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N3.2tn electricity subsidy needed to reverse tariff hike – NERC
The Nigerian Electricity Regulatory Commission, NERC has stated that the federal government must allocate N3.2 trillion in subsidies in 2024 to counteract the recent increase in electricity tariffs.
The Chairman of NERC, Sanusi Garba, conveyed this during a meeting with the House of Representatives Committee on Power in Abuja.
On April 3, 2024, NERC announced a nearly 245 per cent electricity tariff hike for Band A customers, triggering widespread criticism from various stakeholders.
Garba defended the tariff hike, citing the need to enhance investment in the sector and improve power supply.
He warned that without significant sectoral reforms, including addressing foreign exchange fluctuations, Nigeria’s power supply would remain problematic.
Garba highlighted that prior to the tariff revision, distribution companies were only required to pay 10 per cent of their energy invoice, leading to liquidity challenges in the sector.
He also noted that between January 2020 and January 2023, electricity tariffs rose from 55 per
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