Electricity Subsidy: President Tinubu is aware of suffering of people — APC Chieftain

Olatunbosun Oyintiloye, a prominent member of the All Progressives Congress (APC) in Osun State, has characterized the cancellation of the proposed increase in energy tariffs as an indication that President Bola Tinubu is considerate of the suffering of the general public.

When Oyintiloye spoke with reporters on Sunday in Osogbo, he brought up the revelation made by the Minister of Power, Adebayo Adelabu, on November 8 that President Tinubu had recently halted a rise in the price of electricity tariffs and insisted on a national subsidy being paid based on power utilized.

Removing the energy subsidy while Nigerians were still suffering from the consequences of the elimination of the petrol subsidy, he added, would be counterproductive.

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“The president demonstrated that he was always aware of the thoughts and desires of Nigerians by his decision to raise the price of energy.

The federal government’s power sector subsidy reached N135.2 billion in the second quarter of 2023, up from N36 billion in the first, according to the Nigerian Electricity Regulatory Commission’s (NERC) quarterly report.

“The NERC report also showed that the N135.2 billion recorded in the 2023 second quarter represented a 275.7 percent increase, or N99.21 billion, over the N36 billion recorded in the previous quarter.”

Oyintiloye pointed out that the government is still subsidizing electricity for the general public, as revealed by the NERC study.

He stated that eliminating the electricity subsidy—which the government was still footing—would have placed more financial strain on the general public. It covered the difference between the authorized tariff rate and the reflecting tariff cost.

“We should applaud the president for blocking the implementation of the electricity tariff increase at this time.

This demonstrates unequivocally that the president had the best interests of Nigerians at heart and that all of his economic measures are sensible and in harmony with reality.

Since Nigerians are still dealing with the consequences of the elimination of fuel subsidies, it would not have been ideal to remove electricity subsidies at this time.

The president, however, is a man who is aware of the difficulties that people are currently facing, including galloping inflations and exchange rate fluctuations.

“The president is making great efforts to restore the smiles on the faces of Nigerians; this is one of the main reasons he denied the hike’s approval,” he stated.