THE Nigerian Electricity Regulatory Commission (NERC) has discountenanced issuing any instruction for an increase in electricity tariffs beginning from 1st January 2023.
There have been media reports suggesting that the Commission had finalized plans to raise the tariff.
According to the reports, power distribution firms (DisCos) would notify customers of the change as soon as possible.
However, in response to the reports, NERC spokesperson, Usman Abba Arabi, stated that the Commission has not approved a new electricity rate.
“The Commission (NERC) has not approved any new electricity tariffs for any of the electricity distribution companies within the Nigerian electricity supply industry,” he said.
“No new electricity tariff has been approved. Nigerians should ignore any news reports about new electricity tariff coming up on the 1st January 2024.”
In June 2023, the federal government hinted at removing the N50 billion monthly electricity subsidy in the sector owing to revenue shortfalls.
However, in November 2023, Adebayo Adelabu, Minister of Power, said President Bola Ahmed Tinubu stopped the increase in electricity tariff, insisting on the payment of subsidy on power consumed in the country.
In its third-quarter (Q3) report, NERC said the government incurred a subsidy obligation of N204.59 billion during the period.
The report noted that the subsidy expenses were incurred due to the lack of cost-reflective tariffs across all DisCos.
Eighteen-Eleven Media