The unit cost of electricity meters has gone up by an average of 31.53 percent under a new price regime just rolled out by the Nigerian Electricity Regulatory Commission (NERC).
Under the new dispensation due to come into effect on Monday, November 15, 2021, a single phase meter will move from N44,896.17 to N58,662.69 representing a 30.66% increase.
Similarly, the cost of a three phase meter will cost N109,684.36 from the present N82.855.19 or an increase of 32.38%.
All the costs are exclusive of Value Added Tax (VAT) ,the NERC said in a November 11,2021 circular seen by The Nation.
In the circular signed by the commission’s chairman, Sanusi Garba, entitled ”Review of the unit price of end-user meters under the Meter Asset Provider and National Mass Metering Regulations,” the NERC said the price review was based on the “the recent changes in the macro-economic parameters.”
It explained that “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.”
Meters purchased under NMMP exempted from meter cost hike—Ahmed Zakari
However, President Muhammadu Buhari’s Special Adviser on Infrastructure, Mr. Ahmed Zakari,says meters bought under the National Mass Metering Program (NMMP) are exempted from the increase in the meter price review.
Responding to concerns by some consumers, Zakari said: “The regulation is clear. Even if one decides to pay there is a refund process.
“I estimate up to 90% of meters in the market will go through NMMP in the near term so this is not an issue either way.”