According to Nigeria’s Minister of Power, Housing and Works, Babatunde Fashola, a reversal of the recent 45% hike in electricity tariff would cost Nigeria over N575billion.
As a result, the increase can’t be reversed, he said.
The minister said this when he appeared before the senate on Tuesday.
“One of the reasons why the tariff had to go up was that a major component, a significant number of our power plant depends on gas and out of about 26 power plants that we have only about three are hydro.
“We were heavily dependent on gas, people were exporting gas because gas was selling outside the country at four dollars and it was selling for domestic use at one dollar,” he said.
He also appealed to the lawmakers and pleaded patience, stressing that Nigerians would soon start to see good results of the Power Ministry’s efforts.