Nigerians to pay new prices for prepaid meters

The Nigerian government has approved an increase in the rates of the country’s prepaid electricity meters.

The new rates will take effect on September 6, according to a circular signed by the commission’s Chairman, Sanusi Garba, and its Commissioner, Legal, Licensing, and Compliance, Dafe Akpeneye.

The the price of a single-phase (4G, smart) meter would rise from N58,661.6 to N81,975.16, while the price of a three-phase (4G, smart) meter will increase from N109,684.36 to N143,836.10

Significant changes in macroeconomic variables, such as inflation and fluctuations in foreign exchange rates, prompted the commission to evaluate the regulated rates for Meter Asset Provider (MAP).

The Commission stated that it used relevant data from the Central Bank of Nigeria (CBN) and the National Bureau of Statistics (NBS) on noteworthy changes in macroeconomic indicators as criteria for the meter pricing review.

It also seems to “ensure MAP’s ability to recover reasonable costs associated with meter procurement and maintenance while ensuring that their pricing structure allows for a viable return on investment” and “evaluate the affordability of meter services for consumers, aiming to prevent excessive pricing that could burden end-users. Ensure that MAPs are able to provide meters to end-use customers in the prevailing economic realities,” it said.

The approval meter prices are exclusive of Value Added Tax (VAT).

The commission said all MAPs should adjust their prices to reflect the approval rates.

It added that the approved meter prices also include the revised Nigerian Electricity Management Services Agency (NEMSA) sealing cost.

“Single-phase meter NGN 842.80 per unit and Three-phase meter NGN 1,100.80 per unit,” it said.

“All MAPs shall supply meters previously paid for by end-use customers prior to the commencement of this order at the prevailing rate when payment was made by the customers without additional increase in cost.

“All DisCos and MAPs are to develop/implement customer enlightenment campaigns on the price review along with a schedule on the implementation of their meter rollout plans.

“All MAPs shall continue to file monthly sales and meter installation returns with the commission,” it said.