The price of pre-paid meter has been hiked to 145% by the Federal Government.
The hike was imposed on Nigerians between 2021 and 2023 by the Federal Government through the Nigerian Electricity Regulatory Commission (NERC).
Reports say that the NERC has implemented two price increases for single-phase and three-phase pre-paid meters during the period under review.
This has resulted in an 83% and 145% increase in their prices, respectively. The Meters Asset Provider (MAP) scheme, which enables third-party financing of meters across the country, has been affected by this increase.
A Daily Trust report observed that the price of single-phase meters has risen from N44,896.17 in 2021 to N81,975.16 in 2023, while three-phase meters have increased from N82,855.19 in 2021 to N143,836.10 in 2023.
The NERC, which is responsible for approving the pricing of meter sales in the country, has approved two price increases during this period.
The price of a single-phase meter has increased from N44,896.17 in 2021 to N58,661.69 in November 2021, and then to N81,975.16 in September 2023. Similarly, the price of a three-phase meter has increased from N82,855.19 in 2021 to N109,684.36 in 2021 and then to N143,836.10 in 2023.
Explaining why the price of pre-paid meters was hiked, NERC noted in a press release that the act was necessitated to enable MAP’s ability to recover reasonable costs associated with meter procurement and maintenance while ensuring that their pricing structure allowed for a viable return on investment.