Electricity Bills to Soar: FG to Phase Out Power Subsidy, Pledge Support for Poor
The Federal Government will phase out electricity subsidies and introduce cost-reflective tariffs across Nigeria. A senior presidential adviser on power infrastructure said low-income and vulnerable households will get targeted support from a proposed Power Consumer Assistance Fund. The policy rollout is expected within a year. Nigeria currently attracts about $1 billion in annual power investment but needs between $9 billion and $12 billion yearly to achieve universal access. Total sector funding requirements could reach $121 billion by 2045. A former minister of power also warned that some fuel suppliers and generator vendors are undermining efforts to stabilise the national grid.
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