Nigerians should be prepared to pay cost-reflective electricity tariffs in order to enjoy the benefits of the liberalisation of the power sector, the government-owned Transmission Company of Nigeria has said.
The Managing Director/Chief Executive Officer, TCN, Mr Usman Mohammed, who said this on Thursday, noted that the government had continued to pump money into the power sector despite privatising it more than six years ago.
Mohammed spoke in Lagos during the groundbreaking for the replacement of old wires on the Ikeja West-Alimosho-Ogba-Alausa-Ota transmission lines.
He said when completed, the project would allow Ikeja Electric to take the full capacity of all the transformers along the substations to be supplied by the lines.
According to the TCN boss, Nigeria has the cheapest electricity tariff in West Africa.
He said the government had sunk N1.5tn into the power sector in terms of payment assurance guarantee for power generation.
The Nigerian Electricity Regulatory Commission in its December 2019 Minor Review of Multi Year Tariff Order 2015 and Minimum Remittance Order for the Year 2020 for the 11 Discos, had said on January 4 that consumers would start to pay more for electricity from April 1, 2020.