The Federal Government says its priority for the power sector is to close the metering gap, reduce debt, protect the most vulnerable electricity consumers and ensure availability of power supply and not increase in tariff.
Special Adviser to the President on Energy, Olu Verheijen in a statement says it has become necessary to clarify misrepresentation of her recent interview reported in some section of the media of an imminent sixty five percent increase in electricity tariff.
She notes that in the interview she only highlighted the fact that, following the increase in Band A tariff in 2024, current tariff now cover approximately sixty five percent of the actual cost of supplying electricity, with the Federal government continuing to subsidize the difference.
Also, while the government is indeed committed to ensuring fairer pricing over the long term, she adds the immediate focus of the federal government is to deliver available electricity to Nigerians, end frequent outages, and guarantee the protection of the poorest and most vulnerable Nigerians.
She states that Federal government’s power sector priorities are to accelerate nationwide rollout of seven million meters, targeted subsidy system to ensure that low-income households receive the most support and settlement of Legacy debt
Through a range of fiscal incentives, including VAT and Customs Duty Waivers, the Federal Government is working to lower the cost of alternative power sources such as Compressed Natural Gas and Liquified Petroleum Gas.
