Economy News Extra Latest News Power/Electricity

Amid Consumers’ Complaints, FG Reviews Electricity Tariffs Upward

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 […]

Economy News Extra Latest News Power/Electricity Revenue Tax

NERC Reports 57% Revenue Increase In Q1, 2020

The Nigerian Electricity Regulatory Commission (NERC) has reported that its total revenue increased by 57 per cent in the first quarter of 2020. It attributed the improved revenue accruals to operating levies and Internally Generated Revenue (IGR) sources During the quarter, the power sector regulatory agency disclosed that its total expenditure rose to N1.94 billion, […]

Economy News Extra Latest News Power/Electricity

GenCos Sold N294.16bn Electricity In 5 Months

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 […]

Economy News Extra Latest News Power/Electricity Revenue

No Tariff Hike For Below 12 Hours Daily Electricity Customers – NERC

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 […]

Economy News Extra Latest News Power/Electricity

Electricity Consumers Accuse DisCos Of Sharp Practices On New Tariff

As the controversy over the adjusted electricity tariff regime continues to elicit reactions from consumers nationwide, most of the consumers have accused electricity distribution companies (DisCos) of fraudulent antics in the implementation of the recently adjusted tariffs. A news report by the News Agency of Nigeria (NAN) indicated that some consumers alleged that the electricity […]

Latest News Power/Electricity Revenue Tax

FG grants one-year waiver on 35% tax on imported meters

The Federal Government on Tuesday announced one-year deferment of the 35 percent import adjustment tax (levy) imposed on the fully built unit (FBU) electricity meters HSCode 9028.30.00.00 under the 2019 fiscal policy measures. The announcement was contained in a statement issued by Mr Abdullahi Tanko, the special adviser communication to the Minister of Finance, Budget […]

Economy News Extra Latest News Power/Electricity Revenue

NERC Threatens To Revoke DISCOs’ Licences Over Regulatory Infractions

The Nigerian Electricity Regulatory Commission (NERC) has served notices to eight electricity distribution companies (DISCOs) on its intention to revoke their  licences if they failed within 60 days to correct ‘breaches of the terms and conditions of their power purchase agreements’. Specifically, the industry regulator accused the DISCOs of breaching the terms and conditions of […]

Economy News Extra Latest News Power/Electricity Technology

NERC Flaws Discos’ Stance On Meter Supply

Nigeria’s power sector regulator, the Nigerian Electricity Regulatory Commission (NERC) has flawed the position of the electricity distribution companies (Discos) on meter supply to consumers, saying the responsibility is that of the companies based on the provisions of the Meter Asset Provider (MAP) Regulations 2018. The commission, in a statement maintained that the DisCos’ role […]

Economy News Extra Latest News Power/Electricity

Meter Manufacturing Firm Urges CBN On Funding Support

One of the licensed meter manufacturing companies in the country, Momas Electricity Meter Manufacturing Company Ltd. (MEMMCOL), on Thursday urged the Central Bank of Nigeria (CBN) to create a credit line of  single digit interest rate to meter manufacturers to support manufacturing entities’ current efforts to ensure adequate distribution of meters to electricity consumers nationwide. […]

Economy News Extra Latest News Oil & Gas Power/Electricity

NERC Links Poor Power Supply Mainly To Gas Shortage

The Nigerian Electricity Regulatory Commission (NERC) has reported that the major constraints experienced in the country’s electricity sector in the first quarter (Q1) of 2018, is due largely to gas supply shortfall to power generation companies (Gencos). In its just published Q1 2018 quarterly report of activities in the sector, the Commission stated that 74 […]