This news medium understands that Arabi, who is also NERC Public Affairs Officer, made this known in a statement issued on Friday in Abuja.
Arabi stated that the commission was still consulting with stakeholders.
He said that the commission wished to notify the public that no tariff increase had been approved by the commission contrary to speculations.
The statement read “However, the commission in the discharge of its statutory responsibilities enshrined under the Electric Power Sector Reform (EPSR) Act, shall continue to undertake periodic reviews of electricity tariffs in accordance with prevailing tariff methodology.
“In all instances of such reviews and rule-making, the commission shall widely consult stakeholders and final decision shall be taken with due regard of all contributions.”
Arabi said that the commission wished to provide guidance that the minor review implemented by the commission was a retrospective adjustment of the tariff regime released in 2015.
He said that this was to account for changes in macroeconomic indices for 2016, 2017 and 2018, “thus providing certainty about revenue shortfall that may have arisen due to the differential between tariffs approved by the regulator and actual end-user tariffs.”
Concise News had earlier reported that the Federal Government had approved the sum of N600 billion for the country’s electricity market.
The Market Operator of the Transmission Company of Nigeria (TCN), Engr. Edmund Ejie, disclosed at the Market Operator’s Participants/Key Stakeholders 2019 3rd Quarter Interactive Forum in Abuja.
Ejie stated that the fund was already ripe for disbursement.
According to him, the intervention is for the payment of the shortfall in electricity invoices for the entire market. He noted that the intervention is not restricted to a single chain in the market but a wholistic one.
“The intervention is at a very advanced level. It has been signed by Mr. President, Muhammadu Buhari,” he said.
Vice President Yemi Osinbajo earlier disclosed that the President Muhammadu Buhari administration had invested N900 billion in the power sector since 2015.
“Since assumption of office, we have invested so far in terms of support N700 billion in the power sector. Earlier, we invested N200 billion,” he had said.
He said that each of the Distribution Companies (Discos) controls a particular territory and it has been a major challenge the power sector has been facing.
”And now we are saying that any company that wants to provide power to any territory, should be able to provide power for the territory and the people.”