The Federal Government of Nigeria has approved a review of the prices of electricity meters in the country.
The Nigerian Electricity Regulatory Commission (NERC) said in the circular released that the approval is expected to begin on September 6. The circular was signed by the NERC Chairman, Sanusi Garba, and its Commissioner, Legal, Licencing and Compliance, Dafe Akpeneye.
In the circular, the price of a single-phase meter (4G, smart) will be increased to N81,975.16 from the previous N58,661.6, while the price of a Three-phase meter (4G, smart) will increase from N109.684.36 to N143,836.10.
The commission also noted that changes in macroeconomic indicators, such as inflation and changes in FX rates have caused a need to review the regulated rates for Meter Asset Provider (MAP).
The commission also took consideration necessary data on important changes in macroeconomic indicators from the Central Bank of Nigeria (CBN) and the National Bureau of Statistics (NBS) as the benchmarks for the meter cost review.
It was also noted that the approval seeks to ensure and reasonable pricing of meters of both MAPs and customers.
Read more: https://www.investingport.com/federal-government-raises-prices-for-electricity-meters/