Business
NHA Decries Non-Implementation Of Electricity Tariff Reduction
The Nigeria Hotel Association (NHA) says the Federal Government’s 50 per cent power tariff reduction announced before the 2015 general elections has not been implemented.
The News Tide source reports that the Federal Government had on March 18, announced a 50 per cent slash in the extant tariff, few days to the March 28 presidential election.
The reduction was announced in Abuja by the Chairman, Nigerian Electricity Regulatory Commission (NERC), Mr Sam Amadi on Friday.
Amadi had announced that the reduction, which took effect from the end of March, followed the regulatory agency’s decision to remove collection losses from customer tariff under the multi-year tariff order.
The NHA President, Mr Lanre Awoseyin, however, told reporters in Lagos that the reduction was not documented and so, had not yet been implemented by the NERC.
“The electricity tariff reduction is just a political and a campaign gimmick which has not been effected by the Federal Government.
“There had been complaints from our members who said that their power tariff had not been reduced but remained exorbitant,’’ Awoseyin said.
The chairman urged the government to start implementing the reduction, adding that failure to implement might lead to reduction of staff in the industry.
“We pay exorbitantly for electricity monthly, so, we received with joy Federal Government’s decision to reduce the electricity bill consumption.
“However, failure to implement the reduction could result in mass retrenchment of workers in the hotel industry, thereby aggravating the country’s unemployment problem,’’ he said.
The president said that the Kaduna and Abuja Electricity Distribution Companies had also said that there was no document passed to them to authenticate the power tariff reduction.
“I was made to realise from the National Electricity Regulatory Commission that the declaration was only made without documentation.
“The distribution companies said they cannot implement what has not been documented,’’ he said
Awoseyin noted that failure to implement the reduction might force members to depend solely on power generators.
“If the reduction is not implemented, then we hotel operators will have to be cut off from DISCOs and maintain our businesses with electricity generators.
“Members held a meeting on Thursday and had decided to cut off from the DISCOs if the reduction is not implemented,’’ he said.
According to Awoseyin, government is not encouraging hoteliers to stay in business rather, government is compounding their problems.
“Imagine, small hotels which before now pay N100,000 monthly, have to pay N1.5 million which is not up to their turnover, this is only trying to discourage the hoteliers from business,’’ Awoseyin said.
The president then pleaded for an urgent intervention and implementation of the reduction, especially for hoteliers. (NAN)
PTB/EWE/PDE
Minister of National Planning, Dr Abubakar Sulaiman (right), signing financial agreement for the 11th European Development Fund Support to strengthen community-based psychosocial and protection services for children and adolescents in Borno, in Abuja, recently. With him is the head, European delegation, Mr Michel Arrion.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.