The Minister of Information and National Orientation, Mohammed Idris, has said the savings from discontinuing electricity subsidies, totalling over N1 trillion, will be redirected towards enhancing power supply and bolstering essential social services nationwide.
The minister also said under the revised electricity supply scheme, 85 per cent of the population still receives subsidies, ensuring equitable distribution.
The Minister said this in a statement signed by his media aide Rabiu Ibrahim, on Saturday.
In March the Nigerian Electricity Regulatory Commission ordered the immediate upward review of electricity tariffs from April 3, 2024.
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The NERC Vice Chairman, Musiliu Oseni, had explained that only electricity customers on the Band A tariff plan would be affected by the increase.
Oseni also said those affected would pay N225 per kilowatt-hour, up from the previous rate of N68/kWh, representing about a 240 per cent increase.
He noted that the increase would not affect Bands B, C, D, and E.
In a document on issues around the tariff hike, from the Federal Ministry of Power on Wednesday, which was made available by the media aide to the power minister, Bolaji Tunji, the government said it would save N1.5tn with the recent tariff adjustment.
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