The House of Representatives has questioned the Nigerian Electricity Regulatory Commission (NERC) over the handling of a N59 billion loan disbursed by the Central Bank of Nigeria for the National Mass Metering Programme (NMMP). In a statement on Saturday, Chairman of the House Joint Committee on Power, Uchenna Okonkwo, said investigations revealed irregularities and poor…
President Bola Tinubu has nominated Engr Abdullahi Garba Ramat to serve as Chairman and Chief Executive Officer of the Nigerian Electricity Regulatory Commission (NERC). Alongside Ramat, the President also proposed Mr Abubakar Yusuf for the role of Commissioner for Consumer Affairs and Dr Fouad Olayinka Animashun as Commissioner for Finance and Management Services at the…
The Nigerian Electricity Regulatory Commission (NERC) has revealed that the Federal Government spent ₦1.94 trillion on electricity subsidies in 2024. This disclosure was made in NERC’s latest report, which shows that the subsidy was necessary to bridge the gap between the actual cost-reflective tariff and the amount paid by consumers. The Commission noted that the…
The Lagos State Electricity Regulatory Commission (LASERC) has officially prohibited individuals or entities from providing electricity services in the state without a valid licence or permit. This directive marks LASERC’s first major regulatory action following the domestication of electricity market regulation in Lagos State. Issued under the title “LASERC ORDER/001/2025,” the order formally places all…
Presidency Begins Approval Process to Settle ₦2 Trillion Power Sector Debt The Nigerian Presidency has initiated internal approval procedures to resolve the ₦2 trillion legacy debt owed to electricity generation companies (GenCos), with plans to complete the process by the end of the upcoming quarter. This move forms part of broader efforts to stabilise Nigeria’s…
The Federal Government, through the Nigerian Electricity Regulatory Commission, has directed all electricity distribution companies to publish the refunds they have made to customers who purchased meters under the Meter Asset Providers scheme. The NERC announced this on its social media handles on Monday. On Monday, the commission held the first Nigerian Electricity Supply Industry…
Monies paid by the Federal Government as electricity subsidies increased to N199.64 billion in December 2024, according to data sourced from the Nigerian Electricity Regulatory Commission. The recently released “December 2024 Multi-Year Tariff Order” report reveals that electricity subsidies increased by 2.76% to N199.64 billion in December, up from N194.26 billion in November. The Nigerian…
According to the newly released report, ‘December 2024 Multi-Year Tariff Order,’ electricity subsidies rose by 2.76 per cent to N199.64 billion this month from N194.26 billion in November. NERC explained that the rise in the exchange rate, which it pegged at N1,687.45 to the dollar, the increase in inflation to 33.9 per cent, and changes…
In the first quarter, none of the four international bilateral customers supplied by the power generation companies made payments against the cumulative invoice of $14.19m. The Nigerian Electricity Regulatory Commission revealed this in its latest second-quarter 2024 report. Out of the $15.60m invoice issued by the market operator between April and June, the international customers…
