Electricity Tarrif Increase Imminent, As NERC Gives Approval.

The Nigerian electricity regulatory commission has approved electricity tarrif increase for the distribution companies effective, 1st January, 2024.

The regulatory commission however noted that the tarrif increase remains frozen for all customers in line with the federal government’s policy on electricity subsidy.

Speaking during a press conference in Abuja on Wednesday, chairman of nerc, Sanusi Garuba said for the year 2024, the federal government would be paying a total differential of 1.62 trillion naira on tarrif, noting that it was no longer sustainable to pay subsidy on electricity tarrif giving the prevailing economic indices.

The approval for a tarrif review the chairman further disclosed is based on current inflation rate, exchange rates, gas pricing among other identified factors.