NERC approves over 30% increase in meters
. Consumers to pay N63,061.32, N117,910.69
Effective from Monday, November 15th, electricity consumers who are yet to acquire their pre-payment meters would have to pay more for it as the Nigerian Electricity Regulatory Commission has approved over 30% increases in the price of the commodity.
In a memo announcing the price hike yesterday, the industry regulator fixed the new price for a Single Phase Meter at N58,661.69, up from the current N44, 896.17 or 30.66% increase. Similarly, a Three Phase Meter was jerked up from N82,855.19 to N109,684.36, 32.38% above the current price.
The Commission also noted that “All costs are exclusive of value added tax (VAT), which means that consumers will pay additional 7.5% above the quoted prices, which brings the total cost to N63,061.32 and N117,910.69 for the single and three phased meters respectively.
In arriving at the approved unit price, the Commission had, in particular, considered changes in foreign exchange and inflation since the last review of June 2020.
The memo, signed by the Chairman of the Commission, Sanusi Garba, was referenced: NERC/REG/MAP/751/2, dated November 11, 2021, was addressed to the Managing Directors of All Electricity Distribution Companies (DisCos), and All Meter Asset Providers.
Titled: “Review of the Unit Price of End-Use Meters Under the Meter Asset Provider and National Mass Metering Regulations,” Garba, in the memo, defended that the increases became necessary in view of “the recent changes in macro-economic parameters.”
He also explained that: “In arriving at the approved unit price, the Commission had, in particular, considered changes in foreign exchange and inflation since the last review of June 2020.”
NERC equally warned that “This price review is subject to change upon the conclusion of the procurement process under phase 1 of the National Mass Metering Programme.”