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The Nigerian Electricity Regulatory Commission (NERC) has approved an increase in electricity tariff to N225 ($0.15) per kilowatt-hour from the previous rate of N68.
This marks a 300 percent hike and will come into effect starting April 1, 2024.
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The announcement was made by Musiliu Oseni, the Vice Chairman of NERC, in Abuja.
Under this new tariff structure, known as the Service-Based Tariff (SBT) scheme, urban consumers categorized as Band A consumers will be subject to the increased rate.
Oseni clarified that the tariff adjustment will impact only 15 percent of electricity consumers in the country, who are classified under Band A. Remarkably, these consumers are responsible for 40 percent of the nation’s electricity consumption.
The SBT scheme, which was introduced on November 1, 2020, categorizes consumers into Bands A to E based on the number of hours of electric supply per day, as follows:
– Band A: Minimum of 20 Hours
– Band B: Minimum of 16 Hours
– Band C: Minimum of 12 Hours
– Band D: Minimum of 8 Hours
– Band E: Minimum of 4 Hours
Further details regarding the recent electric tariff increase will be provided as they become available.
