The Minister of Power, Adebayo Adelabu, has expressed hope about lowering electricity tariffs.
Adelabu revealed this on Friday during a briefing by ministers in Abuja.
It is worth noting that on April 3, the Nigerian Electricity Regulatory Commission (NERC) announced a 240 percent increase in electricity tariffs for band A customers who get 20-24 hours of power supply daily.
The minister mentioned that the tariff increase is similar to the initial price hike seen in the telecommunications sector, which eventually experienced a decrease in prices over time.
“The electricity tariff might look expensive at the moment. But I’m optimistic that these tariffs will go down. We know how much we were buying SIM cards when the telcos just came. We know how much we were buying telephones.
“But gradually, as we scale up in generation, transmission and distribution, these prices will also decrease. It’s a temporary hardship leading to a permanent gain,” Adelabu said.
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