Seemberg News

Latest Nigeria Business News

Energy commission tasks investors on reflective tariff


Prof. Jidere Bala, the Director-General of Energy Commission of Nigeria (ECN), has advised investors in power sector to maintain good relationship with consumers through low but cost reflective tariff regime.
Bala told newsmen in Lagos that electricity was a service and consumers must have good relationship with the suppliers.
The Director-General said that Generating Companies (GENCOs) and Distribution Companies (DISCOs) were not philanthropists and so must make profits.
“The suppliers need a little profit, the consumers must also agree with suppliers.”
“Government, as regulator, should also be there to regulate the duo.”
“They have to source for the service they are giving consumers, so we should reach compromise and not fight over tariff,” he said.
Bala urged Nigerian Electricity Regulatory Commission (NERC) to come out with strong regulatory framework because consumers should enjoy what they paid for.
He advised consumers to exercise patience as finance was the major challenge facing the operators.
“It has been almost four years of privatisation of the sector now; it is not easy to raise money to finance major projects.”
“We should still be patient with the market situation; consumers and suppliers should understand one another.”
“We must keep on dialoguing with one another to find ways out of these challenges.
“Dialogue should always be the solution to the problem of tariff hike,” he said.
GENCOs, on July 13, said that the Federal Government must increase electricity tariff.
Ismaila Funtua, the Vice Chairman, Mainstream Energy Solution, made the suggestion while talking with the State House correspondents on the sidelines of the Quarterly Presidential Business Forum held at the Presidential Villa, Abuja.
The Managing Director of Niger Delta Power Holding Company, Mr Joseph Ugbo, on July 14, threw his weight behind the calls by the generating companies for a hike in electricity tariff.
Ugbo made his position known in an interview with journalists on July 14 when the Acting President Yemi Osinbajo visited N-Power Response Centre located in the NDPHC Building in Abuja.

Previous Article

Oyo state secures $5bn for industrialization from China

Next Article

Refineries now supplying 60% kerosene demand – NNPC

You may also like

Leave a Reply

Your email address will not be published. Required fields are marked *