Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) has decried the recent increase of electricity tariff as announced by the Nigerian Electricity Regulatory Commission.
In a statement issued on Wednesday, the National President, NACCIMA, Dele Oye said that the organised private sector was not consulted as recognised key stakeholders, adding that the tariff increase will have a systemic impact on energy intensive industries.
The vice chairman of the Commission, Musiliu Oseni, who addressed a press briefing earlier had announced the new tariff under which customers in Band A, who are offered at least 20 hours electricity per day are expected to pay N225/kWh.
According to him, “the Association recognises the challenges faced by the electricity industry and need for cost reflective tariffs. However, we believe a planned restructuring of the current electricity distribution structure will achieve optimal results.
“We have received with shock the recent increase in electricity tariffs which amounts to a more than 300 percent increase.
“We will advocate for a transparent and gradual approach in policy implementation, emphasising the need for broad stakeholder engagement to mitigate adverse effects on business competitiveness and consumer prices.”