Tag: Electricity Tariff

Breaking: FG Reduces ElectricityTariff for Band A

6May

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Breaking: FG Reduces ElectricityTariff for Band A

The Federal Government has approved a reduction in electricity tariffs for Band A customers to N206.80/kWh, down from N225/kWh in Nigeria. Band A customers are defined as electricity consumers receiving a minimum of 20 hours of power supply daily. See Also: Power Tariff Hike: FG Discontinues Electricity Subsidy In a notice issued to its customers on Monday, Ikeja Electric announced the tariff adjustment, stating: "Please be informed of the downward tariff review of our Band A feeders from N225/kWh to N206.80/kWh effective May 6, 2024, with guaranteed availability of 20-24hrs supply daily. The tariff for Bands B, C, D, and E remains unchanged." Further details on this development are forthcoming.

Power Tariff Hike: FG Discontinues Electricity Subsidy

The Nigerian Electricity Regulatory Commission (NERC) announced on Wednesday that the Federal Government has removed electricity subsidy. FG had spent about N600 billion during some periods, subsidizing power. According to the Chairman of NERC, Sanusi Garba, the decision to stop the subsidy was a policy issue of the Federal Government aimed at balancing the interests of consumers and investors. Garba explained that running the electricity market on life support was unsustainable, and reducing subsidy was necessary for investors to get their returns on investment. Power He said “the role of the commission is to make a determination of the rates that consumers should pay. So we strike a balance between consumers and investors. Now subsidy is a policy issue determined by the governm...

FG Halts N600 Billion Electricity Subsidy, Confirms Power Tariff Hike

The Nigerian Electricity Regulatory Commission on Wednesday declared that subsidy on power amounting to about N600bn during some period had now been stopped by the Federal Government. Power Minister Abubakar Aliyu It also revealed that electricity tariffs were raised in February this year, and was quick to, however, state that the tariff payable by some customers in the franchise area of one of the distribution companies was reduced. This came as power generation companies condemned the Nigerian Bulk Electricity Trading company, stating that the NBET was failing in its obligations in terms of payment for power generated by the Gencos. Speaking at a press briefing in Abuja on the challenges in the power sector and other issues, the Chairman, NERC, Sanusi Garba, stated that subs...