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  • Business - Economy
  • Updated: April 12, 2024

Power Minister gives new update on electricity tariff hike

Power Minister gives new update on electricity tariff hike

Adebayo Adelabu, the Minister of Power, has disclosed that the N225 Kilowatt-Hour being paid by electricity consumers on Band A will reduce if the exchange rate falls below N1,000 to a dollar.

Adelabu said this Thursday while he appeared on Channel Television’s Politics Today.

Answering questions on the programme, the minister stated that the amount being paid by the Band customers is still cheaper than the amount being spent on fuel.

“The tariff is flexible. I can tell you, if the naira gains more and the exchange rate comes down below N1,000 to a dollar, it must positively affect the tariff; and the tariff, even for Band A, will come down below the N225/KWh that we are currently charging.

“There are variable factors that go into composition of the tariff and we are not closing our eyes to it. We are publishing it, we are transparent, we are talking to Nigerians and all the power sector stakeholders. This administration is very serious and we are committed to transforming the sector,” Adelabu declared.

He said the current problems in the power sector had accumulated for over 50 years, saying it could not be resolved in a year’s time.

“The problem we are having is an accumulated problem of over 50 years, it will not disappear in one year, but we’ve been making consistent and gradual progress,” he added.

 

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