The Nigerian Electricity Regulatory Commission (NERC) has highlighted inflation and fluctuations in the foreign exchange rates among macroeconomic factors responsible for the increase in the prices of prepaid electricity meters in the country.
NERC gave its approval for the increase via a circular dated Tuesday, September 5, 2023, which was signed by its Chairman, Sanusi Garba, and Commissioner, Legal, Licensing and Compliance, Dafe Akpeneye.
According to the order, obtained by newsmen on Wednesday in Abuja, a single phase prepaid meter would now cost N81,975.16k from the N58,661.69 it was before the latest increase, while three phase prepaid meters would cost N143,836.10 from N109,684.36.
On the reasons for the increase, the Order said: “Significant changes in macroeconomic indicators, such as inflation and changes in the foreign exchange rates have necessitated a review of the regulated rates for MAP meters.
The commission also stated that the approved meter prices were exclusive of the 7.5 percent Value Added Tax.
It said the new price regime was to ensure a fair and reasonable pricing of meters to both MAPs and end-use customers
The NERC added: “Ensure Meter Assets Programme (MAP)’s ability to recover reasonable costs associated with meter procurement and maintenance while ensuring that their pricing structure allows for a viable return on investment
“Evaluate the affordability of meter services for consumers, aiming to prevent excessive pricing that could burden end-users. Ensure that MAPs are able to provide meters to end-use customers in the prevailing economic realities.
