The country’s electric power body, the Nigerian Electricity Regulatory Commission (NERC) has announced an increase in the cost of acquiring Single and Three-Phase meters, Njenje Media News reports.
The implication of the increment is that a Single-Phase Meter will now cost N58,662.69, as opposed to the N44, 896.17 it was before, while a Three-Phase Meter moves up to N109, 684.36 from N82.855.19.
This indicated was an upward review of 31.53 percent on average, with the new prices will taking effect from November 15, 2021.
According to NERC, all the costs are exclusive of 7.5% Value Added Tax (VAT).
NERC conveyed the message in a circular dated 11th November 2021, signed by its chairman, Sanusi Garba.
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 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.
“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.”
