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Electricity Tariff Set To Rise As Nigerian Government Clears Hurdle, Allocates N1.6tn For Subsidies In 2024
Electricity Tariff Set To Rise As Nigerian Government Clears Hurdle, Allocates N1.6tn For Subsidies In 2024....KINDLY READ THE FULL STORY HERE▶
The Nigerian Electricity Regulatory Commission (NERC), acting on behalf of the federal government, has given its approval for an upward adjustment in the cost-reflective tariff for electricity distribution companies in Nigeria. This decision, outlined in the Multi-Year Tariff Order (MYTO) for Distribution Companies (DisCos) released on the official NERC website, is set to take effect from January 1, 2024……...CONTINUE READING
According to NERC, the new tariff structure is necessary as the government plans to allocate N1.6 trillion in subsidies for electricity in 2024. Chairman of NERC, Sanusi Garba, clarified to reporters in Abuja that the federal government intends to disburse 30 billion monthly, totaling N1.6 trillion, to subsidize electricity costs throughout the year.
Under the new arrangement, for a hypothetical N150 electricity bill, the government will cover N90, leaving consumers responsible for the remaining portion. Specific allocations for some electricity distribution companies include N128.92 billion for Enugu Electricity Distribution Company, N223.26 billion for Abuja Electricity Distribution Company, N64.48 billion for Yola Electricity Distribution Company, N140.85 billion for Benin Electricity Distribution Company, N199.841 billion for Ibadan Electricity Distribution Company, N198.78 billion for Eko Electricity Distribution Company, and N238.201 billion for Ikeja Electricity Distribution.
To mitigate the impact on consumers and avoid sudden rate hikes, NERC announced that monthly adjustments to the electricity tariff would be implemented. Chairman Garba emphasized the need for regular minor tariff reviews to prevent rate shock.
The announcement follows earlier reports of a planned electricity tariff increase on January 1, 2024, which the regulatory body had initially denied. Minister of Power, Adebayo Adelabu, had also underscored the government’s commitment to subsidizing electricity costs, revealing that N700 billion was allocated for this purpose in 2023.
As Nigerians grapple with these changes, they are confronted with an economic landscape marked by soaring headline and food inflation. According to the National Bureau of Statistics, headline and food inflation reached 28.92% and 33.93%, respectively, in December 2023, adding to the challenges faced by the populace.
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Source: Bushradiogist
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