Thursday, February 22, 2024

Prepare for electricity tariff hike, TCN tells Nigerians

Nigerians should be prepared to pay cost-reflective electricity tariffs in order to enjoy the benefits of the liberalisation of the power sector, the government-owned Transmission Company of Nigeria has said.

The Managing Director/Chief Executive Officer, TCN, Mr Usman Mohammed, who said this on Thursday, noted that the government had continued to pump money into the power sector despite privatising it more than six years ago.

Mohammed spoke in Lagos during the groundbreaking for the replacement of old wires on the Ikeja West-Alimosho-Ogba-Alausa-Ota transmission lines.

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He said when completed, the project would allow Ikeja Electric to take the full capacity of all the transformers along the substations to be supplied by the lines.

He said, “We are working to transform the TCN to be one of the best transmission companies in the world. But I want to tell the Nigerian public that we cannot move forward if we don’t pay for electricity.

“I want to tell Nigerians that there is no relationship between poverty and payment for electricity.”

According to the TCN boss, Nigeria has the cheapest electricity tariff in West Africa.

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He said the government had sunk N1.5tn into the power sector in terms of payment assurance guarantee for power generation.

Mohammed said, “We have to stop this government intervention and we can only stop it when contracts become effective. Contracts can only be effective when you have cost-reflective tariffs.”

The Nigerian Electricity Regulatory Commission in its December 2019 Minor Review of Multi Year Tariff Order 2015 and Minimum Remittance Order for the Year 2020 for the 11 Discos, had said on January 4 that consumers would start to pay more for electricity from April 1, 2020.

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