Federal Government Hikes Electricity Tarrif By 50% Efective From January
Federal Government Hikes Electricity Tarrif By 50% Efective From January.
The Federal Government of Nigeria has approved over 50 per cent hike in
electricity tariff effective January 1, 2021 according to The Nigerian Electricity Regulatory Commission,
This is coming just two months after the Commission forced implementation of much opposed hike on Nigerians in November 2020.
In a revised Multi Year Tariff Order (MYTO) signed by the new Chairman of NERC, Engr. L Sanusi Garba,on December 30, 2020, the new tariff increase took effect on January 1, 2021, and supersedes the previous Order NERC/2028/2020.
In the new Order NERC/225/2020, the commission said it considered the 14.9% inflation rate rise in November 2020, foreign exchange of N379.4/$1 as
of December 29, 2020, available generation capacity, US inflation rate of 1.22% and the Capital Expenditure (CAPEX) of the power firms to raise the tariff.