At a press briefing at the Nigeria Electricity Regulatory Commission headquarters in Abuja, the commission is said to retain its stand on increasing the electricity tariff across the nation by 45%, as it said it would file an appeal against the court ruling that mandated it to reverse the 45 per cent increase in electricity tariff across the country.
The commission had earlier agreed to comply with the ruling of the Federal High Court Lagos to revert the 45% increase on electricity on Wednesday, The court had declared that the hike in tariff was illegal and directed that it should be reversed immediately, but after due consultation with their lawyers the commission on Friday has decided to revert its initial decision.
Speaking at the briefing, the Acting Chief Executive Officer, NERC, Dr. Tony Akah, said the commission was aware of the judgement which declared the electricity tariff regime that became operational on February 1, 2016 as illegal.
He said, “The commission respects this decision of the court but we are dissatisfied because it represents the reversal of the commercial foundation upon which contracts for gas, hydro, coal and solar feedstock for the production of electricity have been predicated. “This judgment, in our view, is a setback to the progress made so far in the electricity sector. Therefore, we challenge this decision. We have instructed our lawyer to appeal. Consequently, the commission has filed for stay of execution and a notice of appeal of the judgement yesterday.”
He also expressed hopes that ultimately power consumers as well as institutions would come to a better understanding of the values of the choice made to privatise the power sector. Akah said, “Therefore we ask investors, as well as customers in the electricity market not to panic as we seek a resolution within the ambit of the established laws. “The commission remains committed to continuously provide the right regulatory framework that would promote private sector investment in the electricity supply industry and also protect the interests of electricity customers as enshrined in the Electric Power Sector Reform Act 2005.”