Nigeria’s Vice-President, Yemi Osinbajo, has noted that the payment of high electricity tariffs is inevitable for electricity users.
However, he said government is working with the World Bank on a scheme to fund the entire value chain, reports the Premium Times.
Osinbajo said: “Today [Monday], we will be meeting with the World Bank on a scheme they have been working with us on to fund the entire value chain, and ensure we transit smoothly from where we are, to a much more market-determined policy for electricity.”
He continued: “This will involve a fair amount of subsidy and help, the Federal Government and World Bank are working together on that. There is no way of sustaining the current subsidies long term, but we want to ensure the process is smooth.” Read more about Nigeria’s plans to restructure Discos
Electricity: Nigerians Must Pay Higher Tariffs FG
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He added: “Listening to questions concerning lower tariffs, we must pay higher tariffs, these sorts of things are inevitable.”
The Vice President was speaking at the Sixth Presidential Business Forum held in Abuja, where he was addressing a delegation of officials from the World Bank, and the International Finance Corporation led by Riccardo Puliti, Senior Director of the Bank’s Global Energy Practice.
“We are completely committed to ensuring that we play our part in the arrangement and we think that this possibly one of the clearest pathways in a long time,”Osinbajo asserted.
Homepage image: Vice-President Yemi Osinbajo Source: Quartz Africa