According to the Federal Government, plans are underway to increase electricity tariffs “over the next few months”.
However, it also noted that the planned increase needed to be balanced by subsidies for less-affluent electricity users.
According to a report by Bloomberg, the Special Adviser to President Bola Tinubu on Energy, Olu Verheijen, gave this hint at the Africa Heads of State Energy Summit in Dar es Salaam, Tanzania, where Nigeria presented a $32 billion plan to expand electricity connections by 2030.
The presidential aide stated that the Tinubu-led administration is trying to resolve the transition to a cost-efficient but cost-reflective tariff to attract private investors.
“One of the key challenges we’re looking to resolve over the next few months is transitioning to a cost-efficient but cost-reflective tariff.
“So the sector generates revenue required to attract private capital, while also protecting the poor and vulnerable.” She added.
This development is coming one year after the federal government approved a threefold increase in electricity tariff for customers under Band A.
