Business
Possible Tariff Hike for Nigerian Electricity Customers
Electricity customers on Band A feeders in Nigeria may face a potential tariff increase due to a significant rise in the electricity subsidy. As of September, the subsidy has grown to ₦181.63 billion, up from ₦102.30 billion in May.
The Nigerian Electricity Regulatory Commission (NERC) had previously removed the subsidy for Band A customers, who receive at least 20 hours of electricity daily, raising their tariff to ₦225 per kilowatt-hour. However, the subsidy increase has raised concerns that tariffs could rise again in October unless power generation costs decrease.
Despite these rising costs, the federal government has not yet approved another tariff hike, possibly due to the current economic challenges in the country. The ongoing foreign exchange crisis and inflation rates are also impacting electricity production costs, prompting calls for a reevaluation of tariffs across all customer bands to ensure financial viability for power companies.
It has been noted that the National Youth Service Corps (NYSC) and British American Tobacco Nigeria Foundation (BATNF) plan to renew their partnership in agribusiness.
The new project is to involve youth in the agriculture business, widen their horizons, and educate them about the agritech sector.
The general manager shared that “The foundation is not only providing grants but also building a system of mentorship, structure, and support that enables corps members to see agribusiness as a serious enterprise pathway.” The plan is to use the NYSC platform to engage youths.
Idi Mukhtar Maiha, Minister of Livestock Development, has revealed the government’s intention of placing women in the livestock transformation agenda that they have in store for Nigeria.
During a recent event, he praised women, describing them as the backbone of the country, and shared that the country will keep on needing their support, hence the inclusion of the agenda team.
He also praised the First Lady for the impact she has made in the country so far and her advocacy for women’s empowerment.
Nigerians react as a user claims and shares that the price of rice in Nigeria is already reducing.
“Rice prices are finally dropping, minimum wage can buy a bag now. Step by step, we’re getting there. Nigeria will work in our lifetime.”
It can be noted that rice was sold at ₦85k to ₦90k, however, according to a market survey, the price of rice has dropped to ₦56k to ₦62k.
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