The Federal Government has reacted to reports that there would be an alleged increase in electricity rates starting on July 1.
The Nigerian energy Regulatory Commission (NERC) stated that there has not yet been permission in response to a question from Daily Post on Monday over energy pricing increases by Electricity Distribution Companies, DisCos.
This was revealed by Mr. Michael Faloseyi, NERC’s Assistant General Manager for Public Affairs.
He emphasised that the commission had not yet approved increases in electricity tariffs.
“I can confirm that the Commission has not approved any tariff increase”, he told Daily Post.
NERC’s response comes against speculations of a 40 per cent electricity tariff increase.
In the last three years, several upward electricity tariff adjustments have been implemented under the NERC’s Multi-Year Tariff Order, MYTO, in line with current economic realities, in this case, the inflation rate and the exchange rate of Naira at the foreign exchange window.