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Increase in inflation and FOREX
NERC in a statement on Tuesday confirmed the adjustment of the electricity tariffs between two naira and four naira, saying it was to reflect the increase in inflation and foreign exchange rates.
According to the statement, the Commission said although tariff increases for Bands D and E (Customers getting power below 12 hours daily) remain ‘frozen’, it, however, admitted that the tariff rates for these classes of customers were also “adjusted’ upwardly.”
The statement said: “In compliance with the provisions of the Electric Power Sector Reform Act (EPSRA) and the nation’s tariff methodology for biannual minor review, the rates for service bands A, B, C, D and E have been adjusted by N2.00 to N4.00 per kilowatt-hour (kW-hr) to reflect the ‘partial’ impact of inflation and movement in foreign exchange rates.
Two months after, NERC silently hikes electricity tariff again peoplesdailyng.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from peoplesdailyng.com Daily Mail and Mail on Sunday newspapers.
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• Increase between N2 and N4 reflecting impact of inflation, forex – Commission
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The Federal Government has again increased the electricity tariff payable by power consumers across the country.
Approval for the hike in tariff was given by the Nigerian Electricity Regulatory Commission, as the increase which varies, based on different consumer classes, took effect from January 1, 2021.
A few hours after the news of the tariff hike broke, the NERC issued a statement, denying a 50 per cent hike as had been reported in some circles (excluding
THE PUNCH).
The regulatory agency blamed N2 to N4 adjustment in tariff on inflation and movement in foreign exchange rates.
President of the Trade Union Congress, Quadri Olaleye
The Federal Government has again increased the electricity tariff payable by power consumers across the country.
Approval for the hike in tariff was given by the Nigerian Electricity Regulatory Commission, as the increase which varies, based on different consumer classes, took effect from January 1, 2021.
A few hours after the news of the tariff hike broke, the NERC issued a statement, denying a 50 per cent hike as had been reported in some circles.
The regulatory agency blamed N2 to N4 adjustment in tariff on inflation and movement in foreign exchange rates.
However, the Trade Union Congress issued a stern warning, asking the Federal Government to revert to old electricity tariff or face the consequences of its action.