Exciting News: Potential Reduction in Electricity Tariffs in Nigeria!
Minister of Power, Chief Adebayo Adelabu, recently announced that ongoing improvements in power generation and distribution could lead to a decrease in electricity tariffs. This exciting development was revealed after a meeting with the Executive Secretary of the National Lottery Trust Fund, Mr. Tosin Adeyanju.
Currently, customers in Band-A pay ₦206.5 per kWh for a guaranteed minimum of 20 hours of power supply daily. The Minister highlighted that 40% of electricity consumers now enjoy this level of power supply, with a generation averaging 5,500MW.
Chief Adelabu emphasized that electricity prices in Nigeria are still comparatively lower than other African nations, but acknowledged that the cost may seem high due to low income levels. However, he highlighted that using electricity is more cost-effective than running generators on fuel.
The National Lottery Trust Fund boss, Tosin Adeyanju, praised the Minister for restoring public confidence in the power sector. They also discussed plans to train rural youths in assembling solar energy kits to reduce unemployment and create jobs, aligning with President Bola Tinubu’s Renewed Hope Agenda.
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