Controversy over power minister ignoring Nigerian company in 40 billion Norwegian mass metering contract

If the exchange rate drops to Nera 1,000/$1,000, the electricity bill will be reduced – Adelabu

The Minister of Power, Adebayo Adelabu, has claimed that recently increased electricity prices will be reduced if the exchange rate falls below N1,000 to the dollar.

Adelabu made the comments during an appearance on Channels Television's “Politics Today” on Thursday.

On April 3, the Nigerian Electricity Regulatory Commission, NERC, announced the removal of subsidies on electricity consumed by Band A customers.

Band A customers are currently paying 255 Naira/KWh, up from 68 Naira/KWh, while other customers are keeping the old rate.

However, Adelabu has now presented conditions regarding the possibility of a reduction.

“The rates are flexible. If the naira appreciates further and the exchange rate falls below 1,000 Nera per dollar, it should have a positive impact on the tariffs. Also, the rates, even in Band A, are not as high as they currently charge. below N225/KWh.

“There are variables in the composition of tariffs and we are not turning a blind eye to that,” Adelabu said.


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