NERC blames tariff “adjustment” on inflation, FOREX
The electricity market operator, NERC has debunked reports on 50% tariff increment, saying that the “adjustment” in tariff bands were due to inflation and an increase in foreign exchange.
In a statement on Wednesday, the Nigerian Electricity Regulatory Commission gave inflation and foreign exchange ranges of between two and 8 percent as reasons for the “adjustment”, and not an increment as earlier reported. According to the Commission, the 2 to 8 percent increment translates to between N2 and N4/kwhr.
“The attention of the Commission has been drawn to publications in the print and electronic media misinforming electricity consumers that the Commission has approved a 50% increase in electricity tariffs. “The Commission hereby state unequivocally that NO approval has been granted for a 50% tariff increase in the Tariff Order for electricity distribution companies which took effect on January 1, 2021.
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