The Federal Government has announced that Nigerians should prepare for new electricity tariffs in the coming months as part of efforts to align pricing with supply costs.

According to Olu Verheijen, Special Adviser to President Bola Tinubu on Energy, Nigeria’s power prices need to rise by about two-thirds for many consumers to reflect the true cost of electricity. He disclosed this during a World Bank-backed conference in Tanzania, as reported by Bloomberg.

At the event, Nigeria unveiled a $32 billion plan aimed at expanding electricity access by 2030, with $15.5 billion expected from private investors and the remainder from public sources, including the World Bank and African Development Bank.

The proposed tariff adjustment aligns with the government’s broader push for power sector reforms to enhance reliability and attract investment.