The Nigeria Labour Congress (NLC) has issued a stern warning of potential confrontation as the Federal Government remains resolute in its decision to implement a significant increase in electricity tariffs.
In a press briefing held on Friday, the Federal Government of Nigeria stood its ground on the controversial 240 percent hike in electricity tariff for consumers in the band ‘A’ category.
Speaking at the press briefing, Minister of Power, Adebayo Adelabu emphasized the step is to ensure customers get value for the services they purchase, urging Nigerians to support the initiative for the betterment of the power sector.
Adebayo said, “We are in the subsidy pricing regime, whereby the government provides a large portion of the cost of producing, transmitting, and distributing power.
“I must tell you that as of today, before the introduction of the tariff increase, the government is subsidizing nothing less than 67 percent of the cost of producing, transmitting, and distributing electricity in Nigeria.
“At the current exchange rate, this is going to translate into N2.9tn for 2024. This is more than 10 percent of the national budget. The power sector is just a single sector out of the many sectors that the government has to attend to.”
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