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High electricity costs overwhelm South-South, South-East businesses

High electricity costs overwhelm South-South, South-East businesses

A survey by The Guardian has revealed that with an average of about N70 billion spent on alternative energy, yearly, by local manufacturers due to poor power supply, many industrial firms and businesses in Southeast and Southsouth are struggling to sustain their operations, with many already suspending production.

Report from guardian.ng said that according to the operators, the high cost of electricity is taking a toll on their businesses, as manufacturers allege that distribution companies and their cohorts are frustrating the eligible customer initiative. jamb result

Still, on the speculating report, the Federal Government had, through the Nigerian Electricity Regulatory Commission (NERC), designed the Multi-Year Tariff Order (MYTO) in 2015 and the Minimum Remittance Order for the Year 2019, which implementation began in January 2021.  information guide nigeria

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With the federal government’s plans to end the electricity subsidy from next year, the citizens of Nigeria would have to pay more for the commodity under a new tariff arrangement to be unveiled by the Federal Government.

The report brought to our notice is that the Nigerian Government reiterated the decision during a stakeholders’ engagement meeting organised by the Nigerian Electricity Commission (NERC) in Lagos. The federal government had pegged most of its subsidy payments in the electricity sector at N30 billion monthly.

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