The Central Bank of Nigeria (CBN) has reported that Electricity Distribution Companies (DisCos) spend N273.3 billion in seven years to provide 414,000 prepaid meters to electricity consumers in the country. The latest report from the apex bank on development finance interventions between 2015 and 2022, indicated that the DisCos spent an average of N670,000 for […]
The Federal Government has revved up its investment and policy moves to increase electricity megawatts from 4000 megawatts (MWTs) to 6,000 WHTs within the next three to six months to improve power supply. The Minister of Power, Mr Adebayo Adelabu, who made this disclosure on Monday during his meeting with the heads of power agencies […]
The Nigerian Electricity Regulatory Commission (NERC) has approved electricity tariffs hike, effective January 1 2024, following a review of the Multi Year Tariff Order (MYTO), in order to enable the 11 electricity distribution companies (DisCos) to sustain their operations nationwide. The Chairman of NERC, Sanusi Garba, who made this disclosure on Wednesday during a media […]
The Nigerian Electricity Management Services Agency (NEMSA) has assured electricity consumers using pre-paid meters that units already purchased will not be lost during the imminent upgrade of their meters nationwide. The Head Communication and Protocol Unit, Mrs. Ama Umoren, in a statement on Sunday attributed the assurance to the Managing Director of NEMSA, Mr. Tukur […]
Despite complaints by customers about the current tariff regime, the Federal Government has increased tariffs by about 50 percent for electricity consumers nationwide. The Nigerian Electricity Regulatory Commission (NERC) in its latest order copied all the distribution companies (Discos), stated that the upward hike in tariffs was necessitated by rising inflation rate, foreign exchange, generation […]
Electricity generation companies (GenCos) in the country sold electricity worth N294.16bn between January and May this year to the Nigeria Bulk Electricity Trading Plc (NBET), the bulk purchaser of generated power, for subsequent sale to distribution companies (DisCos). By the power sector regulatory regime, NBET, which is owned by the government, purchases electricity in bulk […]
Apparently concerned by the growing complaints against the recently introduced electricity tariff plan by millions of electricity consumers, the Nigerian Electricity Regulatory Commission (NERC) on Friday maintained that electricity Distribution Companies (DisCos) must not increase tariffs of customers enjoying less than 12 hours power supply daily. The NERC Commissioner, Legal Licensing and Compliance, Mr. Dafe […]
The Central Bank of Nigeria (CBN) has directed deposit money banks (DMBs) providing bank guarantees to Nigeria Bulk Electricity Trading (NBET) Plc and the Transmission Company of Nigeria (TCN) on behalf of the electricity distribution companies (Discos) to take over electricity bill collections from customers. Similarly, the apex bank also charged the DMBs to ensure […]
The National Bureau of Statistics (NBS) has reported that the 11 electricity Distribution Companies (DisCos) in the country so far supplied a total of 1,669,675 units of prepaid meters to consumers nationwide as at the end of December 2018.. According to the official statistics producing and reporting agency in its latest ‘Power Sector Report: Energy […]