Electricity tariffs may rise in July as the Federal Government considers options to revive the ailing power sector by injecting $7.6 billion (about N2.4 trillion) over five years, Daily Trust reports.
The details are contained in the Power Sector Recovery Plan (PSRP), a document formulated in March by the Office of the Vice President and the World Bank Group (WBG). The Working Group for the implementation is being coordinated by the SSA to the President on Power at the Office of the VP, Damilola Ogunbiyi, and the Lead Energy Specialist at WBG, Kyran O’Sullivan.
The federal government considers recovering the $7.6bn fund by way of hiking the present electricity tariff outlined in the Multi Year Tariff Order (MYTO) 2015. It has considered four options and the Working Group is making a decision on which of the hike options to adopt shortly.