The Federal Government has promised to review downward
the high electricity tariff introduced by the various distribution companies in
the country.
Vice-President Yemi Osibajo made this known on 7 October
2015 in Lagos at the Manufacturers Association of Nigeria (MAN) 2014 Annual
General Meeting. He said that the tariff currently in place in the country’s
power sector was for a short term, adding that a cost effective tariff is
expected to come in place soon. According to him, government is determined to
step into the power sector to ensure stability in electricity tariff control so
as to protect the consumers-New telegraph
Osinbajo added according to New Telegraph that
Nigerians must endure with the current happenings in the power sector, noting
that the high tariff was meant to stabilise the privatisation that took place
in the sector. He said: “At this point, we are aware of the high tariff in the
power sector but we are looking at putting in place a cost effective tariff
that will make sure that electricity consumers in the country are billed in
consonant to the energy they consumed. “We (government) need to come in to
ensure stability in tariff payment.
So, we must be ready to endure for a while because the
high electricity tariff will soon go down. It’s a short term plan.” The
vice-president admitted that there were lots of challenges in the power sector,
especially on the reconciliation of energy distribution between the generation
and distribution companies.
He pointed out that about 40 per cent energy was being
lost and unable to be accounted for by DISCOs, due to energy thefts, sabotage
of power plants facilities and gas pipelines in the country. Osinbajo, however,
said that the country is expected to attain 5,000 megawatts power generation
next year, adding that government was intensifying efforts to strengthening the
country’s transmission area for more production and evacuation of energy.
He added that the country’s installed capacity was
already 12,000 megawatts. “Power is being taken seriously by this
administration. We expect to get 40 per cent increase in transmission capacity
next year. You would be aware that Egbin power was sabotaged recently which
culminated into drop in power supply, but very soon, Egbin will be back to full
operation,” he said.
He said that the manufacturing sector remained a critical
sector for government, adding that the administration would not sign any treaty
that will be injurious to the country’s manufacturing sector, especially the
External Pact Assessment (EPA)
Concluding, he said government is committed to creating
an enabling environment for genuine investors who are determined to invest and
develop the country’s manufacturing sector. National President, MAN, Dr. Frank
Jacobs, said that the country’s economy remained largely a mono-product economy,
depending mainly on oil exports
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