Nigerians have been advised by the Vice President; Yemi Osinbajo to prepare for the payment of higher electricity tariffs saying it had become inevitable.
Speaking yesterday at the sixth presidential business forum held at the Banquet Hall of the Presidential Villa, Abuja, Osinbajo said: “There is no question at all that we must pay higher tariffs.”
He, however, said that government was not going to increase the tariffs for now but rather working towards cleaning the electricity value chain.
According to him, the N700 billion payment assurance guarantee set aside by government was to ensure uninterrupted payment for gas and liquidity in the power sector.
Osinbajo said the payment assurance guarantee was to fund a smooth transition “from where we are to a much more market-determined policy for electricity.”
He said that government was already working with the World Bank on this.
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