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Power companies will be allowed to raise electricity prices to N200 ($0.15) per kilowatt-hour from N68 for urban consumers this month, the Bloomberg news agency, citing sources, reported yesterday.
It was learnt that these customers represent 15% of the population that the government says consume 40% of the nation’s electricity, the agency said.
Bloomberg said Nigeria plans to almost triple energy prices within weeks.
It quoted people in the presidency with knowledge of the matter saying this was in a bid to attract new investment and slash about $2.3 billion spent to cap tariffs (subsidies).
