President Bola Tinubu’s led government has urged Nigerians to get ready for another increase in electricity tariff.
Speaking with newsmen over the weekend at the Africa Heads of State Energy Summit in Tanzania, Olu Verheijen, a Special Adviser to the President on Energy, said that Nigeria’s electricity cost will increase within months.
She explained that the country’s power prices need to rise by about two-thirds (66 percent) for many customers to reflect the actual cost of supplying electricity.
Mrs. Verheijen, also emphasized that higher electricity tariffs must be balanced with subsidies for less-affluent consumers, as they are necessary to fund maintenance, improve reliability, and attract private investors into power generation and transmission.
She said: “One of the key challenges we’re looking to resolve over the next few months is transitioning to a cost-efficient but cost-reflective tariff.
READ MORE: Electricity Tariff For Band A Users Increased Again From July 1
“So the sector generates revenue required to attract private capital, while also protecting the poor and vulnerable.
“Your energy policies have to be closely linked with your own ambition for your country.
“Our own ambition is to be a $1 trillion economy in five years and to move to an upper-middle income country in 25 years.”
Recall that in April 3, 2024, Federal government approved a threefold increase in electricity tariff for customers under the Band A classification.
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