It has become necessary to clarify media reports suggesting an imminent 65 percent increase in electricity tariffs. This is a misrepresentation of what I actually said in a recent press interview. I highlighted the fact that, following the increase in Band A tariffs in 2024, current tariffs now cover approximately 65 percent of the actual…
The federal government has said that for electricity tariffs to reflect the actual cost of production, some Nigerians might need to pay over 65 per cent of what they are currently paying for a kilowatt/hour of electricity. Special Adviser to President Bola Tinubu on Energy, Olu Verheijen, explained that Nigeria’s power prices need to rise…
Lagos state government, has announced plans to introduce new meters to eliminate estimated Governor Babajide Sanwo-Olu, made the announcement at the Lagos Commodities and Futures Exchange Meeting , in Lagos. The Governor, presented by his Deputy, Obafemi Hamzat, while speaking onthe themed ‘Building a Competitive Electricity Marketplace: Strategies to Attract Investments and Boost Confidence in…
More than N9 billion is being spent by shop owners to fuel 13,000 generators, in Lagos markets, with Lekki, Ikoyi and other highbrow areas of the state having the highest number of cases of energy theft and default, in the state. The Commissioner, Lagos State Ministry of Energy and Mineral Resources, Mr. Biodun Ogunleye, disclosed…
China National Chemical Engineering International Corporation Ltd (CNCEC) has announced its commitment to support Nigeria’s ambitious $20 billion Ogidigben Gas Project in Delta State, marking a significant milestone in the bilateral economic ties between the two nations. Li Zhenyi, President of CNCEC, revealed the company’s readiness to engage in the project through restructured funding and…
The Transmission Company of Nigeria (TCN) says vandals have again vandalised its 132 Kilo Volt (KV) transmission line and underground cables in Abuja. TCN’s General Manager, Public Affairs, Mrs Ndidi Mbah, said in a statement on Friday that the incident resulted in power outages in the Central Area and surrounding neighbourhoods. Mbah said that the…
The Federal Government will continue to work with relevant stakeholders to ensure the protection of electricity facilities in order to provide stable and uninterrupted power to Nigerians. The Minister of Power, Mr Adebayo Adelabu, stated this at the Inauguration of the 110MVA power Transformer at the Isolo transmission substation, Lagos. The newly inaugurated 110MVA transformer…
The Federal Government has disclosed that 53.85% of registered electricity customers across Nigeria remain unmetered. This was made known in the Nigerian Electricity Regulatory Commission (NERC) third quarter (Q3) of 2024 report. “As of 30th September 2024, 6,156,726 (46.15%) out of the 13,339,635 registered electricity customers across the twelve (12) DisCos were metered,” the Commission…
Electricity distribution companies, otherwise known as DisCos, were unable to take the full power generation in recent period, underlining a major challenge in the electricity supply chain. Minister of Power, Chief Adebayo Adelabu, yesterday said that power generation had peaked at 5,170 megawatts on Friday, August 30, 2024 but this had to be ramped down by…
The cost of a single-phase electricity meter has risen to over N130,000 from N88,000 in the first quarter of this year. This is the second time the Nigerian Electricity Regulatory Commission would approve an increase in the prices of prepaid meters. The price of a singles phase meter ranged from N130,000 to N139,000, while a…
