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.
Aliko Dangote speaks on his lineage and addresses not having a son as he was asked about not having a son to carry his name and achievements.
“That is not my priority because God controls everything. You can pray for God to give you a son, but he might be the one to take down the name of the family.”
Instead, he shared that he does not mind not having a son. “I don’t think a son would have done better than the three daughters I have.”
Aside from that, he was also asked about giving advice to young Nigerians. “Work hard, be consistent, focused and know what you want to do.”
It can be reported that following Aliko Dangote’s investment opportunity, some investment platforms are experiencing huge traffic, causing their platforms to become slow and go down.
Two platforms openly announced their issues. Bamboo said “Hey everyone, we’re getting a much higher than expected traffic trying to get into the Dangote IPO and it’s making it difficult for some users to log into the Bamboo app. We’re working on a fix and it will be up and running shortly.”
Cowrywise also said “We’re currently seeing more traffic than usual on the Cowrywise app. Our team is already on it and working to get things back to normal. Thanks for your patience, everyone.”
Nigerian economist Bismarck Rewane advises Nigerians financially, sharing that Nigerians should engage in the Dangote Refinery initial public offering (IPO). He stated that it was a good investment.
He shared “You are better off with your N5,000 share than selling your PVC for N10,000 or N15,000 and consuming it,” Rewane said.
“If you can get 10 million shareholders to participate in the IPO, the Dangote Refinery will have the largest number of shareholders in the world,” he said.
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