News Africa

Expect another electricity tariff hike within months – Presidential aide

The Special Adviser to President Bola Tinubu on Energy, Olu Verheijen, says Nigeria’s electricity tariff will increase within months.

She stated this at the Africa Heads of State Energy Summit in Dar es Salaam, Tanzania.

Recall that on April 3, 2024, the Federal Government approved a threefold increase in electricity tariff for customers under the Band A classification.

According to the presidential aide, Nigeria’s power prices need to rise by about two-thirds (66 percent) for many customers to reflect the actual cost of supplying electricity.

She also stressed that higher electricity tariffs must be balanced with subsidies for less-affluent consumers, as they are necessary to fund maintenance, improve reliability, and attract private investors into power generation and transmission.

The presidential aide said Nigeria is trying to resolve the transition to a cost-efficient but cost-reflective tariff to attract private investors.

“One of the key challenges we’re looking to resolve over the next few months is transitioning to a cost-efficient but cost-reflective tariff.

“So the sector generates revenue required to attract private capital, while also protecting the poor and vulnerable,” Verheijen said.

She also highlighted that Nigeria’s power industry requires significant investment to meet its development goals.

The aide said out of the country’s 14 gigawatts of installed power, only eight gigawatts can be transmitted nationwide, while just four or five gigawatts can be directly delivered to homes and businesses.

Source: dailypost.ng

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

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