Minister of Power, Adebayo Adelabu has said that the only way for Nigeria’s  electricity tariffs, which was recently increased, will be reduced is  if the exchange rate falls below N1,000 to a dollar.

Appearing on the Channels Television’s Politics Today on Thursday, April 11, made the comment  this is coming after the Nigerian Electricity Regulatory Commission, NERC, announced the removal of subsidy on the electricity consumed by Band A customers on April 3.

This has resulted to Band A customers now paying N255/KWh, a hike from From N68/kWh, while others maintain the old tariffs.

The Minister said; 

“The tariff is flexible. I can tell you if the naira gains more and the exchange rate comes down below N1,000 to a dollar, it must positively affect the tariff; and the tariff, even for Band A, will come down below the N225/KWh that we are currently charging.

“There are variable factors that go into the composition of the tariff, and we are not closing our eyes to it,” Adelabu said.