Energy
FG to increase electricity tariff again
Barely two months after the federal government forced on Nigerians increase in electricity tariff, the Nigerian Electricity Regulatory Commission, NERC, is said to have given the nod for the hike in another tariff, taking effect from January 1, 2021
The commission was said to have announced the tariff hike in the December 2020 minor review of the Multi-Year Tariff Order (MYTO) and Minimum Remittance Order.
NERC chairman, Sanusi Garba is said to have signed the MYTO giving effect to the hike in tariff, superseding the previous hike order.
According to the commission, the increase in tariff was necessitated by the 14.9 per cent inflation rate rise in November 2020 and foreign exchange of N379.4/$1 as of December 29, 2020.
The commission also cited available generation capacity, the United States inflation rate of 1.22 per cent and the Capital Expenditure of the power firms before the tariff was raised, as reasons for the increase in electricity tariff.
-
Featured6 days agoRanking the seven greatest World Cup finals of all time
-
Business7 days agoOPay breaks silence on viral September shutdown claim
-
Latest7 days agoTinubu’s FBI records: Omokri challenges claims, cites 2003 Embassy reply
-
Business5 days agoX3M Ideas donates 50 Walkie-Talkies to strengthen security operations in Onigbongbo
-
Latest2 days agoCole-Alegbe unveils memoir, urges leaders to harness technology for lasting impact
-
Latest6 days ago2027: Atiku vows direct payment of local government funds if elected president
-
Latest6 days ago2027: Atiku, Obi absent as opposition begins talks on single presidential candidate
-
Latest7 days agoAnambra 2027: INEC, NDC clash over 10 disputed Assembly candidates