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electricity

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BUSINESS

International consumers owe Nigeria $51m for electricity — FG

International consumers failed to remit about $51.26m to Nigeria for electricity exported from Nigeria to the power users in 2023, the Federal Government revealed in the latest industry data showing the non-remittances by the consumers. Also, another group of customers categorised as bilateral power consumers did not remit about N7.61bn to the Nigerian power sector in 2023. The Nigerian Electricity Regulatory Commission condemned the development, describing it as a payment […]

todayMay 27, 2024 18

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BUSINESS

Nigeria eyes 10,000MW hydropower for sustainable electricity

While acknowledging the immense potential for hydropower development in Africa, he said it is important to also consider responsible development. He said, “We must address environmental concerns around dam construction and ecosystem disruption, alongside social impacts on local communities. This requires a commitment to sustainability, stakeholder engagement, and innovative solutions to financing these large-scale projects.” The minister previously stated that for several decades, hydropower has played a significant role in […]

todayMay 16, 2024 7

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NEWS

Electricity tariff hike: Labour demands reversal as protests begin today

•NLC, TUC, others to picket NERC office, DisCos in 36 states The organised labour will on Monday (today) commence nationwide protests over the electricity tariff hike and removal of subsidy from the power sector by the Federal Government. The National Treasurer of the Nigeria Labour Congress, Olatunji Ambali and the National Deputy President of the Trade Union Congress, Tommy Etim, who confirmed the planned protests in separate interviews on Sunday, […]

todayMay 13, 2024 16

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BUSINESS

Tariff hike: FG begs workers as electricity union insists on strike

The Federal Government has appealed to members of the National Union of Electricity Employees not to down tools over the recent electricity tariff hike. This is as the union insisted that they would withdraw their services should the government fail to rescind its decision on the removal of subsidy on the tariff payable by Band A customers. The National President of the union, Adebiyi Adeyeye, in an interview with our […]

todayApril 15, 2024 9

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BUSINESS

Electricity tariff hike looms as FG raises gas price

The Federal Government, on Monday, announced that the new price of natural gas for power generation companies is now $2.42 per metric million British thermal unit, higher than the previous rate of $2.18mmbtu. Nigeria generates over 70 per cent of its electricity from thermal power plants that are fired by gas. Therefore, the rise in the cost of the commodity may lead to a hike in the tariff payable by […]

todayApril 2, 2024 16

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BUSINESS

Tinubu stops electricity tariff hike, insists on subsidy

President Bola Tinubu recently stopped the implementation of a hike in electricity tariff and insisted that subsidy be paid on power consumed nationwide, the Minister of Power, Adebayo Adelabu, revealed on Wednesday. Adelabu also stated that the Federal Government would investigate the legality of the five-year licence extension given to privatised power distribution and generation companies, stressing that the operating licences of the firms would have expired on October 31, […]

todayNovember 9, 2023 68

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