Egypt sets pace for Nigeria with electricity tariff hike
Slashing subsidies comes as part of Egypt’s economic reform program, which started in 2014 and include cutting subsidies and imposing new taxes.
It is also part of a three-year $12 billion International Monetary Fund (IMF) loan agreement, which Egypt clinched in 2016.
Electricity prices went up last year, with price increases ranging between 15-36 percent depending on the consumption bracket.
Phasing out subsidies will continue to take place every year until they are completely eliminated by the end of fiscal year 2021/22. The new prices will take effect in July.
The post Egypt sets pace for Nigeria with electricity tariff hike appeared first on BusinessDay : News you can trust.