FG unveils plan to end power subsidies from 2027

The Federal Government has decided to reduce the subsidy payment for electricity from 2027, in line with attempts to solve the increasing cost burden in the power sector.

This was revealed by Minister of Power, Joseph Tegbe on Friday, during a media interactive session in which he spoke about the problem of increased debts in the sector.

According to Tegbe, the process of removing subsidies shall be done in a phased manner.

Tegbe stated that the action will not take away from the benefits that Nigerians have been enjoying, as steps shall be taken to make sure that consumers are taken care of as the industry becomes more sustainable.

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It was disclosed by the minister that this measure is necessary to address the financial problems in the sector and create a more sustainable power market without putting too much burden on the electricity consumers.

It should be noted that there are no plans of hiking tariffs any time soon.