5th January, 2021
The Federal Government has given Nigerians bitter pills to swallow in the New Year with the reported hike in electricity tariff again.
This is coming two months after the government forced on Nigerians increase in tariff, with crazy bills being clamped on the people in the name of estimated bills.
Nigerian Electricity Regulatory Commission, NERC, is said to have given the nod for the hike in tariff, taking effect from January 1, 2021.
The commission was said to have announced the tariff hike in the December 2020 minor review of the Multi-Year Tariff Order (MYTO) and Minimum Remittance Order, according to The Punch.
NERC chairman, Sanusi Garba is said to have signed the MYTO giving effect to the hike in tariff, superseding the previous hike order.
According to the commission, the increase in tariff was necessitated by the 14.9 per cent inflation rate rise in November 2020 and foreign exchange of N379.4/$1 as of December 29, 2020.
The commission also cited available generation capacity, the United States inflation rate of 1.22 per cent and the Capital Expenditure of the power firms before the tariff was raised, as reasons for the increase in electricity tariff.