Federal Government says no plans to raise electricity prices

The federal government has said it does not plan to raise electricity prices anytime soon. The government's focus is on improving power supply, expanding metering, and ensuring that Nigerians only pay for the electricity they use.

The Minister of Power, Joseph Tegbe, shared this information on Friday during a media session in Lagos.

This statement comes amid worries about increasing electricity costs after past tariff reviews, especially for Band A customers. There are also rising demands for better power supply before any price changes.

"There is no policy by this administration to increase electricity tariffs beyond its current level.

"Our main focus is not on raising tariffs in the immediate term. We want to improve services, provide universal metering, and make sure Nigerians pay only for the electricity they actually consume," Mr Tegbe said.

He added that the federal government will keep looking for ways to protect vulnerable consumers while also making the Nigerian Electricity Supply Industry (NESI) financially stable.

"Indeed, the Federal Government will continue to examine additional mechanisms for protecting vulnerable consumers while also improving the financial sustainability of the market," he said.

Plans for Improvement

The minister said the power ministry has a plan to transform the sector. This plan aims to boost electricity generation, strengthen transmission infrastructure, improve distribution efficiency, and restore market liquidity.

According to him, the ministry has started several projects, including the Power Force program. This program will employ 5,000 young people to install electricity meters across the country. This will help speed up universal metering and build skills in the sector.

He mentioned that there has been progress in solving long-standing meter procurement issues. Nigeria has been generating over 5,000 megawatts of electricity for the past two weeks due to better coordination within the power value chain.

"Although we have more work to do, improved coordination, better plant availability, and enhanced engagement across the value chain are starting to show real progress," he said.

Technical Review

Mr Tegbe also announced that the federal government will carry out the first detailed technical review of Nigeria’s national transmission network. This review will identify old equipment, overloaded substations, weak transmission corridors, protection failures, and other issues that affect reliable electricity supply.

He said the review will help guide investment decisions, reduce system failures, and improve planning.

He also mentioned that the government will strengthen key transmission infrastructure, improve grid stability, and tackle long-standing financial issues in the electricity market. They will also push forward a Power Sector Bond initiative to settle old debts owed to generation companies, gas suppliers, and other market players.

The minister is hopeful that these reforms will lead to noticeable improvements in electricity availability within the next few months. Nigerians can expect a stronger grid, reduced technical losses, more electricity access, and greater operational capacity in the next two to three years.