Minister of Power  Announces Potential Decrease in Electricity Tariffs

Minister of Power Announces Potential Decrease in Electricity Tariffs

April 12, 2024 0 By Fasholu Gabriel Oluwatobi

During a recent television program interview with Channel TV, Adebayo Adelabu, the Minister of Power, shed light on potential changes to electricity tariffs for consumers in Band A. Adelabu mentioned that if the exchange rate falls below N1,000 to a dollar, the current N225 Kilowatt-Hour fee could see a decrease.

In the interview with host Seun Okibaloye, Adelabu emphasized the flexibility of the tariff system, stating, “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.”

He further elaborated on the complexity of factors influencing tariff composition, highlighting the government’s transparency in addressing the issue. Adelabu reassured Nigerians and power sector stakeholders of the administration’s commitment to transforming the sector.

Addressing the longstanding challenges within the power sector, Adelabu acknowledged the persistent issues, stating, “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.”

As the government continues its efforts to improve the power sector, Adelabu’s remarks offer insight into potential adjustments that could positively impact electricity consumers in Band A.

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