adjustment. He outlined that the tariff review would be implemented in a “graduated” manner, with higher rates applicable to the high-income segment while providing relief for the vulnerable groups. Furthermore, he emphasized the necessity for improved power supply as a precondition for the tariff review.
“There must be an upward review of the electricity tariff in order to reduce the amount of subsidy required. If we make the tariff 100 per cent cost-reflective, the burden will be too much on our people. We don’t want that. To reduce the burden on our people, it is only a fraction of the tariff review that will be reflected,” he affirmed.
For more information join our WhatsApp group by clicking the link here: WhatsApp Group Invite
Makinde Speaks On Missing Pupils, Reveals Critical Details On Abduction Case
Breaking: US Politician Backs Nigeria’s State Police Bill, Says Tinubu Deserves Recognition
Okocha Earns Special FIFA Honour For Iconic Spain Masterclass At France ’98
Carter Efe Breaks Silence On Wizkid Beef, Reveals Real Reason Behind Insults
VIDEO: Sowore Collapses At Protest Ground, Sparks Panic Among Supporters
Saraki Camp Hit By Major Setback As Kwara PDP Governorship Candidate Defects
Real Recognizes Real: Saliu Mustapha Joins Wike As Tinubu Commissions Landmark Abuja Project(Photos)
Inside The Green Chamber: Full List Of 37 Constitutional Amendment Bills Put To Vote
Power Speaking To Power: Why Oshiomhole Is Demanding Results, Not Excuses
