Amid growing speculation about a possible electricity tariff hike, the Federal Government has moved to clear the air.
A Special Adviser to President Bola Tinubu on Energy, Olu Verheijen, refuted claims of an imminent 65% increase.
He says recent adjustments to Band A tariffs now cover only 65% of production costs, with the government continuing to subsidise the rest.
While the long-term goal is fairer pricing, Verheijen stressed that the government’s immediate focus is on improving electricity supply, reducing outages, and protecting vulnerable Nigerians.
In addition, she revealed that the government spent ₦200 billion per month on subsidies, but wealthier Nigerians benefit the most instead of those in need.
To address this issue, the Federal Government is developing a targeted subsidy system to prioritise support for low-income households.
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Moreover, to tackle concerns about unmetered customers, the Presidential Metering Initiative is rolling out 7 million prepaid meters nationwide, ending estimated billing and ensuring transparency in electricity charges.
Furthermore, Verheijen also acknowledged that mounting debts to power generation companies had stalled infrastructure investment.
The FG is now addressing these debts to enable power companies to reinvest in better service delivery and a more stable electricity supply.
She assured Nigerians that the government would remain committed to ensuring affordability, transparency, and improved electricity access for all, even as pricing reforms move forward.