The Federal Government has ruled out an immediate increase in electricity tariffs, saying it has instead raised an estimated N1.23 trillion towards settling the backlog of debts in the power sector.
The government said the bond is aimed at clearing outstanding debts owed to power generation companies and other operators in the electricity value chain, which have threatened the stability of the sector.
The move comes amid public concerns over a possible hike in tariffs following challenges in the power sector, including liquidity shortfalls and inadequate supply.
The government assured Nigerians that efforts are ongoing to improve power supply and ensure efficiency across the sector without imposing additional burden on consumers.
Source: https://guardian.ng/news/fg-rules-out-electricity-tariff-hike-raises-n1-23tr-bond-for-sectors-debt/