The Nigerian Electricity Regulatory Commission, NERC, says the federal government needs to provide N3.2 trillion in subsidies in 2024 to reverse the recent electricity tariff hike. The Nigeria Electricity Regulatory Commission Chairman, Sanusi Garba, said this in Abuja during a Thursday meeting with the House of Representatives Committee on Power.
Recall that on April 3, 2024, NERC announced an almost 245 per cent electricity tariff hike for Band A customers, getting 20 power supplies. However, the tariff hike received condemnation among Nigerians, organized private sector groups, the Nigeria Labour Congress, the Trade Union Congress, and other organizations. However, at the Committee on Power, Garba said the tariff hike was needed to boost current investment in the sector and improve power supply.
” Garba also said that only N185 billion of the N645 billion subsidy in 2023 has been cash-backed, leaving a funding gap of N459.5 billion. “The committee cannot take any decision to stop the increase in tariff. That decision can only be taken by the entire House and not at the committee level. There must be a House resolution to stop it,” he said.
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