The Nigerian Electricity Regulatory Commission, NERC, said it approved the downward reduction of the electricity tariff of Band A customers due to improved exchange rates.

The Commission in a statement issued Monday said it considered changes in the macroeconomic parameters over the preceding month of April 2024.

The statement reads: “Pursuant to the tariff methodology adopted by the Nigerian Electricity Regulatory Commission, a revised tariff order covering the month of May 2024 has been issued by the Commission to the eleven (11) electricity distribution companies.

“The Commission has considered changes in the macroeconomic parameters over the preceding month of April 2024 and especially the appreciation of exchange rates – consequently the Commission has approved a downward review of end-user tariffs for Band “A” customers from NGN225/kWh to NGN206.8/kWh.

“The Commission reaffirms its commitment to providing a balanced and effective regulatory regime serving the needs of the Nigerian Electricity Supply Industry.”