Nigeria cuts electricity subsidy burden by 35% after tariff hike
Nigeria has reduced its electricity subsidies by 35% following a targeted tariff hike for high-use consumers, according to Power Minister Adebayo Adelabu. Previously, the government was spending nearly N200 billion ($125 million) monthly to keep tariffs low. In 2023, it removed subsidies for the top 15% of consumers, mainly high-usage households and businesses, helping the market generate an additional N700 billion in revenue, a 70% increase. The move has eased the state’s financial strain, cutting…