Nigerian Electricity Regulatory Commission, NERC, is said to have given the nod for the hike in tariff, taking effect from January 1, 2021.
The commission was said to have announced the tariff hike in the December 2020 minor review of the Multi-Year Tariff Order (MYTO) and Minimum Remittance Order, according to The Punch.
NERC Chairman, Sanusi Garba is said to have signed the MYTO giving effect to the hike in tariff, superseding the previous hike order.
According to the commission, the increase in tariff was necessitated by the 14.9 percent inflation rate rise in November 2020 and foreign exchange of N379.4/$1 as of December 29, 2020.
The commission also cited available generation capacity, the United States inflation rate of 1.22 percent, and the Capital Expenditure of the power firms before the tariff was raised, as reasons for the increase in electricity tariff.