The recent increase in electricity tariffs by the Nigerian Electricity Regulatory Council (NERC) has sparked a wave of criticism, with former Vice President Atiku Abubakar joining the chorus of voices expressing concern over its impact on the citizens’ economic well-being. Atiku, a prominent figure within the opposition Peoples Democratic Party (PDP) and the party’s presidential candidate in the last election, decried the move, stating that it exacerbates the already daunting economic challenges faced by Nigerians.
In a statement shared on his social media handle on Friday evening, Atiku voiced his apprehensions, highlighting the compounding effect of the electricity tariff hike amidst the backdrop of other economic reforms. He emphasized that the timing of such a hike, amid the removal of fuel subsidies and the devaluation of the Nigerian currency, adds to the burden faced by ordinary citizens. With inflation levels soaring at a staggering 31.70 percent, Atiku argued that the government’s handling of these economic measures has failed to adequately address the accompanying hardships.
“The increase in electricity tariff comes at a time when Nigerian citizens are going through excruciating difficulties occasioned by the withdrawal of subsidy on PMS and floating of the domestic currency,” Atiku remarked. “The government has not successfully dealt with the pains associated with the implementation of those measures, and now this. The hike in electricity tariff will create more difficulties for the citizens as inflationary pressures are elevated.”
Atiku further raised concerns about the broader ramifications of the tariff hike, particularly its adverse effects on the manufacturing sector. He pointed out that manufacturers are already grappling with higher interest rates on loans, increased costs for diesel, and the impact of the new minimum wage, all of which contribute to a challenging operating environment. Atiku criticized the government for pursuing economic reforms without adequately considering the human impact, cautioning against further exacerbating the nation’s economic woes.
Addressing the underlying issues plaguing the power sector, Atiku called for a comprehensive reevaluation of the privatization process that led to the establishment of Distribution Companies (DISCOs). He stressed the need for a holistic approach to reform, one that prioritizes improved service delivery while also taking into account the welfare of the citizens. Atiku urged the government to sequence its reforms effectively, implement measures to alleviate the burden on the populace, and hold regulatory bodies like NERC accountable for ensuring tangible improvements in the sector.
