The acting Managing Director, Ibadan Electrcity Distribution Company (IBEDC), Francis Agoha, has stated that the Nigerian Electricity Regulatory Commission has approved an upward tariff increase from N206.80/kWh to N209.50/kWh for users in the category.

According to a public notice signed by Agoha on Wednesday, the tariffs for Bands B, C, D, and E remain unchanged.

The statement read, “Effective immediately, the tariff will be adjusted from N206.80/kWh to N209.50/kWh. This review has been duly approved by the Nigerian Electricity Regulatory Commission (NERC) as captured in the multi-year tariff supplementary order." 

The Ibadan Electricity Distribution Company claimed that the development was necessitated by several key economic indices, including fluctuations in the exchange rate, the current inflation rate, available generation capacity, and the cost of gas. 

It was further stated that the factors had significantly impacted operational costs, and the new tariffs "would mitigate these financial pressures while continuing to deliver high-quality electricity services." 

“It is important to note that this adjustment affects only our Band A customers. The tariffs for Bands B, C, D, and E remain unchanged. We remain committed to providing reliable and efficient electricity services to all our customers across different bands.

“We understand that any change in tariffs can be a concern for our customers, and we assure you that this adjustment is necessary to maintain and improve the quality of our services. Our goal is to ensure that you receive the best possible value for your money,” Agoha said.

The adjustment is said to be necessitated by several key economic indices, including fluctuations in the exchange rate, the current inflation rate, available generation capacity, and the cost of gas. 

According to them, these factors have impacted operational costs, and the new tariff will mitigate these financial pressures while continuing to deliver high-quality electricity services.

“It is important to note that this adjustment affects only our Band A customers. The tariffs for Bands B, C, D, and E remain unchanged. We remain committed to providing reliable and efficient electricity services to all our customers across different bands.

“We understand that any change in tariffs can be a concern for our customers, and we assure you that this adjustment is necessary to maintain and improve the quality of our services. Our goal is to ensure that you receive the best possible value for your money,” Agoha said.

SaharaReporters earlier reported concerns by Nigerians who are on estimated billing on the high billing, lamenting how they have been exploited by electricity distribution companies despite not enjoying electricity.