The Nigeria Electricity Regulatory Commission (NERC) has dumped the Multi Year Tariff Order (MYTO) with which it regulates the cost of electricity in the Nigeria Electricity Supply Industry (NESI).
Its Chairman, Prof James Momoh spoke yesterday in an interview in his office, NERC building, Abuja. The purpose of the MYTO is to set cost-reflective tariffs which will allow the power sector to be properly funded and functional.
But according to him, the commission under his watch, shall not adopt the MYTO software that was handed over to him because as a programmer, he does not believe in it. The essence of dumping the method, he said, is to cross check whether consumers are being cheated with the computation.
He said he has already raised a team of first class workers in the commission to calculate what it costs to produce electricity from the gas to power plants to the generation front, distribution and finally to the consumers.
Source: The Nation