The Federal Government, under the leadership of President Bola Ahmed Tinubu, has denied claims of a 65% increase in electricity tariffs, clarifying that the recent adjustment in power costs reflects a more moderate rise. The government asserts that 35% of the electricity cost is still subsidised to ease the financial burden on consumers.
In response to growing concerns and public outcry regarding the spike in electricity prices, a statement from the Ministry of Power emphasized that the tariff hike is part of ongoing efforts to restructure the nation's energy sector. However, the government assured Nigerians that its subsidy program remains in place, offsetting a significant portion of the price increase to protect vulnerable consumers and businesses.
"The current adjustment is necessary to ensure the sustainability of our power sector, but we want to make it clear that only 65% of the cost has been adjusted, with 35% still being subsidised by the government to ensure affordability for all Nigerians," the statement read.
The government has called on the public to refrain from misinformation, stressing that the tariff adjustment was a carefully considered decision designed to improve electricity generation and distribution. It is part of the broader strategy to stabilize the power sector, attract investments, and increase the reliability of electricity supply across the country.