In a move that's set to ripple across households and industries, Nigeria braces itself for an uptick in electricity tariffs, a direct fallout from the recent surge in natural gas prices.

As the Nigerian government announces a significant increase in the cost of natural gas, the primary fuel for power generation, the nation finds itself at a pivotal juncture, confronting the realities of energy economics and its implications for the everyday consumer.

The Catalyst Behind the Hike

At the heart of this adjustment is the rise in the price of natural gas, which soared from $2.18 to $2.42 per metric million British thermal units (MMBtu). This development is not just a statistic but a harbinger of increased operational costs for gas-fired thermal power plants, which shoulder the responsibility of lighting up over 70% of Nigeria.

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