n Electricity Regulatory Commission (NERC) has approved a substantial hike in electricity tariff, setting it at N225 ($0.15) per kilowatt-hour, a significant jump from the previous N68 rate.

This is a 300 percent hike and takes effect from April 1, 2024.

However, it will be for urban consumers, also known as Band A consumers in the country.

The Vice Chairman of NERC, Musiliu Oseni, made this announcement in Abuja.

Accordingly, power distribution companies, DisCos, are allowed to raise electricity tariff to N225 ($0.15) per kilowatt-hour from April 1.

Also, Oseni clarified that the rate increase will only affect 15 percent of the electricity customers in the country.

Oseni also revealed that the 15 percent customers consume 40 percent of the nation’s electricity.

Band A

NERC Service-Based Tariff, SBT, scheme classifies consumers based on the number of hours of electricity supply per day.

SBT, introduced on the 1st of November 2020, classifies consumers into Bands A to E as follows:

Band A: Minimum of 20 Hours
Band B: Minimum of 16 Hours
Band C: Minimum of 12 Hours
Band D: Minimum of 8 Hours
Band E: Minimum of 4 Hours

We will bring you more details on the current electricity tariff hike as they come.

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