Nigeria Consumer Protec- tion Network (NCPN) has said that the electricity tariff in Nigeria will be increased by 50 per cent as implementation of a review of the Multi-Years Tariff Order (MYTO) may begin on July 1, 2023.
President of NCPN, Kunle Kola Olubiyo, in a statement, which was made available to journalists, yesterday, said a 50 percent tariff hike was imminent with the recent floating of the naira/ deregulation of the Forex Trading Windows, which allows the value of the local currency to be determined by market forces and the removal of subsidy on petrol.
The statement was titled: ‘Electricity Tariff To Be Increased By 50% Effective From 1st of July 2023’. Industry sources confirmed that the Nigeria Electricity Regulatory Commission (NERC) has a statutory responsibility to review tariffs in June and December.
They further stated that a review in June is always implemented in July while that in December is implemented in either January or February. It was further learnt that June 2023, has been completed, and its implementation is scheduled to begin in July, barring any unforeseen circumstances.
Olubiyo in the statement also explained that with the recent floating of the naira/deregulation of the Forex Trading Windows allowing the value of the naira to be determined by market forces and the removal of subsidy on petrol, it is expected that these efforts will naturally impact positively or negatively on electricity tariff and translates into the generally high cost of living in Nigeria depending on the school of thought or individual’s perception.
