Olawunmi noted that NERC in December 2023, issued a new Multi-Year Tariff Order (MYTO 2024) which indicated a purported cost-reflective tariff chargeable by the various Discos.
He explained that the Federal Government reportedly absorbed a large chuck of the electricity tariff under a subsidy arrangement.
The chairman said that the purported subsidy had reportedly been removed by the Federal Government, leading to an over 300 per cent increase in the electricity tariff payable by the end-user.
Olawunmi mentioned that in December 2023, NERC issued a revised Multi-Year pricing Order (MYTO 2024), indicating a putative cost-reflective pricing charged by the individual Discos.
He said that the Federal Government has purportedly absorbed a considerable portion of the power bill through a subsidy scheme.
The chairman added that the alleged subsidy had been abolished by the Federal Government, resulting in a more than 300 percent increase in the power bill charged by the end-user.
cc: Pulse Ng
