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Tougher Times Ahead As Tinubu Sets July 1 for Electricity Tariff Hike

Published

3 years ago

June 19, 2023

Eric

Nigerian households are about to face tougher times as electricity prices are set to increase by more than 40 per cent from July 1. This move aims to eliminate energy subsidies in the country and is part of President Bola Ahmed Tinubu’s efforts to reform the market, Guardian Nigeria reports

Previously, the government removed subsidies on petrol (PMS) and allowed the naira to float freely in the foreign exchange market. These changes have made it difficult for the Nigerian Electricity Regulatory Commission (NERC) to determine the new electricity prices.

Currently, the average cost of electricity is N64 per kilowatt. However, with inflation rising and expected to reach 30 per cent by the end of June, experts predict that the new average cost may jump to around N88 per kilowatt. This increase is necessary for the electricity sector to cover its expenses.

The power sector is also facing challenges in meeting the target of supplying at least 5,000 megawatts per year. Factors like the lack of meters, high gas prices, losses in the system, and the actual amount of electricity generated all contribute to determining the tariffs.

People are concerned that the upcoming tariff hike, combined with high unemployment and poverty rates, will lead to significant problems for households and small businesses. Energy costs alone could increase by over 70 per cent, making it even harder for people to afford electricity.

Currently, the available electricity on the grid is 3,057.7 megawatts from 17 power plants, but the average power intake by distribution companies over the past four months has been around 3,000 megawatts. This gap shows that power companies are struggling to meet the demand.

Affordability is a major issue, as people are finding it difficult to pay for electricity, especially when the supply is unreliable. This has led many to seek alternative energy sources.

Experts are urging Nigerians to support the government’s efforts to stabilize the economy, even if it means accepting higher electricity prices. They believe these measures are necessary to reduce the country’s reliance on foreign exchange and promote a more efficient and accountable energy sector.

However, some experts have also criticised the current pricing structure, arguing that it should be based on market fundamentals rather than the exchange rate. They emphasise the need for fair competition in the energy market and increased investment in improving electricity infrastructure.

Business Insider Africa

Featured

Tinubu Nominates Oyedele As Minister of State for Finance, Moves Anite-Uzoka to Budget Ministry

Published

1 day ago

March 3, 2026

Eric

A statement signed by the Special Adviser to the President on Information and Strategy Bayo Onanuga, has announced that “President Bola Tinubu has nominated Taiwo Oyedele as the minister of state for finance, replacing Doris Anite-Uzoka.

“Mrs Anite-Uzoka will now move to the Ministry of Budget and National Planning, as the Minister of State, her third portfolio in the administration.

“President Tinubu has today conveyed the nomination of Mr Oyedele to the Senate for confirmation in a letter to the Senate President, Godswill Akpabio.

“Until President Tinubu nominated him as a minister, Mr Oyedele from Ikaram, Akoko, Ondo State, was the chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, which overhauled Nigeria’s tax system.

“Mr Oyedele, 50, is an economist, accountant and public policy expert.

“He attended Yaba College of Technology, where he obtained a Higher National Diploma (HND) in accountancy and finance. He attended Oxford Brookes University and earned a BSc in applied accounting.

“He also completed executive education programmes at the London School of Economics, Yale University, the Gordon Institute of Business Science, and the Harvard Kennedy School.

“Mr Oyedele spent 22 years of his working career at PwC, joining in 2001 and rising to become the Fiscal Policy Partner and Africa Tax Leader.

“Mr Oyedele is also a professor at Babcock University in Ogun State and a visiting scholar at the Lagos Business School.”

Featured

Defection: Atiku’s Son, Adamu, Resigns As Adamawa Commissioner

Published

1 day ago

March 3, 2026

Eric

Adamu Abubakar, the first son of former Vice-President Atiku Abubakar, has resigned as Adamawa State’s commissioner for works and energy development, days after Governor Ahmadu Fintiri defected from the Peoples Democratic Party to the All Progressives Congress.

Abubakar’s resignation letter, dated 2 March 2026, was addressed to the governor through the Secretary to the State Government. He gave no reason for his departure.

The timing is pointed. Fintiri announced his defection to the APC in a statewide broadcast last Friday, saying his cabinet and the PDP’s state structure had moved with him. Within 24 hours, 22 commissioners and special advisers publicly announced they were following suit. Abubakar, whose father remains one of the PDP’s most prominent national figures, was not among them.

In a statement issued Monday night, Abubakar’s media aide Abdulaziz Jauro said the former commissioner thanked the governor for the opportunity to serve and pledged continued loyalty to the administration’s developmental agenda. He also expressed gratitude to his father “for granting him the moral support and blessing to serve the people of Adamawa State” — a line that, read in context, suggests Atiku was consulted on the decision.

Abubakar said his resignation was not a withdrawal from public life. “This does not mark the end of his commitment to public service,” the statement read, “but rather the beginning of new avenues for developmental collaboration.”

The resignation leaves unresolved the question of whether it reflects a political break with the governor over his defection or a personal decision unconnected to the broader party realignment now reshaping Adamawa’s political landscape.

Featured

DSS Nabs Man over Assassination Attempt on Peter Obi

Published

1 day ago

March 3, 2026

Eric

Nigeria’s Department of State Services (DSS) has detained a man in connection with the recent attack and alleged assassination threats targeting Labour Party’s 2023 presidential candidate, Peter Obi.

According to AIT, the shooting incident took place on February 24, 2026, in Benin City, Edo State, during a political gathering attended by Obi and several figures from the African Democratic Congress (ADC). The meeting was hosted by former APC National Chairman, John Oyegun. Gunmen reportedly opened fire at the venue, causing panic and forcing attendees to disperse for safety.

According to security sources, shortly after the attack, an individual identified as Udeme Monday Stephen allegedly took to social media claiming responsibility and issuing additional threats against Obi, warning of further violence.

Intelligence officials reportedly initiated swift investigations, employing digital tracing and forensic tools that led to the arrest of the 26-year-old suspect in Rivers State. He is said to be a teacher at a private secondary school in the Eliozu area of Obio-Akpor Local Government Area.

The suspect remains in DSS custody and is expected to face prosecution. The agency reiterated its commitment to responding to credible threats and safeguarding lives and national interests without bias.