NERC, DMBs, CBN SIGN MOU ON STABILIZATION FUND AS NEW TARRIFF TO TAKE EFFECT TOMORROW

 

The Nigerian Electricity Regulatory Commission, NERC, says the new electricity tariff will come into effect tomorrow. 

Announcing this to Newsmen in Abuja, at the signing of the MOU on the electricity stabilization fund, with the deposit money banks in the country and facilitated by the Central Bank of Nigeria, Chairman NERC, 

Dr Sam Amadi, however said the facility will erode the payment of the new tariffs by Nigerians for the next 6month, after which it will be reviewed.

He said the MOU with DMBs, is to ensure the sector is viable and reliable, while there will be an aggressive improvement in electricity generation and distribution across the country

Meanwhile, commending the commitments of the DMBs in the revival of the power sector, CBN Governor, Godwin Emefiele, said clearing the debt will encourage an efficient and effective gas supply system. He added that the facilitation is worth over N213 billion. 

Imohedet.blogspot.com recalled that the CBN had last month, offset N36.9 billon legacy debt owed to gas suppliers by the power sector under the defunct Power Holding Company of Nigeria (PHCN) over the last few years, which was part of the N213 billion intervention fund.