Abuja — President Umaru Musa Yar'Adua yesterday took a major step towards attracting investment for the development of Nigeria's power supply sector with the approval of the implementation of a new Multi-Year Tariff Order (MYTO) with effect from July 1, 2008.
Under the MYTO, electricity tariffs will be determined by market dynamics, but to protect low income earners from having to pay exorbitant bills, the Federal Government has budgeted N177 billion as what can be termed "electricity subsidy" for the next three years.
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