Politics
NLC NLC Exposes Masterminds Of Electricity Tariff Increase, Warns Of Action
NLC NLC Exposes Masterminds Of Electricity Tariff Increase, Warns Of Action....KINDLY READ THE FULL STORY HERE▶
In a recent revelation, the Nigeria Labour Congress (NLC) has clarified that neither President Bola Tinubu nor Minister of Power, Adebayo Adelabu, bear responsibility for the staggering 240 percent tariff increase affecting power consumers in the ‘A’ category band. Instead, the NLC’s Head of Information, Benson Upah, disclosed in an interview with Punch, that the driving forces behind this controversial policy are the World Bank and the International Monetary Fund (IMF).
Upah condemned the electricity tariff hike as both cruel and unpopular, emphasizing that by aligning with the directives of the World Bank and IMF, the government should be prepared to face the repercussions of its actions.
He stated, “We have consistently emphasized the insensitivity and unpopularity of this tariff hike. If the government persists in implementing such detrimental policies, it must also accept the consequences. Manufacturers have voiced concerns about the adverse impact on businesses, a sentiment we share. Across the globe, high power tariffs have never fostered manufacturing growth, not even in developed nations.”
Expressing disappointment in the Minister’s endorsement of the policy’s continuation, Upah highlighted the apparent lack of control exhibited by both the Minister and the President. He asserted that the true drivers behind this detrimental policy are the World Bank and IMF, urging leaders to brace themselves for the repercussions.
In a parallel development, the Federal Government led by Bola Tinubu has hinted at further electricity tariff increases. Minister of Power, Adebayo Adelabu, disclosed this during a press briefing in Abuja, stating that the recent tariff adjustment by the Nigerian Electricity Regulatory Commission (NERC) for Band A customers is part of a gradual phase-out of electricity subsidies in the nation.
Adelabu emphasized the government’s intention to eliminate all subsidies in the power sector to foster investment opportunities. He revealed that previously, the federal government subsidized 67 percent of electricity costs, depicting Nigeria’s transition from a subsidy-driven pricing model to a regime that encourages sustainable investment.
As Nigerians brace for potential future tariff hikes, the discourse surrounding electricity pricing policies remains at the forefront, prompting a critical examination of their implications on businesses and the economy at large.
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Source: Bushradiogist
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