NERC increases tariff today but wont affect residentials until june 2015

EFFORTS to boost electricity supply in the country got more support Monday as the Central Bank of Nigeria (CBN) signed another agreement with the nation's Deposit Money Banks (DMBs) to that end.

This is coming on the heels of the first Memorandum of Understanding (MoU) with power sector operators, in collaboration with the Ministries of Power and Petroleum Resources, as well as the National Electricity Regulatory Commission (NERC), on the Nigerian Electricity Market Stabilisation Facility NEMSF.

According to him, the stakeholders have agreed that tariff increase for gas suppliers was imminent in order to make the sector more attractive to other investors. However, he said there would be no such increase as would affect Nigerians unduly.

The facility, he noted, became necessary as investors needed to clear legacy debt as well as make the sector economically viable.

NERC Chairman, Dr. Sam Amadi, commended the CBN governor for providing leadership in support of the power sector reforms, disclosing that the commission would today announce the new tariff, which he disclosed exempts residential consumers for the first six months of its introduction.

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