Nigeria plans nearly 300% Increase in electricity tariffs

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The Nigerian government is reportedly considering a significant increase in electricity tariffs, aiming to attract investment into the sector. According to reports from Bloomberg, unofficial sources suggest that tariffs for urban areas may surge to N200 per kWh, a substantial rise from the current N68. Urban consumers, representing only 15% of the population, reportedly consume about 40% of the nation’s power.

Bayo Onanuga, the Special Adviser to the President on Information and Strategy, confirmed to Bloomberg that the Nigerian Electricity Regulatory Commission (NERC) would soon announce a price increase. However, he stated that the government is currently unable to provide further details on the matter.

This proposed tariff hike reflects the government’s efforts to address challenges in the electricity sector and attract much-needed investment. However, it also raises concerns about the potential impact on consumers, particularly those in urban areas who could face significantly higher electricity bills.

Source: Business Day

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