Tag: Electricity Tariff

Proposed 40% Electricity Tariff Hike: “We may relocate to other African countries” – Manufacturers

Aminu Imam

The Manufacturers Association of Nigeria (MAN) has described the proposed 40 percent hike in electricity tariff scheduled to take effect from July 1, 2023, as “simply outrageous”. The MAN also highlighted that the federal government had increased electricity tariff by 186 percent in the past eight years, adding that the “expectation of the manufacturers is that government and the Nigerian Electricity Regulatory Commission (NERC) will ensure improvement in electricity generation, transmission and distribution that will lead to adequate and reliable electricity supply in the country, rather than increasing the tariff…

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Manufacturers warn against planned 40% hike in electricity tariff

Aminu Imam

The Manufacturers Association of Nigeria, (MAN), has warned that the planned hike in the electricity tariff will erode the profit margin of operators in the real sector and reduce their ability to expand operations and create new jobs. MAN noted that manufacturers will ultimately pass on the additional cost to the consumers of their products, leading to increase the cost of the products in the market and complicate the rising inflation rate in the country. Director-General, MAN, Segun Ajayi-Kadir, said this in reaction to recent announcement to increase electricity tariff…

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Planned electricity tariff hike insensitive – NLC

Aminu Imam

The Nigeria Labour Congress (NLC) has kicked against the alleged plan to increase electricity tariff by 40 percent on July 1. The NLC, which stated this in an issued statement yesterday in Abuja by its president, Comrade Joe Ajaero, described the move as insensitive and callous, saying it reflected an organised indifference to the well-being of consumers, especially, the poor ones. The statement read in part: “The inherent risk in the new regime of tariff is that there is no control, implying that by August, consumers will pay new rates.…

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Hard times loom, as electricity tariff set to increase by over 40% from July 1

Aminu Imam

Nigerians may need to brace up for tougher times as electricity tariff is set to increase by over 40 percent from July 1, 2023. This rise follows the unification of the naira, which has led to the depreciation of the naira at the investor and exporter window. Recall that the Central Bank of Nigeria (CBN) recently made an announcement regarding the unification of all segments of Nigeria’s forex market, consolidating all windows into one. According to informed stakeholders, this new system will allow market forces, such as supply and demand,…

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SERAP issues 7 days notice to Buhari to reverse electricity tariff hike or face court action

Aminu Imam

Socio-Economic Rights and Accountability Project (SERAP) has urged President Muhammadu Buhari to “direct the Minister of Power, Goddy Jedy-Agba and the Chairman/CEO, Nigerian Electricity Regulatory Commission (NERC), Professor James Momoh, to immediately reverse the unlawful, unjust and unreasonable increase in electricity tariff, which reportedly occurred in December 2022”. SERAP also urged him to “ensure the investigation of the spending of public funds as ‘investments and bailouts’ by successive governments to electricity distribution companies (DisCos) and generating companies (GenCos) since 2005, and prosecution of cases of corruption and mismanagement”. Following reported…

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Federal Government approves fresh increase in electricity tariff

Aminu Imam

The Nigerian Electricity Regulatory Commission, (NERC), has approved requests by some Electricity Distribution Companies (DisCos) to increase their tariff rates. The new approval took effect from January 1, 2022. However, the new rate is effective from February, 2022. According to the document: “This regulatory instrument shall be cited as Multi-Year Tariff Order (MYTO-2022) for Port Harcourt Electricity Distribution Company Plc, (PHED), NERC based the increase on the Performance Improvement Plans of the DisCos and indices such as gas price, inflation, exchange rate, US inflation rate and available generation capacity. The…

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Electricity: NERC to hike tariff every 6 months over falling value of naira

Aminu Imam

The Nigerian Electricity Regulatory Commission, (NERC) has revealed that electricity tariffs will now be increased every six months to adjust to foreign exchange and inflation requirements. This was disclosed by the NERC Chairman, Sanusi Garba, in Abuja on Wednesday, in response to concerns about rising electricity tariffs in the country. The Commission also added that the grid failure this week as a result of a trip-off caused by the conductor snap, which started from the 330 Kilo-Volt Ampree (KVA) from the Benin axis as well as vandalism of pipelines that…

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Consumers lament over silent increase in electricity tariff amidst fuel scarcity

Aminu Imam

Electricity consumers, on Thursday, kicked against the silent increase in the tariff payable by customers to power distribution companies for electricity consumed. They said it was worrisome that the government was allowing Discos to raise electricity tariffs amid fuel scarcity across the country. Adulterated fuel imported into the country about two weeks ago had led to fuel scarcity and long queues in filling stations across several States. It was gathered that the Nigerian Electricity Regulatory Commission, (NERC), had adjusted the tariffs payable to Discos, as some of the power firms…

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Electricity: Stakeholders question whether DisCos have quietly increased tariffs

Aminu Imam

Some electricity consumers across the country have decried the surreptitious rising cost of electricity reflecting on their bills. An electricity consumer on the Ikeja Electric (IE) platform in Lagos, Tayo Olatoye, obviously seething with anger, said he sent his son to purchase N3, 000 worth of electricity units from an IE vendor last Wednesday. However, upon loading the token, he was shocked at the number of units he got. According to him, “On January 16, I bought 66.6 units of electricity for N3, 000, but to my surprise, last Wednesday,…

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Planned electricity price, fuel hike: A decade after, ‘Occupy Nigeria’ protest set to return

Aminu Imam

An amalgam of civil society groups and political actors have vowed to shut down Nigeria again, as they did nearly ten years ago if the Federal Government goes ahead with its plan to increase fuel and electricity prices in 2022. Recall that in 2012, forces opposed to a fuel price hike by the administration of President Goodluck Jonathan shut the country down for almost two weeks, in an operation codenamed: ‘Occupy Nigeria.’ Leaders of the then protests which crippled the country, as opposition elements, are now senior operatives in the…

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