The Federal Government incurred a gross tariff subsidy shortfall of ₦1.949 trillion in 2024, according to the Nigerian Electricity Regulatory Commission (NERC). The subsidy arose from the gap between the actual cost of electricity supply and the frozen customer tariffs, maintained at 2022 rates despite rising market costs driven by FX fluctuations and inflation. NERC’s…
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…
The Senate has passed the 2024 – 2026 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for implementation by the Federal Government. The passage followed the presentation of a report by the chairman of the Joint Committees on Finance and National Planning & Economic Affairs presented by Sen. Musa, Mohammed Sani (Niger East). The…
