NLC, manufacturers kick against 230.8% increase in electricity tariffs

Organized labour unions and manufacturers have cried out against the Federal Government’s almost 240 per cent hike in the tariff payable by electricity users enjoying a 20-hour power supply. They insisted that the hike in tariff would send manufacturers out of business, worsen inflation, and stifle small and medium enterprises, adding that no place in Nigeria enjoyed up to 20 hours of power supply daily. The NLC described the decision of the Federal Government to hike the electricity tariff as insensitive and callous. On their part, the Trade Union Congress said the Federal Government was only concerned about revenue generation to the detriment and survival of the citizens. Also reacting to the development, members of the organized private sector said the hike would lead to job losses, higher cost of operations, and inflation, among other challenges. The President of the Lagos Chamber of Commerce and Industry, Gabriel Idahosa, said companies would start laying off workers. Also, the Head of Corporate Affairs, Small and Medium Enterprises Development Agency, Moshood Lawal, said the hike in tariff would warrant a high rate in the running of businesses.  The President of the Manufacturers Association of Nigeria, Francis Meshioye, described the development as “unpleasant” but said the body would state it. On its part, the Centre for the Promotion of Private Enterprise, in a statement signed by its Chief Executive Officer, Muda Yusuf, said that the power sector issue had become a major conundrum in the economy. It added that while tariff review was an inevitability, a 300 per cent increase in one fell swoop is difficult to justify.