Electricity Tariffs To Drop Soon As Power Generation Increases
He emphasised that “the price of electricity is still the cheapest in Nigeria, compared to other African nations such as Togo, Mali, and Niger Republic.”
The Minister of Power, Adebayo Adelabu, has announced that ongoing enhancements in power generation and distribution may lead to a decrease in electricity tariffs across Nigeria.
The minister made this known during a meeting with Mr Tosin Adeyanju, the Executive Secretary of the National Lottery Trust Fund.
In a statement on Thursday, by the Minister’s Special Adviser on Strategic Communication and Media, Mr Bolaji Tunji, Adelabu noted that about 40% of consumers were receiving high amount of power, with the country generating an average of 5500MW.
Currently, customers in Band-A are charged N206.5 per kWh following the Federal Government’s subsidy removal, which was part of an agreement to provide a minimum of 20 hours of power supply daily.
He emphasised that “the price of electricity is still the cheapest in Nigeria, compared to other African nations such as Togo, Mali, and Niger Republic.”
He acknowledged that Nigeria’s low-income levels made the cost appear high to consumers.
Furthermore, he asserted, “It is still far cheaper to use electricity than to run generators, using petrol or diesel, given the current prices of those commodities.”
The Minister expressed optimism about the future, stating, “there is a possibility of a reduction in the current tariff as generation and distribution are ramped up.”
In his remarks, Adeyanju commended the minister for his performance over the past year, highlighting his competence and efforts to restore Nigerians’ confidence in the power sector.
“I would like to commend you as a minister who is actively improving the power sector. Since 1999, we have not seen the level of improvement in electricity supply that we are witnessing today. Previously, many people were turning to solar energy due to the poor supply. However, your leadership has restored public confidence in the sector,” Adeyanju stated.
He informed the Minister that, as part of President Bola Tinubu’s Renewed Hope Agenda, the agency is focused on empowering youths, especially in rural areas, by training them to assemble one kilowatt of solar energy.
