Electricity: No tariff increase for now, says Power Minister
By Emeka Anaeto, Business Editor, & Sebastine Obasi
Respite may have come the way of electricity consumers as Joseph Tegbe, the Minister of Power, yesterday announced that the Federal Government (FG) is not contemplating increase in electricity tariff for now.
Making the clarification at a media interaction in Lagos yesterday, Tegbe stated: “Our priority is not tariff increase in the immediate term. Our objective is clear, to make electricity more available, make the grid more reliable, make the market financially sustainable and restore investor confidence.
“We want to ensure that electricity becomes a catalyst for national productivity rather than a constraint to economic growth.
“Indeed, the Federal Government will continue to examine additional mechanisms for protecting vulnerable consumers whilst simultaneously improving the financial sustainability of the market.”
Tegbe, who took over leadership of the power sector as the minister 50 days ago, also gave insight on the grid audit he is embarking upon.
He said: “Our first priority is the comprehensive technical audit of the transmission segment of our electricity network.
“One cannot effectively rebuild what one has not properly diagnosed. The audit will identify ageing assets, overloaded substations, weak transmission corridors, protection failures, system bottlenecks and operational vulnerabilities.
“This exercise will provide the factual basis for prioritising investments, reducing system failures, improving planning and ensuring that every naira invested delivers measurable value.” The Minister explained that the exercise will provide the factual basis for prioritising investments, reducing system failures, improving planning and ensuring that every naira invested delivers measurable value.
According to him, “A stable grid is the foundation of reliable electricity. Consequently, we shall immediately commence strategic investments in three critical transmission corridors: Lagos Corridor; Enugu–Port Harcourt; and Abuja– Kaduna–Kano. Within the next 2-3 years, Nigerians should experience a stronger grid, reduced technical losses, improved market discipline, greater investor confidence, expanded electricity access and significantly higher operational capacity.”
The post Electricity: No tariff increase for now, says Power Minister appeared first on Vanguard News.