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Monday, April 15, 2024

Federal Government Approves Electricity Tariff Increase

The Nigerian Electricity Regulatory Commission (NERC) has given the green light for a hike in electricity rates for consumers classified under Band A. This decision, conveyed by NERC’s Vice Chairman, Musliu Oseni, will see consumers in this category paying N225 per kilowatt hour, a significant increase from the previous N66.

Oseni clarified that Band A customers, constituting 15% of the nation’s 12 million electricity consumers, will be affected by the tariff adjustment. Moreover, due to inadequate electricity supply, some Band A customers have been reassigned to Band B.

In response to concerns, Oseni assured that customers in other bands will not be affected by the rate revision. This move, aimed at drawing investment into the sector, comes amidst efforts by the government to address challenges within the electricity industry.

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