The disclosure was made in NERC’s December 2024 Multi-Year Tariff Order (MYTO) report, published on its website. .
The Nigerian Electricity Regulatory Commission (NERC) has stated that the President Bola Tinubu-led government paid N199billion as electricity subsidy for December 2024, up from N194.26 billion in November.
The disclosure was made in NERC’s December 2024 Multi-Year Tariff Order (MYTO) report, published on its website. .
According to the report, Band-A customers continued to pay N209/kWh, while tariffs for customers in Bands B to E remained frozen at December 2022 rates.
However, the Nigerian government is expected to pay N29.10 billion in subsidies for consumers under Abuja Electricity Distribution Company (DisCo) and N26.68 billion for those under Ikeja Electric.
The rise in subsidies is attributed to a higher exchange rate pegged at N1,687.45 per dollar, an inflation rate increase to 33.9%, and adjustments in available power generation capacity.
NERC also retained the benchmark gas-to-power price at $2.42/MMBTU, as determined by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
Meanwhile, the Commission noted that tariffs would remain subject to monthly adjustments based on key indicators, including inflation, exchange rates, and gas-to-power prices.
The United Arab Emirates (UAE) has updated its visa policies by introducing a new multi-entry…
The Federal Government has announced an ongoing plan to create an aircraft manufacturing company in…
The Apex Igbo Sociocultural Organisation, Ohanaeze Ndigbo, has raised an alarm over an alleged political…
Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has expressed…
The Nigeria Labour Congress (NLC) has called for the resignation of the Minister of Power,…
The details of the meeting between President Bola Ahmed Tinubu and Ogoni leaders on Tuesday…