Power consumers have opposed plans by the Federal Government to raise electricity tariffs by over 66 per cent, from N116.18 to N193.63 per kilowatt-hour.
The Special Adviser to President Bola Tinubu on Energy, Olu Verheijen, recently disclosed that the current power tariffs would rise by about two-thirds.
Verheijen said Nigeria’s power prices need to rise by about two-thirds for many customers in order to reflect the cost of supplying it, adding that an increase should be expected within months.
In an interview with newsmen during the Mission 300 Energy Summit in Dar es Salaam, Tanzania, Verheijen disclosed that higher electricity tariffs, which need to be balanced by subsidies for less-affluent consumers, are required to fund the maintenance necessary to improve reliability and to attract private investors into power generation and transmission.
“Nigeria’s power prices need to rise by about two-thirds for many customers to reflect the cost of supplying it.
“Higher electricity tariffs, which need to be balanced by subsidies for less-affluent consumers, are required to fund the maintenance needed to improve reliability and to attract private investors into power generation and transmission,” Bloomberg quoted Verheijen as having said.
