February 3, 2025
By Idris Buba
Special Adviser to President Bola Tinubu on energy, Olu Arowolo Verheijen, has said her that statement on increasing electricity tariff during an interview in Tanzania was misrepresented.
Verheijen had at the World Bank-sponsored conference in Tanzania, presented a $32 billion plan to boost electricity connections by 2030 on behalf of Nigeria.
Bloomberg, had reported that she said Nigeria’s power prices need to rise by about two-thirds for many customers to reflect the cost of supplying it.
Many newspapers have run amock with reports about the Federal Government’s proposed “65% increase in electricity tariffs” after the Bloomberg publication.
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The special adviser has, however, come out to state the fact saying that her words were misrepresented, explaining that she actually meant that the current tariffs cover 65% of the electricity supply cost.
She said, “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 cost of supplying electricity, with the Federal government continuing to subsidize the difference.”
She emphasized that the Federal Government was committed to ensuring fairer pricing, while taking decisive action to deliver regular electricity to Nigerians, and ensuring the protection of the poor and vulnerable Nigerians.
