Following complaints from the Manufacturers Association of Nigeria (MAN) and other electricity consumers, the Nigerian Electricity Regulatory Commission (NERC) has announced a reduction in electricity tariffs by 50%.
Chairman of the Commission, Sam Amadi, who made this known Wednesday in Abuja, said the Commission had received several complaints and petitions against the decision to approve the multi-year tariff order, MYTO 2.1 on January 1, which led to astronomical increases in tariff across the different consumer categories.
He said the reduction will take effect from March ending.
Amadi said apart from the complaints by MAN that the tariffs were threatening their businesses and may lead to job losses, the commission also conducted public hearings on the affordability of the new tariffs and after consulting with the Chief Executive Officers of the Distribution Companies had decided to intervene in this way.
He said: “The Commission has reviewed the basis of the MYTO 2.1 assumptions and has determined that it is inappropriate to transfer to consumers collection losses that are controllable by the DISCOs (distribution companies).”
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