The Nigerian Electricity Regulatory Commission (NERC) has approved an increase in the prices of prepaid electricity meters within the country.
According to a circular dated September 5, 2023, signed by the Chairman, Sanusi Garba, and the Commissioner of Legal, Licensing, and Compliance, Dafe Akpeneye, the Commission, increased the price of single phase meters by N23,313.47 or 39.74 percent from N58,661.69 to N81,975.16.
Similarly, the cost of a three-phase prepaid meter has been raised to N143,836.10k from the previous N109,684.36k.
The circular explained that “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.”
It added that the upward review is to “Ensure 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 MAPs are able to provide meters to end-use customers in the prevailing economic realities.”
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
