Nigeria: NERC Approves More Than 130% Increase In Price Of Acquiring New Prepaid Meters

Nigerians who want to acquire new prepaid meters will be paying almost double of the previous price of single and three phase prepaid meters.

The single-phase prepaid meter, which was previously acquired at ₦58, 6675.16 will now be acquired at ₦81,975.16 while three phase prepaid meter which was previously acquired at ₦109.684.36 is now acquired at ₦143,836.10.

This means the price of single-phase meter has risen by ₦23,313.47 while three phase meter has been increased by ₦34,151.74.

This was contained in an order issued by Nigerian Electricity Regulatory Commission (NERC) on September 5, 2023.

NERC said the costs of the meters are exclusive of the Value Added Tax (VAT) which the DisCos will include at the point of sale.

NERC in the order signed by the Chairman, Engr. Sanusi Garba and Commissioner for Legal, Licensing and Compliance, Dafe Akpeneye, stated further that consumers who had previously paid for Meters through the MAP scheme would not be affected by the new price reviews for both single and three phase meters.

“All MAPs shall adjust their prices to reflect the approved new rates”, NERC said.

“All MAPs shall supply meters previously paid for by end-user customers prior to the commencement of this Order at the prevailing rate when payment was made by the customers without additional increase in cost.

“All DisCos and MAPs are to develop/implement customer enlightenment campaigns on the price review along with a schedule on the implementation of their meter roll out plans,” NERC said.

The Commission arrived at the approved unit Prices by considering the rise in the foreign exchange (forex) and inflation rate since the last recent review.

In a public notice issued by Ikeja Electric and sighted by this portal it informed its customers that would be paying  ₦88, 123.30 to acquire a single phase prepaid meter while the three phase meter will cost them ₦154, 623.8.

According to the public notice, the figures above are VAT inclusive.

Source: https://energynewsafrica.com