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Tuesday, December 31, 2024
Nigeria's December Electricity Subsidy Hits N199 Billion Amid Economic Adjustments
The Nigerian Electricity Regulatory Commission (NERC) has announced that the Nigerian government paid a subsidy of N199 billion for electricity in December 2024, an increase from N194.26 billion in November. This information was disclosed in the NERC's December 2024 Multi-Year Tariff Order (MYTO) report. The report reveals that Band-A customers continued to pay N209/kWh, while tariffs for customers in Bands B to E remained at the December 2022 rates.
The government is expected to pay N29.10 billion for consumers under Abuja Electricity Distribution Company (DisCo) and N26.68 billion for those under Ikeja Electric. The rise in subsidies is attributed to a higher exchange rate of N1,687.45 per dollar, an inflation rate increase of 33.9%, and adjustments in power generation capacity. NERC also kept the benchmark gas-to-power price at $2.42/MMBTU, and confirmed that tariffs will remain subject to monthly adjustments based on key economic indicators.
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