There is a renewed optimism about the power supply situation in the country
The Minister of Works, Power and Housing, Babatunde Raji Fashola has expressed his support and belief in the new electricity tariff introduced by the Nigerian Electricity Regulatory Commission (NERC).
The tariff took effect on Monday amidst protest from labour unions and the House of Representatives, who ordered that a review of the electricity fee should not be embarked upon until further notice.
The Minister however had no qualms with the new tariff.
He justified the introduction of the new bill system by stating that it remained the only available option.
Also, according to him, He explained that the rise in the cost of procuring raw materials to generate electricity was one of the reasons for increasing the tariff and that the best way to sustain the current stable power supply in the country.
"Electricity is a product; it is made from raw materials; some of the raw materials are gas, power plants; they are also related. So, the issue of tariff is the single issue of price; when the raw materials of course go up, the price cannot stay the same."
There is a renewed optimism about the power supply situation in the country.
Regardless of the price it has demanded, Nigerians will be more interested in finally enjoying the dividend of their investment.