New Electriity Tariffs To Take Effect From June 1

The Nigerian Electricity Regulatory Commission on Monday announced an increase in electricity tariff by between N1 and N5.

The Chairman of NERC, Dr. Sam Amadi, told a news conference in Abuja said that the new tariff would take effect from June 1 as provided for in the Multi-Year Tariff Order.

Amadi said with the review, most electricity distribution companies will retain the N750 fixed charge.

 “Similarly, MYTO projected an exchange rate of $1 to N178, but the March 30, 2014 data from the CBN shows a rate of N157.30 to $1, which is 11.6 per cent less than projected.”

The NERC boss said that the review indicated a reduction of the wholesale tariff that would be paid to electricity generating companies from June 1.

He also noted that the cost of the energy charge would have been much higher but for the good macroeconomics management that produced a real reduction in wholesale generation tariffs.

Amadi said NERC would continue to ensure that electricity consumers had access to adequate and reliable electricity and put in place mechanisms for improved service delivery from the new electricity companies