• Latest
  • Trending
  • All
Electricity Workers Suspend Strike, Gives Deadlines

NERC reveals Condition to Reverse Electricity Tariff Hike

‘We have recovered reasonable amount’ – EFCC gives update on N1.3trn CBEX crypto fraud

‘We have recovered reasonable amount’ – EFCC gives update on N1.3trn CBEX crypto fraud

Daura v U.B.N PLC: Landmark Supreme Court Decision on ‘Estate and Debt’ Responsibilities after Death

Daura v U.B.N PLC: Landmark Supreme Court Decision on ‘Estate and Debt’ Responsibilities after Death

PROHIBITION OF RIBĀ (INTEREST-BASED TRANSACTIONS) IN ISLAMIC FINANCE: CONCEPT AND SIGNIFICANCE

PROHIBITION OF RIBĀ (INTEREST-BASED TRANSACTIONS) IN ISLAMIC FINANCE: CONCEPT AND SIGNIFICANCE

Hajj 2025: Saudi Arabia deports Sheikh Gumi back to Nigeria

Hajj 2025: Saudi Arabia deports Sheikh Gumi back to Nigeria

JUST IN: Wike seals PDP National Secretariat in Abuja

JUST IN: Wike seals PDP National Secretariat in Abuja

JAMB Announces Date to release UTME Result for resit Candidates

99% Scores Below 200 in Resit UTME – JAMB

2023: Yoruba Elders Decide On Tinubu’s Presidency Ambition

Breaking: APC Governors endorse Tinubu as 2027 Sole Presidential Candidate

Peter Obi attends Pope’s inauguration in Rome to beg Tinubu over Fidelity Bank’s N225bn Debt Crisis – Report

Peter Obi debunk meeting Tinubu in Rome over alleged N225bn Fidelity Bank debt

FULL LIST: Dangote Refinery slashes Petrol Prices across Nigeria

FULL LIST: Dangote Refinery slashes Petrol Prices across Nigeria

Court stops Senate disciplinary action against Natasha Akpoti

Akpabio, Yahaya Bello to testify as Nigerian Govt files Criminal Charges Against Natasha

Canada, France, UK Impose Sanctions on Israel over Gaza war

Canada, France, UK Impose Sanctions on Israel over Gaza war

Peter Obi attends Pope’s inauguration in Rome to beg Tinubu over Fidelity Bank’s N225bn Debt Crisis – Report

Peter Obi attends Pope’s inauguration in Rome to beg Tinubu over Fidelity Bank’s N225bn Debt Crisis – Report

  • About Us
  • Advertise with Us
  • Editorial Policy
Sunday, June 1, 2025
  • Login
iDeemlawful
  • Home
  • News
  • Featured
  • Politics
  • Life Style
  • Advertise with Us
  • Opinion
  • Campus
No Result
View All Result
iDeemlawful
No Result
View All Result
No Result
View All Result
iDeemlawful
  • Home
  • News
  • Featured
  • Politics
  • Commentary
  • Editorial
  • Campus
Home Business News

NERC reveals Condition to Reverse Electricity Tariff Hike

by iDeemlawful
April 18, 2024
A A
Electricity Workers Suspend Strike, Gives Deadlines
FacebookTwitterWhatsapp

The Chairman of the Nigeria Electricity Regulatory Commission, Sanusi Garba, on Thursday, said the Federal Government of Nigeria will need about N3.2trn in 2024 to reverse the recent hike in electricity tariff.

He added that if a total sectoral overhauling was not carried out, including fluctuation in foreign exchange, power supply in Nigeria would continue to pose a challenge.

Speaking in Abuja at a stakeholders meeting convened by the House of Representatives Committee on Power, Garba said that current investment in the sector, though commendable, was not good enough to guarantee a steady power supply across the country.

RelatedPosts

Akpabio, Yahaya Bello to testify as Nigerian Govt files Criminal Charges Against Natasha

Nigerian Government Announces Public Holidays For Easter

Nigerian Government Declares Public Holidays For Eid-ul-fitr Celebration

Nigerian Government approves 80% Dialysis Subsidy for Kidney Patients

He explained that before the recent review in tariff, distribution companies were only obligated to pay 10 per cent of their energy invoice, adding that the lack of cash backing is creating a liquidity challenge in the sector.

He further explained that between January 2020 and January 2023, the electricity tariff increased from 55 per cent to 94 per cent adding that “the unification of forex and current inflationary pressures are pushing cost reflective tariff to N184/kwh

He said, “If sitting back and doing nothing is the way to go, it would mean that the National Assembly and the Executive would have to provide about N3.2 trillion to pay for subsidy in 2024.”

Garba also said that only N185 billion of the N645 billion subsidy in 2023 has been cash-backed, leaving a funding gap of N459. 5 billion.

Vice Chairman of NERC, Musiliu Oseni, who also justified the recent increase in tariff said the increment was needed to save the sector from total shutdown

Chairman of the House Committee on Power, Victor Nwokolo (PDP, Delta) said the essence of the meeting was to address the recent increase in tariff and the various bands to which electricity consumers were recently categorized.

The lawmaker said the officials of NERC and DISCOS have given the committee useful Information, saying, “We have not concluded with them because the Transmission Company of Nigeria was not here and the generation companies too.

“We will hold further consultations with them by next week. But what they have said, which is true, is that without the change in tariff, which was due in 2022, the industry lacks the capital to bring the needed change.

“Of course, with the population explosion in Nigeria, the areas being covered are beyond what they estimated in the past and because they need to expand their network, they also need more money.

“Every day, there are changes to the exchange rate and there are also threats to power installations because of security, thereby increasing the overhead.

“The committee has not fully agreed with them because we are not saying either yes or no because we want to get more input and also find out the possibility of gas being sold to them in naira. More of this is dependent on generation and without the gas, you cannot have power.

“The committee cannot take any decision to stop the increase in tariff. That decision can only be taken by the entire House and not at the committee level. There must be a House resolution to stop it,” he said.

Tags: Nigeria Government
Previous Post

FCCPC seals Abuja supermarket over unfair Pricing, reveals next line of action

Next Post

Naira Depreciates Further at Parallel Market

iDeemlawful

iDeemlawful

Related Posts

Hajj 2025: Saudi Arabia deports Sheikh Gumi back to Nigeria
Featured

Hajj 2025: Saudi Arabia deports Sheikh Gumi back to Nigeria

FULL LIST: Dangote Refinery slashes Petrol Prices across Nigeria
Business News

FULL LIST: Dangote Refinery slashes Petrol Prices across Nigeria

Court stops Senate disciplinary action against Natasha Akpoti
Featured

Akpabio, Yahaya Bello to testify as Nigerian Govt files Criminal Charges Against Natasha

Peter Obi attends Pope’s inauguration in Rome to beg Tinubu over Fidelity Bank’s N225bn Debt Crisis – Report
Featured

Peter Obi attends Pope’s inauguration in Rome to beg Tinubu over Fidelity Bank’s N225bn Debt Crisis – Report

Nigerian Senate denies viral kiss video says not one of Them
Featured

How National Assembly Illegally inserts projects worth N6.93trn into 2025 budget – Report

Nigeria Pays Back all N2.59trn IMF Debt
Business News

Nigeria Pays Back all N2.59trn IMF Debt

JUST-IN: Social Activist VeryDarkMan Arrested by EFCC
Breaking News

EFCC releases VeryDarkMan on Bail

Catholic Bishops Reply Trump Over AI-Generated Pope Image
Featured

Catholic Bishops Reply Trump Over AI-Generated Pope Image

FCCPC Replies  Meta’s threat to Quit Nigeria over ₦220 Million Fine
Business News

FCCPC Replies Meta’s threat to Quit Nigeria over ₦220 Million Fine

NNPC reduces NMDPRA fee Per-Litre petrol in New Pricing Template
Business News

$3bn Refinery Fraud: N80bn found in sacked MD’s Bank Accounts

Load More

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

iDeemlawful

Copyright © 2019–2025 Deemlawful Media

  • About Us
  • Advertise with Us
  • Editorial Policy

Connect With Us

No Result
View All Result
  • Home
  • News
  • Featured
  • Politics
  • Life Style
  • Advertise with Us
  • Opinion
  • Campus

Copyright © 2019–2025 Deemlawful Media

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In