Why electricity companies increased tariff – Osinbajo

– Vice president Yemi Osinbajo says the Buhari administration plans to boost the Nigerian economy through private sector stimulation and diversification of the economy to the non-oil sector

– State governors urge the federal government to diversify the economy from oil to agriculture

Vice President Yemi Osinbajo has adduced the shortage in gas supply and the drop in power generation as the reasons behind electricity tariff increase.

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He said the power generation companies’ inability to supply power to consumers was as a result of short supply in gas and the drop in power occasioned by lost in line of transmission.

According to Vanguard, the vice president made this known yesterday, April 7, in his key note address during the maiden edition of the national forum on the economy, organised by Vintage Press Limited, the publishers of The Nation Newspaper, themed: National Economy.

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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.” 

The vice president said the Buhari administration plans to boost the Nigerian economy through private sector stimulation and diversification of the economy to the non-oil sector.

At the occasion, state governors who attended the event urged the federal government to diversify the economy from oil to agriculture.

They also called of the federal government to strengthen the educational sector in order to tackle the increasing rate of unemployment in the country.

Meanwhile, Vice President Yemi Osinbajo has revealed that the federal government will pay poor and unemployed Nigerians about $25 (N5,000) every month.

The monthly pay for the poor and unemployed Nigerians had generated a lot of issues among Nigerians who thought the presidency had been dishonest with the promise to the Nigerian populace.

But, in a statement issued by Professor Osinbanjo on Thursday, April 8, the Nigerian government plans to make cash payments to poor people as a way of easing poverty and to stimulate the economy.

The post Why electricity companies increased tariff – Osinbajo appeared first on Nigeria News today & Breaking news | Read on NAIJ.COM.

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