“Effective July 1, 2023, please be informed that there will be an upward review to the electricity tariff influenced by the fluctuating exchange rate.
“Under the MYTO 2022 guidelines, the previously set exchange rate of N441/1 dollar may now be revised to approximately N750/1 dollar which will have an impact on the tariffs associated with your electricity consumption.
“For customers within band B and C, with supply hours ranging from 12 to 16 per day, the new base tariff is expected to be N100 per Kilowatts per hour (KWh).
“While Bands A with (20 hours and above) and B (16 to 20 hours) will experience comparatively higher tariffs, ‘’he said.
AEDC encouraged customers with a prepaid meter to consider purchasing bulk energy units before the end of June as this will allow them take advantage of the current rates make savings before the new tariffs come into effect.
AEDC said that for those on post-paid (estimated) billing, a significant increment is imminent in their monthly billing, starting from August.
The Mult Year Tariff Order (MYTO) is the methodology for regulating electricity prices.
It provides a 15-year tariff path for the Nigerian electricity industry with limited ‘minor’ reviews each year in the light of changes in a number of parameters.
The perimeters include inflation and gas prices and ‘major’ reviews every five years when all of the inputs are reviewed with stakeholders.