The Nigerian Electricity Regulatory Commission (NERC) on Wednesday announced an instant upward review of electricity tariffs from Wednesday, April 3.
This was announced by NERC Vice Chairman Musiliu Oseni during a press conference in Abuja.
According to Oseni, only Band A customers who represent 15 percent of the population but receive an average daily electricity supply of 20 hours or more would be subjected to the new rates.
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.”
In NERC’s January report, it was revealed that the Federal Government would spend up to N1.6 trillion in 2024 to subsidize electricity.
