Electricity Tariffs to Rise by 51%, not 88% – Minister of Power

The Senate Committee on Power, yesterday, summoned the Minister of Power, Professor Barth Nnaji in order to question the alleged 88% increase in electricity tariffs set to commence by June this year.

Responding to the allegations surrounding the proposed hike, the Minister responded saying that the tariff hike was actually around 51%, far below the 88% making the rounds.

The minister also stated that the tariff review was necessary in order to enable investors participate in the industry as the previous tariffs were not attractive from a profit making perspective.

The Chairman of the Committee, Philip Aduda, stated, “Although it is necessary to encourage both local and foreign investors in the power sector, efforts should be made to avoid a situation where Nigerians are exploited by shylock investors.”

Nnaji responded, “Without the increase in tariff, there will be no investment in Nigeria. If we say that we will wait until power improves, who will improve the power?”

The minister also said N 60 billion had been provided by the Federal Government in the 2012 budget for the purpose of subsidizing electricity for the poor.

One Comment

1. 

   Anonymous

   February 22, 2012 at 12:16 pm

   GIVE ME LIGHT 2 HOURS .

   PLEASE COME AND TAKE YOUR TWO HOURS BILL AT THE END OF THE MONTH.

   FAIR ENOUGH ,ISNT IT ?