According to electrical distribution companies, Nigerians will start paying more for electricity on Saturday, July 1, 2023.
The businesses said in a related statement that the shifting currency rate has an impact on the tariff rise, according to Punch.
In a letter to its clients in the Federal Capital Territory, Niger, Kogi, and Nasarawa, Abuja Electricity Distribution Company
“Effective July 1st 2023, please be informed that there will be an upward review to the electricity tariff influenced by the fluctuating exchange rate.
“Under the MYTO 2022 guidelines, the previously set exchange rate of N441/$1 may now be revised to approximately N750/$1 which will have an impact on the tariffs associated with your electricity consumption.”
According to Dailytrust, Ikeja Electricity Distribution Company (IKEDC) released a statement with a similar message explaining that the new basic rate is anticipated to be N100 per kWh for subscribers within bands B and C, with supply hours ranging from 12 to 16 per day.
Message reads:
““Dear Customers, electricity tariffs are set to go higher on July 1st due to the floating exchange rate. MYTO 2022 set the exchange rate at N441/$1, which may now be adjusted to about N750/$1. We may be looking at a base tariff of N100 per kWh for Band C (12 – 16 supply hours per day).”
Eko distribution company made similar announcement while advising customers to buy in bulk ahead of the changes.
It said:
It explained that the bulk purchase will allow them to take advantage of the current rates and potentially make savings before the new tariffs come into effect.
“If you have a prepaid meter, buying bulk energy units for your home or office before the end of the month may help you make some savings before you have to buy at the new rate.”