Unilorin’s N230 million monthly electricity bill not sustainable – VC

VFD Group to sell off 30% of its stake in Abbey Mortgage Bank  

The Vice-Chancellor of the University of Ilorin, Professor Wahab Egbewole, has raised alarms over the institution’s skyrocketing monthly electricity bill, which has surged from N70 million to an unsustainable N230 million.

In an email disseminated to university staff and students, a copy of which was made available to the press in Ilorin on Monday, Egbewole attributed the increase to recent tariff hikes imposed by the Ibadan Electricity Distribution Company (IBEDC).

The vice-chancellor, a Senior Advocate of Nigeria (SAN), highlighted the severe impact this has had on the university’s budget, prompting a call for an immediate and thorough reassessment of the institution’s electricity consumption.

Egbewole urged both staff and students to adopt more prudent electricity usage practices to mitigate the financial burden. He emphasized the administration’s commitment to exploring and implementing cost-saving measures.

As part of these measures, the university management is actively negotiating alternative power supply solutions. Egbewole announced that new buildings under construction in the Faculties of Agriculture, Arts, Environmental Science, Law, and Social Sciences would incorporate provisions for alternative power sources.

Strategies are also being devised to ensure that all faculties and units are equipped with reliable and sustainable power options.

Furthermore, Egbewole underscored the importance of protecting these new facilities from theft and vandalism, stressing the need for rigorous safeguarding and maintenance efforts.

What you should know

Unilorin is now among the federal universities grappling with severe financial pressure due to escalating electricity costs. Nairametrics previously reported that the University of Jos was also facing a staggering 300% increase in its monthly electricity bill, which has surged to N80 million, heightening the risk of disconnection.

The Jos Electricity Distribution (JED) Plc has already issued a disconnection notice to the University of Jos over unpaid bills, further compounding the institution’s financial difficulties.

This significant rise in electricity expenses was disclosed by the Vice-Chancellor, Professor Tanko Ishaya, during a peaceful protest led by members of the Academic Staff Union of Universities (ASUU) at the university.

Backstory

About 2 months ago, the federal government, through the Nigerian Electricity Regulatory Commission (NERC), approved a hike in the electricity rates for consumers categorized under Band A.

This was contained in a press statement by the Vice Chairman of NERC Musliu Oseni who stated that the tariff hike would result in customers paying N225 per kilowatt hour, up from the existing N66.

However, NERC reduced the exchange rate for calculating the current electricity tariff for Band A customers by 16.03%, from N1,463.3/$ to N1,277.8 from May to December 2024.

This is revealed in the commission’s Multi-Year Tariff Order (MYTO) for May to December 2024 released recently.


Follow us for Breaking news and Market Intelligence.

Leave a Reply

Your email address will not be published. Required fields are marked *