• Latest
  • Trending
IBEDC begins implementation of new electricity tariff review July 1

Why electricity tariff was increased- IBEDC COO

September 25, 2020
Why Nigeria must discontinue dependence on crude oil – CBN governor

Households, businesses can still apply for N50bn COVID-19 loans,says CBN (SEE HOW TO APPLY)

April 13, 2021
UPDATED: Makinde’s candidate, Arapaja emerges South West PDP chairman

UPDATED: Makinde’s candidate, Arapaja emerges South West PDP chairman

April 13, 2021
South West PDP congress: Arapaja confident of victory, promises to work with Olafeso

[BREAKING]: PDP zonal congress: Makinde floors Fayose as Arapaja polls 343 votes

April 13, 2021
PDP must retire Bode George to win Lagos- Fayose

Gunshots as Fayose leaves South West PDP congress venue

April 12, 2021
PDP zonal congress: Makinde is my leader- Fayose

PDP zonal congress: Makinde is my leader- Fayose

April 12, 2021
NIPOST boss, Adewusi bags Strategic Institute’s Fellowship Award, harps  on efficiency in service delivery

NIPOST boss, Adewusi bags Strategic Institute’s Fellowship Award, harps on efficiency in service delivery

April 12, 2021
Police redeploy Zamfara DPO for allegedly working with bandits

Police arrest three suspected kidnappers on Lagos-Ibadan Expressway

April 12, 2021
South West PDP congress: Arapaja confident of victory, promises to work with Olafeso

South West PDP congress: Arapaja confident of victory, promises to work with Olafeso

April 12, 2021
PDP zonal congress: I’ll congratulate Arapaja if election is fair, credible- Olafeso

PDP zonal congress: I’ll congratulate Arapaja if election is fair, credible- Olafeso

April 12, 2021
FAAN bars drivers from picking arriving passengers in front of airport terminals

FAAN bars drivers from picking arriving passengers in front of airport terminals

April 12, 2021
We are investigating alleged high-handedness of Amotekun, says Makinde

PDP zonal congress: Why delegates’ accreditation was delayed for two hours- Makinde

April 12, 2021
JUST IN: Afenifere spokesman, Odumakin dies of COVID-19

Odumakin for burial April 24- Family

April 12, 2021
  • Contact Us
  • Advertise
Tuesday, April 13, 2021
  • Login
Newspeakonline
  • News
  • Business
  • Entertainment
  • Technology
  • World
    • Africa
    • Americas
    • Asia
    • Europe
  • Opinion
  • Interview
  • Newspeak ExclusivesNew
No Result
View All Result
  • News
  • Business
  • Entertainment
  • Technology
  • World
    • Africa
    • Americas
    • Asia
    • Europe
  • Opinion
  • Interview
  • Newspeak ExclusivesNew
No Result
View All Result
Newspeak
Home News

Why electricity tariff was increased- IBEDC COO

Akinwande Soji-Ojo by Akinwande Soji-Ojo
September 25, 2020
in News
Reading Time: 2 min
0
IBEDC begins implementation of new electricity tariff review July 1
Share on FacebookShare on TwitterShare on WhatsAppShare on Telegram
UBA Banner 533×166
FirstBank Dec29

The Chief Operating Officer (COO), Ibadan Electricity Distribution Company (IBEDC), Engr. John Ayodele has said that the recent increase in electricity tariff is a product of necessity to assist distribution companies in keeping the sector afloat.


Addressing newsmen in Ibadan on Friday over the displeasure that greeted the announcement of the increase in electricity tariff by Nigerians, Ayodele said electricity companies record  N3.5 billion market shortfall every month, adding that they have also recorded N27 billion market shortfall from January till date.

RelatedPosts

Households, businesses can still apply for N50bn COVID-19 loans,says CBN (SEE HOW TO APPLY)

NIPOST boss, Adewusi bags Strategic Institute’s Fellowship Award, harps on efficiency in service delivery

Police arrest three suspected kidnappers on Lagos-Ibadan Expressway


Justifying the increase, the IBEDC COO said it became imperative in view of government’s decision not to take responsibility for the shortfall, noting that the new hike is a government decision to be followed and implemented by the distribution companies.


“DISCOS are unable to recover monies, they are unable to settle their debts, so that was compounding the problem of the sector.


“As we speak today, we are trying to readjust. What is tariff shortfall, what is market shortfall? Market shortfall is money that we are billed but we cannot pay. For example, we run into about N3 to N3.5 billion market shortfall almost every month.


“In fact, for this year alone, we have lost almost N27 billion. You can imagine by the time we get to December, we would be talking about N30 to N35 billion as shortfall.


“When you look at those market shortfalls over time, as of December 2019, we were in a shortfall of N243 billion.It is what this industry is owing the sector. So N243 billion debt is there.


“Can I take that one to the bank to seek for investment fund? If you can’t borrow money, you cannot find money to invest.


“On the other side of it is the tariff shortfall, government is not allowing us to charge the adequate tariff. That one is another huge amount of money.


“So the government can no longer take responsibility for that shortfall and government has made it very clear there is  no way they can continue to sponsor that pay. That is the reason for the increase. At this point in time, the government has taken a decision and we are about to abide by the decision. That is why we are where we are,” Ayodele said.


He appealed to customers who have not been paying for electricity to be more supportive in complementing the efforts of the companies in order to improve service delivery.

Related

Tags: electricityIBEDCtariff
Previous Post

Ekiti APC faction suspends Fayemi

Next Post

JUST IN: Fayemi reacts to suspension by Ekiti APC faction

Related Posts

JUST IN:Again, FG increases  electricity tariff

JUST IN:Again, FG increases electricity tariff

January 5, 2021
IBEDC begins implementation of  revised service  tariff

IBEDC probes death of two electrocuted persons in Ibadan

December 26, 2020

IBEDC assures customers of electricity supply, quality service during yuletide

December 24, 2020

Blackout as power grid collapses

November 29, 2020

Ibadan residents, others to get free meters from IBEDC November

November 11, 2020

IBEDC begins implementation of revised service tariff

November 3, 2020

Nigeria records all-time high electricity transmission of 5,459MW- TCN

October 30, 2020
Next Post
Fayemi relaxes lockdown, says businesses can operate for 10 hours on week days from June 1

JUST IN: Fayemi reacts to suspension by Ekiti APC faction

Leave a Reply Cancel reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Nigeria COVID-19 Live Update

NIGERIA

Confirmed
163,837
Deaths
2,061
Recovered
154,177
Active
7,599
Last updated: April 13, 2021 - 8:21 am (+01:00)

Global

Confirmed
137,288,579
+39,108
Deaths
2,959,765
+1,442
Recovered
110,484,388
Active
23,844,426
Last updated: April 13, 2021 - 8:21 am (+01:00)

PFN EASTER MESSAGE TO NIGERIA

Newspeakonline

© 2020 Newspeak & Associates
Optimized by IChannelTech.

Navigate Site

  • Breaking News
  • Business
  • Entertainment
  • Interview
  • Newpeak Magazine
  • Newspeak Exclusives
  • Politics
  • COVID-19 Update

Follow Us

No Result
View All Result
  • News
  • Business
  • Entertainment
  • Technology
  • World
    • Africa
    • Americas
    • Asia
    • Europe
  • Opinion
  • Interview
  • Newspeak Exclusives

© 2020 Newspeak & Associates
Optimized by IChannelTech.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
✕
Newspeak

FREE
VIEW