Osinbajo reveals why Nigerians should prepare for higher electricity tariff

Osinbajo reveals why Nigerians
should prepare for higher
electricity tariff
- Vice President Yemi Osinbajo has urged
Nigerians to prepare for higher electricity
tariff
- He said that there is no question at all
that Nigerians must pay higher tariffs
- He, however, said government was not
going to increase the tariff for now but was
working towards cleaning the electricity
value chain
Vice President Yemi Osinbajo has said
that Nigerians should prepare to pay
higher electricity tariff, the Nation
reports.
LETSKNOW gathered that he said the
higher electricity payment is inevitable.
The vice president spoke on Monday,
November 27, at the sixth presidential
business forum held at the old Banquet
Hall of the Presidential Villa, Abuja.
The sixth presidential business forum,
which focused on agriculture and its
value chains, had the minister of
agriculture and rural development,
Audu Ogbe; the minister of industry,
trade and investment, Okechukwu
Enelamah; officials of government
agencies and stakeholders in the
agriculture sector in attendance.
“There is no question at all that we must
pay higher tariffs,” Osinbajo said.
He said government was not going to
increase the tariff for now but was
working towards cleaning the electricity
value chain.
According to him, the N700 billion
payment assurance guarantee set aside
by government was to ensure
uninterrupted payment for gas and
liquidity in the power sector.
Osinbajo said the payment assurance
guarantee was to fund a smooth
transition “from where we will have a
much more market-determined policy for
electricity.”
The vice president said government was
working with the World Bank on the
matter.
He also disclosed that President
Muhammadu Buhari has directed that a
committee be set up to explore the use
of government’s intervention funds in
agriculture.