Electricity
Power tariff hike. The Federal government stated on Thursday that 11 Nigerian power distribution companies have requested for a review of their respective electricity prices in order to integrate changes in the country’s macroeconomic fundamentals.
This was revealed in a notice issued by the Nigeria Electricity Regulatory Commission. It was also noted that the Discos’ grounds for the rate review were based on aspects affecting the firms’ quality of service, operations, and sustainability.
The NERC claimed in the notification acquired by our correspondent in Abuja that the power firms’ proposal for rate review was in accordance with the rules outlined in the Electricity Act 2023.
Remember that several electricity distribution firms indicated in June that there will be a tariff increase that would take effect on July 1, 2023.
The Discos, however, reversed their decision the next day after significant criticism, claiming that the Nigerian Electricity Regulatory Commission had yet to sanction the increase. The development created concern among power users at the time, as many prepaid customers raced to purchase extra electricity units for their meters in anticipation of a likely tariff increase.
However, on July 1, 2023, it was discovered that the Discos did not raise the rate, indicating that they had yet to obtain approval from the electricity sector regulator.
However, the NERC said on Thursday that the electricity companies had requested for a review of their separate tariffs, though it was referred to as an application for rate review.