I Spend N1M For Electricity And Another N1m On Diesel Monthly – Osun Senator laments

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Olubiyi Fadeyi, the senator representing Osun Central, has revealed the amount he spends on electricity and diesel every month.

He stated that he allocates one million naira for both electricity and diesel expenses monthly.

Fadeyi made this disclosure during an investigative hearing in Abuja on Monday, April 29, regarding the proposed increase in electricity tariff.

He expressed his dissatisfaction with the decision to move customers to Band A, as he believed that they were not receiving sufficient electricity supply.

It is worth noting that the Nigerian Electricity Regulatory Commission recently approved a 340% increase in electricity tariff for customers classified under Band A.

According to Musliu Oseni, the Vice Chairman of NERC, Band A customers will now be charged N225 per kilowatt-hour, compared to the current rate of N66.

Band A customers constitute 15% of the 12 million electricity customers in Nigeria and enjoy 20 hours of electricity supply daily. However, Oseni clarified that customers in other bands would not be affected by this tariff review.

Fadeyi disagreed with the Minister of Power’s statement, emphasizing that he continues to spend a significant amount on both electricity and diesel despite being moved to Band A.

Fadeyi said,

“I spend N1m on electricity and another N1m on diesel. This is excluding how much I spend on my businesses.

“If the electricity was good, I wouldn’t spend that much on fueling my generator.”

Ayo Ayalowo, a development economist, has emphasized the need for President Bola Tinubu’s administration and the Nigerian Electricity Regulatory Commission to abandon bands A, B, and C due to the insufficient power supply experienced by Nigerians.

This statement was made during an interview on Channels Television on Tuesday. Ayalowo highlighted that the escalating prices of energy sources, such as electricity and diesel, significantly contribute to the high inflation rates in Nigeria.

He suggested that the government should reconsider the recently announced 240% increase in electricity tariffs for Band A customers who receive 20 hours of power supply.

Ayalowo emphasized that despite the tariff hike, Nigerians are still not receiving adequate power supply.

He stated:

“The energy prices, especially this Band A, Band B, and C nonsense, need to be jettisoned. And a sensible approach must be taken so that Nigerians can enjoy electricity at a reasonable cost. NERC needs to go back and rejig the tariff and stop the nonsense band classification because Nigerians are still not getting power supply”, he stated.

He suggested that the government should increase tariffs marginally for electricity customers nationwide.

“I will suggest that the Minister of Power and Nigerian Electricity Regulatory Commission would have increased tariff marginally across the board, not cheating Paul to pay Peter as they are doing”,
 he added.

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