The Nigerian Electricity Regulatory Commission (NERC) has again approved over 50percent increase in electricity tariff nationwide.
The new tariff according to a revised Multi-Year Tariff Order (MYTO) was signed by the Chairman, NERC, Engr Sanusi Garba on December 30, 2020 took effect from January 1, 2021.
The new Order NERC/225/2020 supersedes the previous Order NERC/2028/2020.
The Commission in its order cited the rising inflation in the country, foreign exchange rates and the state of the economy in granting the approved hike in tariff.
The tariff will remain in effective till June 2021 while Cost Reflective Tariff (CRT) expected to raise the new cost higher will be activated from June to December 2021 the NERC order revealed.
This would be the second electricity tariff hike within two months. The last hike rolled into effect in November.
Electricity companies maintain that only a cost reflective tariff in the electricity sector would guarantee regular power supply to homes and businesses.
