Nigeria’s Electricity Subsidy Skyrockets by 220%, Nears ₦2 Trillion Despite Tariff Hike
The Federal Government’s electricity subsidy expenditure surged from ₦610 billion in 2023 to a staggering ₦1.94 trillion in 2024, marking an increase of over 219%, according to the Nigerian Electricity Regulatory Commission (NERC). This unprecedented spike comes despite the April 2024 tariff adjustment for Band A customers and is largely attributed to economic pressures following the naira’s depreciation and rising inflation after fuel subsidy removal. Massive Funding Gap Despite Tariff