#50% Electricity Hike: No iota of Truth

Amidst outcries by Nigerians over reported fresh 50% hike in cost of electricity on Tuesday, the Nigerian Electricity Regulatory Commission has said there is no iota of truth in the media reports.

Nigerians have been jolted again by the news of a fresh 50% increase in the cost of electricity.

The latest 50% hike is said to be compelled by the lates value of Naira which has been pegged at N379 to a Dollar and the rate of inflation.

The commission in a statement on Tuesday said, “The attention of the Commission has been drawn to publications in the print and electronic media misinforming electricity consumers that the Commission has approved a 50% increase in electricity tariffs.”

NERC said no approval whatsoever has been granted for a new 50% increase to take effect from January 1, 2021.

It stated, “The Commission hereby state unequivocally that NO approval has been granted for a 50% tariff increase in the Tariff Order for electricity distribution companies which took effect on January 1, 2021.

“On the contrary, the tariff for customers on service bands D & E (customers being served less than an average of 12hrs of supply per day over a period of one month) remains frozen and subsidised in line with the policy direction of the FG.”

While assuring electricity consumers of adequate protection in service delivery, NERC added that any consumer who is billed in any form other than the existing tariff regime should make formal reports of such unapproved billings.

It said, “In compliance with the provisions of the EPSR Act and the nation’s tariff methodology for biannual minor review, the rates for service bands A, B, C, D and E have been adjusted by NGN2.00 to NGN4.00 per kWhr to reflect the partial impact of inflation & movement in forex.

“In the light of strong public interest on this matter, the media is hereby requested to retract their earlier publications misinforming electricity consumers nationwide about a purported 50% increase in electricity tariffs.”

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