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The federal government has explained why an increase in electricity tariff may be inevitable in the next few months.
Speaking at the Africa Heads of State Energy Summit in Dar es Salaam, Tanzania, the Special Adviser to President Bola Tinubu on Energy, Olu Verheijen stated that the country’s power industry needs significant investment to achieve its development aims.
Verheijen added that the planned increase needed to be balanced by subsidies for less-affluent electricity users.
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She also pointed out that Nigeria is looking to resolve the transition to a cost-efficient but cost-reflective tariff to attract private investors.
“One of the key challenges we’re looking to resolve over the next few months is transitioning to a cost-efficient but cost-reflective tariff.
“So the sector generates revenue required to attract private capital, while also protecting the poor and vulnerable,” Verheijen noted.
