2015 is indeed a year of price slashes in Nigeria as not too long ago, the price of fuel was slashed down to N87. As if that isn’t much of a headliner, the National Electricity Regulatory Commision Chairman, Sam Amadi, announced on Tuesday that the tariff for electricity has been cut down by 50 %.
The new tariff plan is expected to take effect from the ending of March, he said, noting the particular petition by industrial and commercial consumers under the umbrella of Manufacturers Association of Nigeria which had demanded a reduction of their tariff, as they said it threatened their businesses and led to job cuts and short-staffing.
Sam Amadi also noted that the Chief Executive officers of the distribution arm were also consulted in this latest development.
In his announcement in Abuja, Sam Amadi said, ” The commission has been listening to consumers’ complaints and taking full account of the impact of the high tariff on consumers and the Nigerian economy.
“Therefore, the commission has reviewed the basis of the MYTO 2.1 assumptions and has determined that it is inappropriate to transfer to consumers collection losses that are controllable by the DISCOs(Distribution company).