Tariff increment: Ikeja Electric targets N170bn revenue in 2020

AgegePulse Magazine

Ikeja Electric (IE) Plc says it is a targeting a total revenue of N170 billion in 2020 with the implementation of the increment in various classes of electricity tariff.


The electricity Distribution Company (Disco) says it intends to create a new tariff class called Bilateral for customers it had signed Power Purchase Agreement (PPA) with under a willing-buyer-willing-seller arrangement.

The company gave the projection in its Addendum Performance Improvement Plan (PIP) and Application for Extraordinary Tariff Review of Multi Year Tariff Order- 2015 signed by its Chief Executive Officer, Mr Anthony Youdeowei.


A copy of the document, which was addressed to the Nigerian Electricity Regulatory Commission (NERC), was obtained by the News Agency of Nigeria (NAN) on Saturday in Lagos.

The report said the objective of the extraordinary review was to ensure that IE adjusts its tariff in line with the commission’s directive that current average allowed a Disco tariffs shall be grossed-up by 50 per cent from April 1.

“The expected MYTO 2020 and bilateral revenue requirement are N162 billion and N8 billion respectively, to give a total revenue requirement of N170 billion.

“The addition of the bilateral sales revenue requirement further increases the average tariffs to N41.31 per kilowatt in 2020 which is projected to rise to N44.24 in 2024.”

Lagos seals 18 hotels, event centres over N91m tax evasion

The Lagos State Internal Revenue Service (LIRS) has shut 13 hotels, restaurants and event centers for failure to pay their taxes due under the Hotel Occupancy and Restaurant Consumption Laws of Lagos State 2009.

The Hotels and Restaurants were said to be owing the State a sum of N426,976,528.87

The Director Legal Services of the LIRS, Mr. Seyi Alade, on Friday 17 November 2017 during the state-wide tax enforcement exercise, warned that defaulting Hotels, Restaurants and Event Centers will henceforth face the full wrath of the law if they fail to deduct and remit their taxes as provided by the law. He promised to release in due course the names of the entities affected by the enforcement exercise.

According to him, failure to deduct and remit taxes as at when due attracts very serious penalties that may lead to the sealing, seizure of the goods and chattels and criminal prosecution of principal officers of recalcitrant entities.

He said the LIRS usually gives a long rope by issuing multiple notices to the taxpayers to inform and also remind them of their tax liabilities adding that only recalcitrant taxpayers are shut down as in the present case.

He therefore urged all business entities operating in the state to ensure prompt remittance of their taxes to avoid costly disruptions on their businesses as a result of a distrain exercise.

Revenue Collection'll Be Electronical, Easy - New Agege LG Revenue Committee Chairman, Hon. Rasheed Osanyinpeju Assured

Agegepulse Magazine



Tuesday 17th, 2017 marked a new beginning in the history of Agege Local Government Area with the nomination and confirmation of former house leader Hon. Rasheed Osanyinpeju as Chairman, Revenue Committee of the council.

The confirmation of Hon. Osanyinpeju was regarded as smooth and friendly due to his personality and experience which were obvious to majority of the house members.

In a brief chat with AgegePulse, Hon. Osanyipeju revealed that his first move would be to key into the vision of the Executive Chairman of Agege Local Government, Hon. Ganiyu Kola Egunjobi to bring dividends of democracy to the people of Agege.

He stressed that his team will work round the clock to sustain the rapid growth in Agege's Internally Generated Revenue, IGR from 10% to about 80% over the years.

However, Hon. Rasheed reveal that his team will reduce the act of illegal collection of revenue, block loopholes and open Agege LG to small, medium and micro businesses in order to improve on the previous recorded achievements, adding that the committee would go on electronic payment to ease revenue collection when necessary.

He urged citizens to oblige their civic responsibility through constant payment of taxes and other levies for effective running of government.


Hon. Rasheed Osanyipeju is a politician, businessman and a farmer. He was a former Agege House leader during the Hon. Enoch Ajibosho led administration between (1999-2002)

Speaking to AgegePulse after the confirmation, Leader of the House, Hon. Kola Anigbajumo commended the Executive for the choice of Hon. Osanyipeju as Chairman of Revenue committee.

"This is a welcome development because we now have round peg in a round hole. The wealth of experience deposited in him is unrivalled when it comes to political, social and economical understanding of our local government." Anigbajumo asserted.

Moreover, Hon. Anigbajumo and other members of the house used the medium to implore the Executive on the need for quick preparation of an all-encompassing 2018 budget that would cater for all and sundry in the Local Government.