Osinbajo: Electricity tariffs can’t remain at current levels

Until there is stability in the power sector, electricity tariffs cannot remain at the levels they are currently, according to Vice President Yemi Osinbajo.
Speaking on Thursday afternoon at the Annual General Meeting of the Manufacturers Association of Nigeria (MAN), the Vice President, who represented President Muhammadu Buhari as the Special Guest of Honour, said truth of the matter regarding electricity tariffs is that “at this point, if we wanted to have a cost effective tariff, the only way is to service that core value chain, the only way is to ensure that we are paying and compensating the value chain -from generation down to distribution- a cost effective tariff.”
In a similar vein, the Vice President also made it clear at the meeting that a review of the CBN restrictions on foreign currency is not imminent.
His words: “I want to make it absolutely clear that the position is not that a review of the CBN restrictions on foreign exchange is imminent. It is a short term measure, not a policy, and as things improve, we will have a discussion about what to do. But certainly not that a review is about to take place.”