Nigeria: FG Budgets N177bn for Electricity Subsidy

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.

...

AllAfrica publishes around 400 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.