The Nigerian Electricity Regulatory Commission has approved another increase in the cost of electricity, with effect from New Year’s Day, 2021.
The Commission approved the increase in electricity tariff based on the inflation rate of fourteen point nine percent, as released by the National Bureau of Statistics.
Other factors considered are the exchange rate, US inflation rate, the generation capacity, and gas prices.
The new tariff, which is in line with the Multi-Year Tariff Order approved by the NERC, was done based on the exchange rate of three hundred and ninety-seven point four-four naira to the US Dollars.
The decision of the Commission was announced in a statement released by the Executive Secretary, SANUSI GARBA.
He said the new tariff will be used until there is another minor review or an extraordinary tariff review order by the commission.
In another statement on its Twitter handle, the NERC said the increment translates to between two naira and four naira for electricity consumers ranked under bands A, B, C, D and E.
The NERC said the tariff for customers who enjoy less than twelve hours of electricity supply per day is not affected by the adjustment.
It said that any customer who is billed above the approved increases should report to the Commission through its online customer complaints portal.