The Federal Government has raised the cost of both single-phase and three-phase electricity meters.
This was contained in a circular issued by the Nigerian Electricity Regulatory Commission(NERC) and addressed to managing directors of all electricity distribution companies and all meter asset providers.
In the circular, dated November 11, 2021, and signed by NERC Chairman, Engr. Sanusi Garba, the regulator 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.
“Pursuant to the provisions of the MAP and NMM Regulation, NERC noted the recent changes in macro-economic parameters and hereby approves an upward review of unit price of meter.
“The price review is subject to change upon the conclusion of the procurement process under phase 1 of the NMMP. This price review is effective from 15th November 2021,” the regulator said
The commission said it arrived at the approved unit price by considering the rise in the foreign exchange (forex) and inflation rate since the last review in June 2020.