A spike in electricity prices, according to the Institution of Chartered Accountants of Nigeria, would make life much worse for Nigerians, especially Small and Medium Sized Enterprises.
ICAN’s president, Dr. Innocent Okwuosa, recently announced this in a statement.
According to the Nigerian electrical Regulatory Commission (NERC), eleven electrical distribution businesses wrote the government a letter asking a review of the tariffs, as reported by Platinum Times Nigeria.
Any attempt to raise the price of energy, according to Innocent Okwuosa, will directly harm Nigerians and businesses.
He asked President Bola Ahmed Tinubu’s federal administration to hold off on any plans to increase energy rates because Nigerians are still coping with rising fuel prices, difficulties with the foreign exchange market, and numerous other economic problems.
The Senate and House of Assembly had urged NERC to put any plans for an increase in electricity rates on hold.