GenCos ask FG to increase electricity tariff

Power generation companies (GenCos) in the country are calling for an increase in electricity tariff due to “high business costs”.

Ismaila Funtua, vice chairman, Mainstream Energy Solution, made this known on Tuesday while speaking with journalists on the sidelines of the quarterly presidential business meeting held in Abuja.

He said the GenCos were asking the government to stop subsidising electricity and “let those who can pay for it do so”.

He also said the GenCos operatives had asked to meet with Acting President Yemi Osinbajo alongside key government officials to sort out constraints in their business.

“Whether government likes it or not, they have to review the tariff of power in this country,” Funtua said.

“All those playing politics with it that they do not want to increase, people do not want to hear of this. This is my cell phone; you pay for it even before you make use of it. And nobody is controlling the tariff, they charge what they want and all of us have at least one cell phone, therefore government needs to do the needful.

“If government wants power, then they cannot continue to subsidise for people, you were there when the minister of power was saying that people who have ability to pay will pay but those government needs to subsidise will be subsidised for.”

Commenting on the calls for the review of power privatization in the country, Funtua said pending questions must be answered before such calls would be addressed.

“So many people are talking about the review of the privatisation of power without knowing where we started from, where are we today, are we owed money or are we not owed money, these monies, some of it belongs to the banks, some of it belongs to us,” he asked.

Kola Adesina, managing director of Egbin Power Plc, also called for an increase in electricity tarrif, saying “the current structures on ground “are not business friendly since electricity is not political but business inclined”.