Babatunde Raji Fashola
The Federal Government has said that it will not approve a fresh
electricity tariff hike at least for now, stating that it is still
meeting with stakeholders in the country’s electricity sector, including
the World Bank to provide some level of interventions to the market.
Speaking on Monday in a Channels Television Talk Show, Sunrise
Daily, which was monitored in Abuja, the Minister of Power, Works and
Housing, Mr. Babatunde Fashola, said the government was meeting with the
World Bank to find solutions to the financial challenges of the power
sector.
Fashola by this, confirmed a THISDAY report in December 2016 that
the government and the World Bank had initiated efforts to bail the
country’s power sector from the existing liquidity challenges
threatening its survival.
Also, the Nigerian Electricity Regulatory Commission (NERC) is
expected to, this month, announce new cost-reflective electricity rates
to reflect current operational indices in the industry.
Statutorily, NERC undertakes periodic reviews of the tariff to
factor in changes in operational indices like foreign exchange and
inflation rates, price of gas for power, as well as changes in
generation capacities.
Fashola, however, said that if the government’s deliberations with
the World Bank on the financial challenges of the market end well,
Nigerians would be protected from a possible electricity price hike.
He said: “Government still has to deal with how to stabilise
the value of the naira to the dollar, and again that will be impacted by
how much money we get from oil production, which is still our major
foreign income earner. We have used our leverage in OPEC to get OPEC to
agree to a production cut, which heralded a price rise but can we as a
protagonist take advantage of this by stopping to fight?
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