The Vice President, Prof. Yemi Osinbajo has explained the reasons behind the increase in electricity tariff.
Vanguard reports that he Vice President, in a key note address during the maiden edition of the National Forum on the economy organized by The Nation Newspaper yesterday, said shortage in gas supply as well as drop in power generation occasioned by lost in line of transmission were the main reasons for the hike.
For this reason he said, Generation Companies (GENCOs) requires increase in electricity tariff to enable them meet demand for power.
“There is no way the GENCOs can supply enough power to consumers without generating enough fund to drive the necessary processes that will bring about adequate power generation and supply.”
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