The Federal Government has revealed that Nigerians will pay much higher tariff for power in 2021, following the recently approved 3.4 billion dollars emergency financial assistance from the International Monetary Fund.

The Executive Board of the IMF approved the Rapid Financing Instrument, which the Federal Government plans to use to address the economic impact of the COVID-19 pandemic in the country.

Reports state that a Letter of Intent, jointly signed by the Finance Minister, ZAINAB AHMED, and the Governor of Central Bank of Nigeria, GODWIN EMEFIELE, and addressed to the IMF Managing Director, KRISTALINA GEORGIEVA, indicates that the Federal Government made a number of promises to the fund in order to secure the financial assistance.

The Federal Government said it intends to cap electricity tariff shortfalls to 380 billion naira in 2020.