• Saturday, July 13, 2024
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NERC denies approving 50 percent tariff hike

NERC reviews tariff rates bi-annually as FG removes electricity subsidies

The Nigerian Electric Regulation Commission (NERC) has denied the news making the rounds that it has increased electricity tariffs by 50%.

The Regulator clarified in a statement on Tuesday following reports on the tariff carried by electronic and print media that no approval has been granted for a 50 per cent tariff increase in the tariff order for electricity distribution companies.

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It clarified that contrary to news making rounds, the tariff for customers on service bands D and E(Customers being served less than an average of 12hours of supply per day over a period of one month) remains frozen and subsidised in line with the policy direction of the federal government.

NERC stated further that in compliance with the provisions of the Electricity Power sector reform act of 2005 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 Kwhr to reflect the partial impact of inflation and movement in foreign exchanges.