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Osinbajo Gives Reasons For Electricity Tariff Hike

The Vice President Yemi Osinbajo,in his keynote address during the maiden edition of the Nation Newspaper themed: ‘ National Economy: The Way Forward’ Thursday, explained that the electricity tariff was hiked because of shortage in gas supply and drop in power generation caused by loss in line of transmission. He said that, because of this, Generation Companies ,GENCOs, invariably requires increase in electricity tariff to enable them meet demand for power. He said  “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.” Osinbajo also revealed plans by the government to diversify the economy to non-oul sectors and to encourage private sector growth.

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