BREAKING: FG Increases Electricity Tariff Price for Electricity Consumers - Check Post for More Details

In a significant development, the Nigerian Electricity Regulatory Commission (NERC) has directed an immediate reassessment of tariff hikes, effective from Wednesday, April 3. This crucial decision was communicated by NERC's Vice Chairman, Musiliu Oseni, during a press briefing held in Abuja.

Highlighting the rationale behind the move, Oseni emphasized that only 15 percent of consumers, who reportedly consume 40% of the nation's electricity, would be affected by the revised rates.

This decision comes in the wake of revelations from NERC's January report, which disclosed a staggering projected expenditure of up to N1.6 trillion by the Federal Government to subsidize electricity in 2024.

Sanusi Garba, the Chairperson of NERC, outlined a new framework for determining power tariffs, underscoring the necessity for consumers to bear costs that facilitate investors' operational expenses recovery.

Garba elucidated, "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."

This move underscores the government's commitment to ensuring equitable electricity pricing, balancing the interests of consumers and investors alike.

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