The Federal Government has said that it will not approve a fresh electricity tariff hike at least for now, stating that it is still meeting with stakeholders in the country’s electricity sector, including the World Bank to provide some level of interventions to the market, ThisDay reports.
The Nigerian Electricity Regulatory Commission (NERC) is expected to, this month, announce new cost-reflective electricity rates to reflect current operational indices in the industry. Statutorily, NERC undertakes periodic reviews of the tariff to factor in changes in operational indices like foreign exchange and inflation rates, price of gas for power, as well as changes in generation capacities.
But speaking on Monday in a Channels Television Talk Show, Sunrise Daily, the Minister of Power, Works and Housing, Mr. Babatunde Fashola, said the government was meeting with the World Bank to find solutions to the financial challenges of the power sector. He added that if the government’s deliberations with the World Bank on the financial challenges of the market end well, Nigerians would be protected from a possible electricity price hike.