A wave of shock and disappointment soar in the country as the new electricity tariff comes into effect on July 1, 2023.
The announcement of the tariff increment was made by the Distribution Companies (DisCos), as part of the Multi-Year Tariff Order (MYTO) mechanism developed by the Nigerian Electricity Regulatory Commission (NERC), with outlined 15-year tariff path for the country’s electricity industry.
Currently, across the nation, many Nigerians laments the implementation of the new tariff with the compounding effect of rising costs due to sudden removal of the PMS subsidy, stagnant salaries, exacerbating the financial strain on the common man.
The implications of this new tariff extend beyond individual households; businesses, running cost are affected with the challenges of an uncertain economic climate, will face higher operational costs, potentially affecting employment rates and economic growth. The burden on the masses is expected to be significant, prompting questions about the sustainability and inclusivity of these measures.
As the nation grapples with the impact of the new electricity tariff, the plight of Nigerians calls for urgent attention and thoughtful solutions to ensure that the burden is not disproportionately placed on those who can least afford it.