The Chairman of the Nigerian Electricity Regulatory Commission, Dr. Anthony Akah, has said that the new tariffs approved for electricity consumers across the country will come into effect next Monday.
He said the new tariffs will enable the power distribution, generation and transmission companies to acquire needed infrastructure.
Speaking in Abuja on Thursday, Akah said there was no going back on the new tariffs and that the lack of cost-reflective tariffs had hindered the electricity companies from acquiring the necessary infrastructure.
He added that with the new tariffs, they would not have any excuse for not delivering on agreements they entered into with the government.
He said the Nigerian power sector reform must provide an appropriate pricing template, which had been lacking, leading to deficiency in revenues from power.
According to him, the new Multi-Year Tariff Order would enable the generating, transmission and distribution companies to provide the needed infrastructure for higher generation and supply of electricity to meet the needs of consumers.
Akah explained that under the new MYTO, all premises must be metered and consumers, who subscribe to specific metering models must be supplied meters within 60 days after which they would not be disconnected or charged on estimation if a meter was not supplied.
He also said that a Power Consumer Assistance Fund had been put in place to cater for the electricity needs of the less-privileged in the country.