FG announces plan to increase electricity tariff

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The federal government has announced its plan to increase electricity tariffs in the next few months.

According to the update by Bloomberg, citing Special Adviser to President Bola Tinubu on Energy, Olu Verheijen, less affluent-electricity users would enjoy subsidy when the increase comes on stream.

The report said Verheijen made this known at the Africa Heads of State Energy Summit in Dar es Salaam, Tanzania, where Nigeria presented a $32 billion plan to expand electricity connections by 2030.

The plan to raise tariffs comes amid mounting pressure from Nigeria’s debt-burdened electricity distribution companies for tariffs to be cost-reflective so they can improve their finances.

Recall that last year, the federal government approved a threefold increase in electricity tariff for customers under the Band A classification.

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