Apart from the removal of Fuel subsidy which has caused prices of fuel to skyrocket, Tougher days await Nigerians as Electricity distribution companies are looking to hike electricity tariffs a move which the Institution of Chartered Accountants of Nigeria (ICAN) has condemned.
ICAN has issued a stark warning, emphasizing that any escalation in electricity tariffs would only deepen the existing misery faced by Nigerians, particularly those operating Small and Medium Enterprises (SMEs). The gravity of the situation was underscored by Dr. Innocent Okwuosa, the esteemed president of ICAN, in a recent statement.
Earlier reports indicated that the Nigerian Electricity Regulatory Commission (NERC) revealed how eleven electricity distribution companies submitted a letter to the government requesting a review of tariffs. However, Dr. Okwuosa firmly articulated that such an increase in electricity costs would inflict severe damage on businesses and the average citizens of Nigeria alike.
With the nation already grappling with significant challenges, including soaring fuel prices, foreign exchange complexities, and a host of other economic woes, Dr. Okwuosa passionately urged President Bola Ahmed Tinubu’s federal government to refrain from entertaining any proposal to hike electricity tariffs.
Moreover, the Senate and House of Assembly joined in the chorus of concern, calling on NERC to immediately suspend any plans for tariff increments. The resounding message from all quarters is clear: any move to raise electricity tariffs at this juncture would only exacerbate the hardships endured by the resilient people and enterprises of Nigeria.
