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FEW days ago NERC approved 300% increase in electricity tariff on Band A for 20 hours per day.
This increase was at a time there is incessant bad to worse power supply ever experienced in recent times.
It is the most unpopular decision ever taken by President Bola Tinubu’s administration worse than the removal of fuel subsidy on May 29, 2023.
It is difficult to ascertain how and why this is coming at this perilous times when Nigerians are grappling with inflation on all fronts.
What is wrong if the only palliatives the government gives is subsidizing electricity for all Nigerians instead of few that will have access to palliatives recently rolled out?
It is improper to turn the power sector into money generated venture even when the electricity is not regular for usage.
A biggest loaf of family bread before subsidy removal was N350 but has now increased to N1,500 while incomes remain stagnant. Many bakeries have already folded up leaving thousands of people jobless.
Any bakeries under Band A will either fold up or pass the price burden to their customers who will be buying a loaf of bread for between N2,000 and N3,000. Millions of Nigerians have removed bread from their menu because they can no longer afford it.
Mr President are you aware of this?
This is aside from artisans who fall under this categories like Barbers, Welders, Fashion Designers, Hairstylists, to mention but few.
We are living in a country where looters are enjoying their loots while the victims, the helpless Nigerians continue to live in abject poverty without hope of survival.
For how long? The strength of the Naira could not bring the relief we are yearning for, fuel, foodstuffs, transport fares still remain where it was when rate of Naira to Dollar was N1,900.00
Nigerians are helpless with no one to bring any succor.
Sunday Wale Adediran captures it all in his analysis,
“If Cadbury is in Band A and you increase their tariff by 300%, the price of Bournvita will go up and those in Band Z where there is no transformer will buy at the increased price.
If they buy at higher price, they are the ones paying the 300% I’m increase, not the manufacturer who you want to tax.
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If consumers don’t have the purchasing power to buy at the new rate, Cadbury will close down.
If Cadbury close down and others too follow, unemployment will increase.
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If unemployment increases, insecurity will take a jump.
If insecurity jumps, the money you thought you’re making will be diverted to security and it won’t be enough.
That is why US, UK, France, Germany and all developed economy support their factories with billions invested in power subsidy.
Sunday Wale Adeniran
#SWA.”
Mr. President needs to look into this urgently to avert unforseen catastrophe worse than deaths recorded at some venues where there are stampede for palliatives.
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