Electricity consumers would be paying more to procure pre paid meters as the Nigerian Electricity Regulatory Commission (NERC) approves 31.53 per cent increase in the unit cost of meters.
The new prices will take effect from 15th November 2021.
The commission raised the cost of a single Phase Meter from N44, 896.17 to N58, 662.69, representing 30.66 per cent increase.
The NERC also hiked the cost of a Three Phase Meter from N82.855.19 to N109, 684.36, representing 32.38 percent.
On average, it was an upward review of 31.53 per cent.
According to the document, all the costs are exclusive of Value Added Tax (VAT).
NERC conveyed the message in a circular dated 11th November, 2021, which its chairman, Sanusi Garba signed.
The document which was titled “Review of the unit price of end-user meters under the Meter Asset Provider and National Mass Metering Regulations,” was addressed to the Managing Directors of all Electricity Distribution Companies and the Managing Directors of all Meter Asset Providers.
The NERC based the approval of the upward review on the “the recent changes in the macro-economic parameters.”
It explained: “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.”
NERC said: “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 is effective from 15th November, 2021.”