NERC debunks Jan. 1 electricity tariffs hike rumours

The Nigerian Electricity Regulatory Commission (NERC) has officially dismissed the widespread rumours of an increase in electricity tariffs effective today, January 1st, 2024. Recall that reports emerged yesterday, that Nigeria’s electricity distribution companies (DisCos) are reportedly planning to hike electricity tariffs nationwide with effect from today, January 1. According to the report, “All has been perfected for the new tariff to take effect from the first of January, 2024”. Spokesperson of NERC, Usman Abba, categorically denied any approval for such a tariff hike, emphasising that the electricity tariff order currently…

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NERC launches app to monitor electricity tariff

The Nigeria Electricity Regulatory Commission, (NERC), has launched an app that aims to monitor the compliance of Electricity Distribution Companies (DisCos) with regulated tariffs. During the launch of the Power Outage Reporting System (PORS) App in Abuja, the chairman of NERC, Sanusi Garba, announced that the Abuja Electricity Distribution Company would serve as a pilot project for the app. He said that the app was designed for cross-working data for the purpose of Supply Based Tariff (SBT). “This particular app we are launching today is supposed to assist the commission…

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‘Electricity tariff hike will worsen misery for Nigerians’ – ICAN warns

The Institution of Chartered Accountants of Nigeria, (ICAN), has warned that a hike in electricity tariff would further worsen the misery of Nigerians, especially Small and Medium Enterprises. President of ICAN, Dr. Innocent Okwuosa, made this known in a recent statement. Recall that the Nigerian Electricity Regulatory Commission, (NERC), had said eleven electricity distribution companies had written a letter to the government requesting tariff reviews. Okwuosa said any move to increase electricity tariff will hurt businesses and Nigerians directly. He advised President Bola Ahmed Tinubu’s Federal Government to stall any proposal…

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Senate seeks suspension of the proposed electricity tariff hike

Nigerian Senate yesterday, urged the Nigerian Electricity Regulatory Commission (NERC) and the 11 Electricity Distribution Companies (DisCos) to halt their proposed tariff increase and “allow Nigerians to breathe”. The Senate’s resolutions, which were sequel to a Motion, titled: “Need to halt the proposed increase in electricity tariff by eleven successor electricity distribution companies, DISCOs”, sponsored by Senator Yunus Akintunde and two others, called on the Federal Government to intervene and halt the proposed increase in electricity tariff by the DISCOs. It urged the Nigerian Electricity Regulatory Commission, (NERC) to decentralize…

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“Stop DisCos’ plans to increase electricity tariffs” – OPC urges Tinubu

The Oodua People’s Congress (OPC) has urged President Bola Tinubu to stop the proposed increase in electricity tariffs by the Distribution Companies (DISCOs). The OPC President, Wasiu Afolabi, made the call in an issued statement signed by its General-Secretary, Bunmi Fasehun, in Lagos, yesterday. Recall that the Federal Government last Friday disclosed that 11 successor electricity companies have applied for a review of their respective electricity tariffs. According to the Nigeria Electricity Regulatory Commission, (NERC), the rate review is to incorporate changes in macroeconomic parameters and other factors affecting the…

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Electricity Tariff Hike looms, as Discos apply for rate review

Eleven successor electricity distribution companies (DisCos) have applied for a review of their respective electricity tariffs, the Federal Government has disclosed. Disclosing this through a notice published by the Nigeria Electricity Regulatory Commission (NERC) yesterday, the Federal Government said the request for rate review is premised on the need to incorporate changes in macroeconomic parameters and other factors affecting the quality of service, operations and sustainability of the companies. In the notice, the NERC stated that DisCos request for rate review is in pursuant to Section 116 (1) and 2(a&b)…

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‘Nigerians may pay N10, 000 for 100 units of electricity if tariffs rise’ – Expert

As apprehension over the anticipated 40 per cent increase in electricity tariff persists, the Chief Executive Officer of PowerCap Limited, Abiodun Ogunleye, has projected that consumers may be paying as high as N10, 000 to vend for 100 units of electricity if the tariff eventually rises. Ogunleye made the projection in Lagos during a press conference heralding the 2023 PowerSolution Conference slated to hold in Lagos between July 19 and 20, 2023, with the theme: “Sustainable Resolution of the Gaps in the Power Sector”. According to Ogunleye, who possesses over…

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Electricity Tariff Hike: As NERC, DisCos play hide and seek, Nigerians in panic bulk-energy buying

Confusing signals emanating from electricity distribution companies (DisCos) in the country and the Nigerian Electricity Regulatory Commission (NERC) are keeping electricity consumers on edge. Unsure of the conflicting signals from the regulator and the DisCos., many Nigerians are making panic bulk energy purchases. Recall that on June 22nd, the Abuja Electricity Distribution Company (AEDC) announced that there would be an upward review of the electricity tariff effective July 2023. The tariff increase, the company said, was influenced by the fluctuating exchange rate. The company also encouraged customers with prepaid meter…

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Electricity Tariff: Stakeholders demand suspension of planned increase

…Says businesses collapse imminent Nigerians, including several businesses may experience financial implosion if reports of a proposed 40% electricity tariff increase reflect the percentage being circulated and reported in the media. Stakeholders and other concerned Nigerians have warned of possible socio-economic consequences of such a decision. Recall that earlier, the Director-General of the Manufacturers Association of Nigeria, (MAN), Segun Ajayi-Kadir, had urged the federal government to ensure that at least 90 percent of electricity consumers are metered to enhance consumption reflective electricity bill payment., warning that cost of products produced…

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Electricity: Customers to pay more, as DisCos effect new tariff July 1st

Customers will begin paying more as from July 1st, as Electricity Distribution Companies (DisCos) have announced plans to implement a new tariff. According to the Discos, this is due to fluctuating exchange rates. In an issued statement on Sunday, the Abuja Electricity Distribution Company (AEDC) said that under the Multi-Year Tariff Order, (MYTO) 2022 guidelines, the previously set exchange rate of N441/$1 may now be revised to around N750/$1, affecting electricity consumption tariffs. The new base tariff is expected to be N100 per kWh for customers in Bands-B and C,…

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