Monday, June 17, 2024

Nigerian FG Increases Electricity Tariff By 50%

Nigerian Electricity Regulatory Commission (NERC) has enforced a new Multi Year Tariff Order (MYTO), increasing electricity bill by over 50 per cent across the country.

A revised MYTO and minimum remittance threshold payable by the Distribution Companies and signed by NERC Chairman, Sanusi Garba empowers the 11 DisCos to increase tariff by 50 per cent citing prevailing economic realities, especially inflation and exchange rate.

The document dated December 30, 2020 overruled the previous Order NERC/2028/2020.

Labour unions and the Federal Government had been at loggerhead following increase in the pump price of premium motor spirit as well as the increase in electricity tariff.

After series of outrage and outright rejection by consumers who cited poor power supply and the impacts of Covid-19, DisCos had in October last year started the implementation of a service-based reflective tariff (SRT) structure after backing by an approval from President Muhammadu Buhari.

In the new order, tagged NERC/225/2020, NERC based its decision by current inflation of 14.9 per cent N379.4/$1 exchange rate.

All classes of consumers, except those who enjoy a few hours of power supply would pay more for electricity until June this year.

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