The Nigerian Electricity Regulatory Commission (NERC) has announced an upward adjustment in the prices of electricity meters under the Meter Assets Programme (MAP).
This decision was communicated through an official order issued on Tuesday.
According to the order, the cost of single-phase meters has been increased by N23,313.47, representing a substantial 39.74 percent rise from the previous price of N58,661.69.
Consequently, the new cost for single phase meters stands at N81,975.16.
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Similarly, the price for three phase meters has seen an upward revision, with an increase of N34,151.74 or 31.13 percent from the previous rate of N109,684.36. The new price for three phase meters is now N143,836.10.
NERC’s decision to adjust the prices of electricity meters is attributed to significant changes in macroeconomic indicators, particularly inflation rates and foreign exchange rates.
These factors have necessitated a review of the regulated rates for meters provided under the Meter Assets Programme.
The order was jointly signed by Engr. Sanusi Garba, Chairman of NERC, and Dafe Akpeneye, the Commissioner for Legal, Licensing & Compliance.