The Organised Private Sector in Nigeria, OPSN, yesterday warned that the recent hike in electricity tariff may force over 65 per cent of businesses in the country to shut down, and thus called on the federal government to reverse the increase.
The statement said: “OPSN has received numerous complaints from its member companies on the implications of the recent astronomical increase in electricity tariff by the Nigerian Electricity Regulatory Commission, NERC, for Band A customers without the required and proper consultations with the private sector.
“Meanwhile, the astronomical increase is against the MYTO Order referenced NERC/2023/05, which valued the cost-reflective tariff at N114.8/Kwh . It also does not reflect the current exchange rate reality that has seen the Naira appreciate by 62.95 per cent over the dollar in the last month.”
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