The new rate also depends on the distribution company and meter vendors.
The Nigerian Electricity Regulatory Commission (NERC) held a public hearing with stakeholders in Abuja on Thursday to address power system disturbances
The statement said that a public hearing targeted at addressing the incessant grid collapses will soon be held.
In its 2023 annual report on its website, NERC said metering and overbilling of consumers accounted for the highest complaints.
NERC said the deployment of funds under the MAF scheme would accelerate the deployment of meters and a closure of the current metering gap.
Mr Adelabu noted that the hike in the new tariff has led to a reduction in the energy cost for consumers in the band by 30 to 40 per cent.
NERC approved an increase in the electricity tariff on April 3 for customers who enjoy 20 hours of electricity daily and are classified as Band A users.
“And so we must make this sector attractive to investors and to lenders.”
“We also plan to franchise the DisCos so that we can have smaller DisCos that are ready to invest,” he said.
He added that as a result of the non-payment of subsidy, gas supply and power generation had continued to dip.
