The Federal Government exposed the clandestine maneuvers of power companies in Nigeria, as they stealthily pushed for an increase in electricity tariffs.
The move, aimed at burdening the already strained Nigerian populace, was brought to light by the government in an effort to maintain transparency and protect the interests of the citizens.
This update was published in a notice by the Nigeria Electricity Regulatory Commission.
The Discos cited changes in macroeconomic parameters across Nigeria as a basis for their request.
They also highlighted other factors affecting service quality, operations, and company sustainability as reasons for the proposed rate adjustment.
According to the NERC, the application aligns with the rules stipulated in the Electricity Act 2023.
Recall that in June, some Discos had hinted at a possible tariff hike from July 1, 2023, which led to widespread criticism and subsequent withdrawal of the announcement.
This flip-flop triggered a rush among prepaid consumers to purchase more electricity units, anticipating an impending increase in tariffs.
On July 1, 2023, the expected tariff hike did not materialize, suggesting the Discos had not secured approval from the power sector regulator.
However, the NERC announced on Thursday that the power companies had officially applied for a rate review.
In their notice, the regulator confirmed, “Pursuant to Section 116 (1) and 2(a&b) of the Electricity Act 2023 and other extant rules, the 11 successor electricity distribution companies have filed an application for rate review with the Nigerian Electricity Regulatory Commission.”
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