The Nigerian Electricity Regulatory Commission (NERC) has approved a new tariff that is expected to reduce subsidy for customers under the Band A classification by about N1.14 trillion. Customers under this classification, who receive 20 hours of electricity supply daily, will now pay N225 per kilowatt (kW), starting from April 3. The new tariff aims to provide a reliable power supply to drive the country's economy and aligns with the federal government's transition towards a more targeted subsidy regime.
The Nigerian Electricity Regulatory Commission says the newly approved tariff is expected to reduce subsidy for the 2024 fiscal year by about N1.14 trillion.for customers under the Band A classification.
Oseni said the federal government had indicated a transition in policy direction towards introducing a more targeted subsidy regime aimed at mitigating the impact of changes in macroeconomic parameters. “The overarching objective of the commission in the consideration of the tariff application is the creation of a financially sustainable electricity market providing adequate and reliable power supply to drive the Nigerian economy,” he said.
“All other customers under B to E-service category, representing 85 percent of the customer’s population, will not be affected by the current review of end-user tariffs” Oseni said.
Nigerian Electricity Regulatory Commission NERC Tariff Subsidy Band A Classification Electricity Supply Reliable Power Supply Economy Federal Government Targeted Subsidy Regime
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