Lagos — Nigeria plans to axe an electricity subsidy for 15% of consumers to reduce its 3.3 trillion naira ($2.6 billion) cost, part of reforms to ease pressure on public finances, presidential spokesperson Bayo Onanuga said on Tuesday.
Onanuga said the government was under pressure to allow a price increase in the electricity sector. It budgeted 450 billion naira for the subsidy this year, Onanuga said.
He did not say when the tariff would be increased. Nigeria last reviewed electricity tariffs in 2020, Onanuga said.
*Felix Onuah, Chijioke Ohuocha, editing: Sharon Singleton & Mark Potter – Reuters