The leadership of the National Assembly has convinced the Distribution Companies (DISCOs) in the country to defer the hike in electricity tariffs scheduled to take effect from July 1, 2020.
This is according to a statement on Monday by the Special Adviser to the Senate President on Media, Ola Awoniyi. He revealed that the lawmakers met with the Chief Executives of the Nigerian Electricity Regulatory Commission (NERC) and the DISCOs and succeeded in persuading them to postpone the planned increase of tariffs until the first quarter of 2021.
The Senate President, Ahmad Lawan, and the Speaker of the House of Representatives, Femi Gbajabiamila, as well as other principal officers and chairmen of the Committees on Power of the two chambers, attended the meeting.
Awoniyi said the National Assembly leaders were emphatic that the timing of the planned hike was wrong, although they do not have issues with the need to introduce cost-reflective tariffs for the power sector to attract the much-needed investment.
He added that the DISCOs, on their part, admitted that they were not well prepared for the planned hike in tariffs despite the so much desire for the increase.