The Federal Government has increased the prices of both single-phase and three-phase prepaid electricity meters.
The Nigerian Electricity Regulatory Commission (NERC) announced this in a circular dated November 11, 2021.
The new prices, according to the circular, will take effect from November 15.
The circular titled ‘Review of the unit price of end-use meters under the Meter Asset Provider and National Mass Metering Regulations’ was addressed to managing directors, all electricity distribution companies and all meter asset providers.
The commission said the upward review of meter prices is due to “the recent changes in macro-economic parameters.”
In the document, NERC raised the price of a single-phase meter from the current cost of N44, 896.17 to a revised price of N58, 661.69.
It also increased the price of a three-phase meter from the current cost of N82, 855.19 to a revised rate of N109, 684.36.
“In arriving at the approved unit price, the Commission had, in particular, only considered changes in foreign exchange and inflation since the last review of June 2020.
“This price review is subject to change upon the conclusion of the procurement process under phase 1 of the National Mass Metering Program. This price review is effective from 15th November 2021,”the circular reads.
The NERC noted that all costs are exclusive of value-added tax (VAT).
This implies that consumers will pay more than the stipulated prices to procure the meters from electricity distribution companies (DisCos).
At the current VAT rate of 7.5 percent, a single meter will cost an additional N4,400 to sell at N63,061.69, while a three-phase meter will cost an extra VAT of N8,227 to sell for N117,911.36.