NEWS

FG Increases Price Of Electricity Meters

On Wednesday, the Federal Government made an announcement regarding the price adjustments for single-phase and three-phase prepaid electricity meters. These changes are scheduled to come into effect on September 6, 2023.

This announcement was issued through an order from the Nigerian Electricity Regulatory Commission, identified as NERC/2023/020, and was jointly signed by the Chairman of the commission, Sanusi Garba, and its Commissioner responsible for Legal, Licensing, and Compliance, Dafe Akpeneye.

In this directive, the FG specified that the cost of a single-phase meter would now be N81,975.16k, up from the previous price of N58,661.69k, while the price for a three-phase meter would increase to N143,836.10k from its previous rate of N109,684.36k.

When questioned about the reasons behind the price adjustments, the NERC clarified that this decision was made to establish a fair and reasonable pricing structure for meters, benefiting both Meter Asset Providers and end-user customers. The objective is to enable MAPs to recover justifiable expenses related to meter procurement and maintenance while also ensuring that their pricing model allows for a sustainable 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,” the commission stated.

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