Abuja, Feb. 3, 2025 – Olu Verheijen, The Special Adviser to the President on Energy, has denied saying electricity tariffs will be increased by 65%.
She made the denial in a statement on Monday while reacting to reports quoting her as saying that the electricity tariff would soon be increased by 65%.
Verheijen said she did not deny the looming tariff hike, but she did not say the tariff would be raised as high as 65 per cent.
“It has become necessary to clarify media reports suggesting an imminent 65 per cent increase in electricity tariffs.
“This is a misrepresentation of what I actually said in a recent press interview. I highlighted the fact that, following the increase in Band A tariffs in 2024, current tariffs now cover approximately 65 per cent of the actual cost of supplying electricity, with the Federal Government continuing to subsidise the difference,” she said
The special adviser said the federal government was spending N200 billion monthly to subsidise electricity which is benefitting the wealthiest 25 per cent of Nigerians rather than those who truly need assistance.
The statement reads in parts: “Today, the Federal Government spends over ₦200 billion per month on electricity subsidies, but much of this support benefits the wealthiest 25 per cent of Nigerians rather than those who truly need assistance.
“To address this, the Federal Government is working towards a targeted subsidy system to ensure that low-income households receive the most support.
“This approach will make electricity more affordable and accessible for millions of hardworking families.
“One of the most significant steps in this reform is the Presidential Metering Initiative, which is accelerating the nationwide rollout of 7 million prepaid meters, starting this year.
“This will finally put an end to the practice of estimated billing, giving consumers confidence in what they are paying for and ensuring transparency in electricity charges.
“Metering will also improve revenue collection across the sector and will attract the investments needed to strengthen Nigeria’s power infrastructure,” she explained.
“For years, these debts have prevented investments in new infrastructure and hampered efforts to improve electricity supply.
“By clearing these outstanding obligations, the government is ensuring that power companies can reinvest in better service delivery, stronger infrastructure, and a more stable electricity supply for all Nigerians,” she said.
“The government fully understands the economic realities facing citizens and is committed to ensuring that reforms in the power sector lead to tangible improvements in people’s daily lives.
“Every policy is designed with the Nigerian people in mind — eliminating unfair estimated billing, ensuring that subsidies benefit the right people, and creating the conditions for stable, affordable electricity.
“These reforms are laying the foundation for better service delivery, expanded access to electricity for homes and businesses, and unlocking prosperity for all Nigerians.”
