Proposed electricity tariff hike dangerous to Nigeria’s economy – Vast

The federal government has been advised not to go through with the planned hike in electricity tariff as it will affect businesses dangerously.

The Chief Execuive Officer of Vastovers Stemordz group, Mr. Vast Emordi, who spoke to Journalists in Abuja, argued that most businesses are already paying heavily for power coupled with the high cost of diesel and PMS for generators.

“Business owners in Nigeria bear a huge burden on their shoulders, from the high tariff of petrol and the high cost of diesel,high tax and unhealthy competition. To consider an increase in electricity tariff will amount to putting too much pressure on business owners and the economy,” he said.

He added that to raise the cost of electricity by forty percent would cripple businesses and force the few that would survive to transfer the cost on the poor masses while noting that the increase in the price of petrol occasioned by the removal of subsidy is still bitting hard on staff and owners of companies.

The philanthropist who has over 100 staff said, electricity is core to most businesses and to attempt an increase in tariff will not only affect the cost of goods and services but also force company owners to downsize or shut down their business.