* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Friday, July 11, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    Immersive sports and entertainment venue Cosm set to build its 5th location in Cleveland – WKYC

    Cosm Reveals Exciting Vision for Its 5th Immersive Sports and Entertainment Venue in Cleveland

    Monumental Sports & Entertainment’s Samantha Brady on the Power of the RSN’s Direct-to-Consumer Streaming Service Monumental+ – Sports Video Group

    Samantha Brady Reveals How Monumental+ is Transforming Sports Streaming with Direct-to-Consumer Access

    Moses Singer Welcomes Entertainment and Intellectual Property Partner Frederick Bimbler – Yahoo Finance

    Moses Singer Expands Team with New Entertainment and Intellectual Property Partner Frederick Bimbler

    Longhua District and Max-Matching Entertainments, supported by RWS Global forge strategic partnership to develop international IP-themed entertainment complex – Amusement Today

    Longhua District and Max-Matching Entertainments, supported by RWS Global forge strategic partnership to develop international IP-themed entertainment complex – Amusement Today

    Government whip to withdraw Entertainment Complex Bill on July 9 – Nation Thailand

    Government whip to withdraw Entertainment Complex Bill on July 9 – Nation Thailand

    Magicians and Battlebots light up Las Vegas entertainment scene – KSNV

    Magicians and Battlebots Take Las Vegas Entertainment by Storm

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    2025 WE Local Prague Recap: Inspiring Women in Engineering and Technology – Society of Women Engineers

    2025 WE Local Prague Recap: Inspiring Women in Engineering and Technology – Society of Women Engineers

    SMPTE Opens Early Bird Registration for Media Technology Summit – TVTechnology

    SMPTE Launches Early Bird Registration for Exciting Media Technology Summit

    Google Fiber puts Nokia network slicing technology to the test – Fierce Network

    Google Fiber Puts Nokia’s Network Slicing Technology to the Ultimate Test

    Kaseya Extends Community Investment with Addition of Technology Marketing Toolkit – Kaseya

    Kaseya Extends Community Investment with Addition of Technology Marketing Toolkit – Kaseya

    AI and the Trust Revolution: How Technology Is Transforming Human Connections – Foreign Affairs

    AI and the Trust Revolution: How Technology Is Transforming Human Connections – Foreign Affairs

    Technology And Construction Names Join Top Stock Lists: Check Out Additions To IBD 50, Big Cap 20 And More – Investor’s Business Daily

    Technology and Construction Leaders Surge Into Top Stock Rankings: See the Latest Additions to IBD 50, Big Cap 20, and More

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    Immersive sports and entertainment venue Cosm set to build its 5th location in Cleveland – WKYC

    Cosm Reveals Exciting Vision for Its 5th Immersive Sports and Entertainment Venue in Cleveland

    Monumental Sports & Entertainment’s Samantha Brady on the Power of the RSN’s Direct-to-Consumer Streaming Service Monumental+ – Sports Video Group

    Samantha Brady Reveals How Monumental+ is Transforming Sports Streaming with Direct-to-Consumer Access

    Moses Singer Welcomes Entertainment and Intellectual Property Partner Frederick Bimbler – Yahoo Finance

    Moses Singer Expands Team with New Entertainment and Intellectual Property Partner Frederick Bimbler

    Longhua District and Max-Matching Entertainments, supported by RWS Global forge strategic partnership to develop international IP-themed entertainment complex – Amusement Today

    Longhua District and Max-Matching Entertainments, supported by RWS Global forge strategic partnership to develop international IP-themed entertainment complex – Amusement Today

    Government whip to withdraw Entertainment Complex Bill on July 9 – Nation Thailand

    Government whip to withdraw Entertainment Complex Bill on July 9 – Nation Thailand

    Magicians and Battlebots light up Las Vegas entertainment scene – KSNV

    Magicians and Battlebots Take Las Vegas Entertainment by Storm

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    2025 WE Local Prague Recap: Inspiring Women in Engineering and Technology – Society of Women Engineers

    2025 WE Local Prague Recap: Inspiring Women in Engineering and Technology – Society of Women Engineers

    SMPTE Opens Early Bird Registration for Media Technology Summit – TVTechnology

    SMPTE Launches Early Bird Registration for Exciting Media Technology Summit

    Google Fiber puts Nokia network slicing technology to the test – Fierce Network

    Google Fiber Puts Nokia’s Network Slicing Technology to the Ultimate Test

    Kaseya Extends Community Investment with Addition of Technology Marketing Toolkit – Kaseya

    Kaseya Extends Community Investment with Addition of Technology Marketing Toolkit – Kaseya

    AI and the Trust Revolution: How Technology Is Transforming Human Connections – Foreign Affairs

    AI and the Trust Revolution: How Technology Is Transforming Human Connections – Foreign Affairs

    Technology And Construction Names Join Top Stock Lists: Check Out Additions To IBD 50, Big Cap 20 And More – Investor’s Business Daily

    Technology and Construction Leaders Surge Into Top Stock Rankings: See the Latest Additions to IBD 50, Big Cap 20, and More

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home Business

FG to Pay N1.6tn Power Subsidy, Suspends Electricity Tariff Hike

January 18, 2024
in Business
FG to Pay N1.6tn Power Subsidy, Suspends Electricity Tariff Hike
Share on FacebookShare on Twitter

http://economicconfidential.com/

FIRS

The Nigerian Electricity Regulatory Commission, released the 2024 electricity tariffs which showed that the Federal Government is to shoulder about N1.6tn subsidy this year to avert electricity tariff hike.

In the tariff review applications of the 11 power distribution companies in Nigeria, the NERC revealed what it approved as their different cost-reflective tariffs and what was allowed as tariffs by the commission following the Federal Government’s subsidy.

The NERC disclosed this in the regulatory instruments on the Multi Year Tariff Order 2024 for the different power distribution companies.

It said the order shall take effect from January 1, 2024, and shall cease to be effective on the issuance of a new tariff review order by NERC for each particular Disco.

The reports indicated that the tariffs should naturally rise considering various economic fundamentals and industry parameters such as the rise in foreign exchange, cost of gas, inflation, among others.

But an analysis of the MYTO 2024 documents for various Discos indicated that the NERC retained the electricity tariffs for 2023, based on the subsidy being paid by the government this year.

Taking Ikeja, Benin and Abuja Discos for instance, while the cost-reflective tariffs approved by NERC for the Discos for 2024 were N112.10/Kilowatt-hour, N126/kWh and N120.88/kWh respectively, what the regulator approved for the power firms were N56.6/kWh, N60.1/kWh and N63.24/kWh respectively.

It was observed that the NERC retained the tariffs charged by the Discos in 2023, as the Federal Government would pay their respective outstanding balance through subsidy this year.

Further analysis of the reports showed that the subsidy for only the month of January 2024 which the government would incur for consumers under Ikeja Disco was N19.85bn; for Benin Disco, N11.74bn; and for Abuja Disco, N19.44bn.

The cumulative subsidy for the entire year is what the power sector regulator puts at N1.6tn.

It must, however, be stated that what the Discos submitted to the NERC as their own calculated cost-reflective tariffs were far higher than the cost-reflective tariffs approved for them by the regulator.

However, despite approving lower cost-reflective tariffs for the power firms, the allowed tariffs were further reduced, as the balance would be sorted by the N1.6tn subsidy to be paid by the Federal Government.

The Federal Government has been paying subsidies on electricity before now, but it has not been this much.

For instance, in December the Federal Government spent N375.8bn on electricity subsidy between January and September 2023, as power consumers paid a total of N782.6bn for the commodity during the same period.

The report stated that in the first quarter of 2023, the Federal Government subsidised power by N36bn, this increased to N135.2bn in the second quarter, and jumped to N204.6bn in the third quarter. Figures for the fourth quarter are not released yet.

The NERC, however, stated on Wednesday that the N1.6tn subsidy for 2024 was too high and stressed that it was not sustainable.

It also revealed that four states had developed their electricity law, while four others were in the process of completing theirs.

Providing explanation on the new tariff order released by the commission, the Chairman, NERC, Sanusi Garba, said, “On the MYTO, I want to correct the wrong impression that for one year we haven’t had any reviews.

“The reality is that the reviews are being done, but what has happened is that what you pay as a customer is a blend of regulation and policy. So if we determine that you should be paying N150 and the Federal Government says ‘no you should pay N60, I will pay the difference,’ then that’s what it is. The government will now provide the money.

“So that is why in the current tariff order, you will see that this is what you should pay, while this is what the government says you should pay, because the government will provide the difference, until there is a change of policy.”

Also commenting on the development, the Vice Chairman, NERC, Musiliu Oseni, declared that the N1.6tn electricity subsidy was unsustainable, stressing that subsidy was more beneficial to the rich.

He said, “In this order, we provided what the tariffs are supposed to be, and what is being charged based on the subsidy policy of the government. And in each order, you will see the amount of subsidy per Disco.

“And in total, this year we are heading to about N1.6tn subsidy, which most likely everybody here will feel is not sustainable. If nothing is done to electricity tariffs, that is what the subsidy will likely be. Now, how much is the total budget of this country?

“You can do the maths and find out the percentage that that will represent, and whether we should continue to do that. Meanwhile, evidence has shown that it is the rich that benefit more from the so-called subsidy.”

Reacting to what his vice said, Garba stated that “hopefully, going forward, we will focus more on the vulnerable customers in terms of the benefit of subsidy. Then those who can truly afford the true cost of electricity will pay for it.”

On states that have enacted their own electricity laws, the Commissioner, Legal, Licencing and Compliance, NERC, Dafe Akpeneye, said four states now have their own electricity laws, while four others were making finishing touches on theirs.

Outlining states that have developed their power laws, he said, “Basically it is Ondo, Ekiti, Enugu and Anambra. Lagos, Osun, Edo and Kano are work in progress.”

In June 2023, President Bola Tinubu assented to the electricity bill, which empowers states, companies and individuals to generate, transmit, and distribute electricity.

The new electricity law repeals the Electricity and Power Sector Reform Act of 2005 and consolidates the laws relating to the Nigerian Electricity Supply Industry.

Recall that the senate had passed the electricity bill in July 2022 to solve the sector’s challenges.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : EconomicConfidential – https://economicconfidential.com/2024/01/power-subsidy-suspends/

Tags: businessPowersubsidy
Previous Post

Nigeria’s Crude Oil Production Rises 1.4mbd, Says OPEC 

Next Post

Again, NGX Sustains Rally as ASI Record Hits 90,000 Points

International call for freedom for environmentalist Onur Yılmaz – ANF English

International call for freedom for environmentalist Onur Yılmaz – ANF English

July 11, 2025
This week in science: a comet, plastic-eating bugs, and how altitude changes smell – KUOW

This week in science: a comet, plastic-eating bugs, and how altitude changes smell – KUOW

July 11, 2025
Science Museum of Minnesota cutting more than 40 full-time employees – CBS News

Science Museum of Minnesota to Cut More Than 40 Full-Time Jobs

July 11, 2025
Doctors say we’ve been misled about weight and health – ScienceDaily

Doctors Reveal the Truth About Weight and Health That You’ve Been Misled About

July 11, 2025
Sierra Club breaks record for world’s largest display of origami fish to protest Line 5 – News From The States

Sierra Club Creates Giant Origami Fish to Break World Record and Protest Line 5

July 11, 2025
Senate Democrat: Trump economy full of ‘uncertainty,’ ‘chaos’ – The Hill

Senate Democrat Warns of ‘Uncertainty’ and ‘Chaos’ in Trump Economy

July 11, 2025
Arts and entertainment events happening July 10th-13th across the Mid-Ohio Valley – WTAP

Unmissable Arts and Entertainment Events Happening July 10th-13th in the Mid-Ohio Valley

July 11, 2025
World’s Premier Cancer Institute Faces Crippling Cuts and Chaos – KFF Health News

World’s Leading Cancer Institute Grapples with Devastating Cuts and Turmoil

July 11, 2025
South Korea’s Yoon detained for a second time over martial law – Al Jazeera

South Korea’s Yoon detained for a second time over martial law – Al Jazeera

July 11, 2025
2025 WE Local Prague Recap: Inspiring Women in Engineering and Technology – Society of Women Engineers

2025 WE Local Prague Recap: Inspiring Women in Engineering and Technology – Society of Women Engineers

July 10, 2025

Categories

Archives

July 2025
MTWTFSS
 123456
78910111213
14151617181920
21222324252627
28293031 
« Jun    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (715)
  • Economy (738)
  • Entertainment (21,626)
  • General (15,825)
  • Health (9,775)
  • Lifestyle (745)
  • News (22,149)
  • People (740)
  • Politics (748)
  • Science (15,956)
  • Sports (21,236)
  • Technology (15,723)
  • World (721)

Recent News

International call for freedom for environmentalist Onur Yılmaz – ANF English

International call for freedom for environmentalist Onur Yılmaz – ANF English

July 11, 2025
This week in science: a comet, plastic-eating bugs, and how altitude changes smell – KUOW

This week in science: a comet, plastic-eating bugs, and how altitude changes smell – KUOW

July 11, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version