The Nigerian Electricity Regulatory Commission (NERC) has said the newly approved tariff is expected to reduce subsidies for the 2024 fiscal year by 1.14 trillion naira.

In a statement, the Vice Chairman of NERC, Musiliu Oseni said this is in furtherance of the federal government’s realignment of the subsidy regime.

Oseni said the federal government had indicated a transition in policy direction towards introducing a more targeted subsidy regime aimed at mitigating the impact of changes in macroeconomic parameters.

He said this will be done while largely protecting vulnerable customers and fostering investments targeted at providing efficient service delivery in the Nigerian Electricity Supply Industry (NESI).

OSENI said the commission, upon due consideration of the tariff applications, approved revised rates affecting only customers classified under Band A category which is about 15 per cent of the customer population.

The hike will see the customers pay N225 kilowatt per hour, an increase from the current N66.

He said empirical service data had confirmed that this class of customers had truly received the committed level of service.

Speaking subsequently in an interview, Oseni said the move is also backed by the commission’s Act.

Callers on Inspiration FM’s breakfast show, The Big Story also reacted to the development.

President Bola Tinubu has said the new students’ loan law will ensure that no citizens will miss out on quality education on account of poverty or lack of opportunity.

He stated this after signing the Student Loans (Access to Higher Education) (Repeal and Re-enactment) Bill 2024 into law.

The law, which aims to provide loans to qualified Nigerians for tuition fees during their studies, initially faced delays due to various issues hindering its inauguration.

The president signed the bill into law at the Council Chambers of the Presidential Villa in Abuja in the Presence of the leadership of the National Assembly, Ministers and Major Stakeholders of Education.

Speaking after the signing of the bill, the president appreciated the national assembly for their passage of the bill, assuring of proper implementation.

Minister of Education, Tahir Mamman and president of National Association of Nigerian students, Lucky Emonefe expressed satisfaction over the development. First to speak is Mamman.

President Bola Tinubu has said that though he does not have a magic wand, his administration would work tirelessly to overcome the nation’s economic hurdles.

He stated this during the breaking of fast with the leadership of the All Progressives Congress (APC) Presidential Campaign Council.

President Tinubu emphasized the importance of hard work and perseverance in achieving economic stability.

He reminded the audience of the promises made during the campaign, stressing the need for a collective effort to deliver positive results for Nigerians.