By Modupe Gbadeyanka
The price of the three-phase prepaid meter has been increased by the Nigerian Electricity Regulatory Commission (NERC) to N143,836.10 from N109,684.36.
This development was confirmed by the agency in a circular marked NERC/2024/040 on Monday.
NERC, which regulates the electricity sector in the country, also increased the price of a single-phase prepaid meter to N81,975.16 from N58,661.69.
This is coming less than a month after the organisation raised the electricity tariff of Band A customers to N225 per kilowatt hour.
In the notice titled The deregulation of meter prices for meters deployed under the Meter Asset Provider Scheme, it was disclosed that the latest increase in the prices of the meters was influenced by high inflation and exchange rate.
It was also stated that the action was necessitated due to the need for the efficient pricing of meters to respond more quickly to changes in macroeconomic parameters, particularly exchange rates.
“The commission has further taken cognisance of the constraints/challenges faced by Meter Asset Providers (MAPs) and Local Meter Manufacturers Associations (LMMAs) and therefore approved the deregulation of prices of meters deployed under the MAP scheme with effect from 1 May 2024,” a part of the statement signed by NERC Chairman, Mr Sanusi Garba, and the Commissioner for Legal and Licensing Compliance, Mr Dafe Akpeneye, said.