Nigeria’s federal government is planning an almost 300% increase in electricity tariffs in the coming weeks in a bid to attract investment into the sector.
Unofficial reports suggest that electricity distribution firms may hike tariffs for those in urban areas to ₦200 per kilowatt per hour, up from the current ₦68.
Electricity consumers in urban centres represent only 15% of the population but reportedly consume around 40% of the nation’s power.
The special adviser to the president on information and strategy, Bayo Onanuga told reporters that Nigeria electricity regulatory commission would announce a price increase soon.
Mr. Bayo onanuga, reportedly said regulators will make pronouncements based on discussions with the distribution and generating companies.
