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The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has announced that tariffs in the telecommunications sector will undergo periodic reviews. He emphasized the need for adjustments to reflect industry dynamics and economic realities.
Speaking with Arise TV yesterday at the ongoing 2025 World Economic Forum in Davos, Switzerland, Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, shared insights on the planned periodic tariff reviews in the telecommunications sector.
Earlier this week, the Nigerian Communications Commission (NCC) granted telecommunications companies approval to implement a 50 percent tariff increase. The decision, announced on Monday, has drawn widespread criticism, with the Nigeria Labour Congress (NLC) condemning the federal government for endorsing the hike.
In response to the tariff hike, the Nigeria Labour Congress (NLC) called on Nigerians to prepare for a possible nationwide boycott of telecommunication services, labeling the decision a “clear assault” on workers’ welfare and livelihoods.
Meanwhile, the minister, said the tariff adjustment was essential for sustaining the sector amid rising operational costs and inflation.According to him, the periodical review will ensure the tariff remains balanced and fair for both consumers and operators.
Read also: NLC Condemns 50% Telecoms Rate Increase, Plans Mass Boycott
He also urged telecommunication companies to enhance service delivery in line with the price increase.
He said: “There has been inflation and rising costs and that has to be reflected for the telcos. There has been a high cost of living that has to be reflected.
“I think the 50 percent tariff adjustment is a starting point. It’s about compromise, timing, and sequencing these necessary changes.
“We want telcos operating efficiently, terminating calls seamlessly, and delivering high-quality services. At the same time, we want them to foster innovation, create jobs, and contribute to GDP.
“The 50 percent tariff is a situation that will be looked at on a forward-looking basis. As we go forward there will continue to be review, consultations and discussions in this area.”
He reaffirmed the government’s commitment to fostering a thriving telecommunications sector that supports innovation, economic growth, and job creation.
According to him, the goal of the government is to improve the economy and attract investments across sectors.