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N750 fixed charge for electricity

26 May 2014, 17:01

Abuja - Beginning from June 1, all Electricity consumers in Nigeria would pay a reduced fixed charge of N750 instead of the N1500 that should have been paid as stipulated in the Multi Year Tariff Order (MYTO) for 2014.

The decision to reduce the fixed charge were based on consumers’ concern and the prices of gas and other fundamentals that had remained stable for some time now, reports Peoples Daily.

Sam Amadi, Chairman/Chief Executive Officer of the Nigerian Electricity Regulatory Commission (NERC), said the minor review was done in a manner that the consumers will pay less than they would have paid if there was no review.

He noted that a single digit inflation rate, improved foreign exchange rate at current N157 per dollar and stagnation of gas-to-power price at $1.80 against the projected $2.50 were resultant factors for the decrease.

Read more at Peoples Daily.

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