Barth Nnaji, former Minister of Power during the Goodluck Jonathan government has criticized the current electricity tariff in Nigeria.
He advised the Buhari government to call the Nigerian Electricity Regulatory Commission, NERC, to order and ensure it embraced cost reflective tariff.
Nnaji told newsmen in Lagos that there would be a problem if the tariff did not cost reflective.
“The tariff we have two years ago is still what we are using, whereas, the nation’s currency had been devalued by 50 per cent already.
“There is a need for the tariff to be adjusted so that consumers will be able to enjoy electricity supply.
“This means that the entire power value chain has to be worked out for effective and efficient power delivery,” he said.
Nnaji, who is the Chairman of Geometric Power Ltd., said that electricity tariff was supposed to be amended every year.
According to him, it can go up and it can go down depending on the nature of the country’s currency.
On the level of performance by investors, he said that the criteria set out for the privatisation of power sector in 2013 were based on technical and financial capacity.