The Federal Government of Nigeria will need to come up with the sum of N3.2trn in 2024 to reverse the recent hike in electricity tariff, the Chairman of the Nigeria Electricity Regulatory Commission, Sanusi Garba said in Abuja on Thursday.Speaking at a stakeholders meeting convened by the House of Representatives Committee on Power, Garba said that current investment in the sector, though commendable, was not good enough to guarantee a steady power supply across the country.

He added that if a total sectoral overhauling was not carried out, including fluctuation in foreign exchange, power supply in Nigeria would continue to pose a challenge.He explained that before the recent review in tariff, distribution companies were only obligated to pay 10 per cent of their energy invoice, adding that the lack of cash backing was creating a liquidity challenge in the sector.