The House of Representatives has decried the rising Electricity Tariff in the country and has said the increases were not justified considering the commitment of N213billion to the operators that has failed to boost supply to Nigerians, The Nation reports.
In addition, the lawmakers said the increments were not in tandem with the economic realities of the country with Nigerians being confronted with several economic hardships. As a result, the House has mandated an ad hoc Commitee to interface with the National Electricity Regulatory Commission (NERC) and other stakeholders to critically evaluate the Multi Year Tariff Order (MYTO) system and re-assess all its inputs and assumptions in order to come up with a realistic tariff regime. The Committee has six weeks to carry out the assignment and report back to the House.
Sponsor of the motion, Shehu Musa (APC, Bauchi) recalled that in 2008, NERC adopted the MYTO methodology to regulate electricity tariff taking into consideration the key principles of cost reflectivity, affordability, incentives for efficient operations and other assumptions such as in tertiary rates, exchange rates, inflation, gas prices and subsidies. The motion was unanimously adopted after it was put to a voice vote by Speaker Yakubu Dogara.
The post Reps to push for downward review of electricity tariff appeared first on Energy News | Oil and Gas News.