The Nigerian Electricity regulator, NERC Tuesday confirmed BusinessDay’s exclusive story and said the planned tariff hike which was to take off tomorrow has been delayed for three months.
NERC chairman James Momoh, in an order released on Tuesday, directed all distribution companies to submit a detailed plan for the attainment of full recovery of prudent costs and allowed return on capital revenue requirements by 30 June 2021.
The revenue recovery and financial sustainability plans shall be submitted to the Commission no later than 21 April 2020. The plans shall include a path, with timelines, for transiting customers to a higher quality of service.
NERC also directed the DisCos to submit revised Performance Improvement Plans based on the key objective of improvement in service for and use customers and transiting to full revenue recovery no later than 21 April 2020.
According to the commission, the approved plans shall form the basis for future tariff reviews and full cost recovery.