Nigeria to Almost Triple Energy Prices, Keep Subsidy for Poor
- Hike will apply to 15% of population, consuming 40% of power
- Move may ease government spending, boost power supply
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Nigeria plans to almost triple energy prices within weeks, people in the presidency with knowledge of the matter said, in a bid to attract new investment and slash about $2.3 billion spent to cap tariffs.
Power companies will be allowed to raise prices to 200 naira ($0.15) per kilowatt-hour from 68 naira for urban consumers this month, according to people who asked not to be identified because they aren’t authorized to speak on the matter. These customers represent 15% of the population that the government says consume 40% of the nation’s electricity, the people said.