-
George Etomi urges government to improve investor confidence
- Says NERC must act in a fair manner
- Subsidy is unsustainable in the sector
The Director, Eko Electricity Distribution Company (EKEDC) Mr George Etomi has called on the Federal Government (FG) to ensure the discontinuation of electricity subsidies. In an interview with the Sun Newspapers, he said the fall in global oil prices has made electricity subsidizing unsustainable.
On the problem of dwindling revenues in the sector, Mr Etomi said the situation has forced the FG to reconsider the advice of the World Bank. The World Bank had previously urged the FG to discontinue electricity subsidies as well as ensure that tariffs are cost-reflective. Mr Etomi said, the FG has broken the promises made to investors on the issue of tariffs. He added that the Nigerian Electricity Regulatory Commission (NERC) must act in accordance with the provisions of the Law.
Speaking on the recent tariff adjustments, Etomi said, ‘‘ It is important that we have a regulator that is fair, fair and does what it is supposed to do at any point in time’’.