The Federal Government has raised the amount that it would save this year following the recent hike in electricity tariff for Band A customers to N1.5tn.
It also stated that about 2.5 million meters would be installed this year in a bid to bridge the metering gap across the country and ensure consumers pay the right amount for electricity.
On April 2, 2024, the Special Adviser to the President on Information and Strategy, Bayo Onanuga, stated that the move by government to withdraw electricity subsidy from 15 per cent of power consumers in Nigeria would save the government about N1.1tn annually.
Onanuga had said the President Bola Tinubu-led administration was poised to allow the price hike in electricity given its N450bn budget for energy subsidies in 2024.
But in a document on issues around the tariff hike, from the Federal Ministry of Power on Wednesday, which was made available by the media aide to the power minister, Bolaji Tunji, the government said it would save N1.5tn with the recent tariff adjustment.
It said, “FG (Federal Government) to save N1.5tn with tariff adjustment. FG still subsidising Bands below A. Pricing change will help improve liquidity to the NESI (Nigeria Electricity Supply Industry).
