Electricity Distribution Companies in Nigeria (DisCos) have agreed to suspend the planned increase in electricity tariff after a meeting with the National Assembly leadership, an official has said.
The DisCos reportedly agreed to suspend the increase till the first quarter of next year while the leadership of the National Assembly has promised to meet with President Muhammadu Buhari on the issue.
The DisCos, however, said if the planned hike is eventually deferred till next year, the government should continue to bear the difference in the present tariff and what was considered as the appropriate tariff.
Details of the meeting were made known in a statement by Ola Awoniyi, the media aide to Senate President Ahmad Lawan.
According to the statement, Mr Lawan; Speaker of the House of Representatives, Femi Gbajabiamila and other principal officers of the two chambers met at the National Assembly with the chief executives of the government’s electricity regulatory body and those of the DisCos across the country and succeeded in convincing the DisCos to defer the planned hike.
Also in attendance were the chairmen of the committees on power from the Senate and House of Representatives.
The lawmakers noted that the timing of the planned hike was wrong even though they had not much issue with the need to introduce a cost reflective tariff for the power sector to attract the much needed investment.
To this regard, the DisCos reportedly admitted that they were not well prepared for the planned hike in tariffs even though they so much desired the increase.