FG increases price of meters by 145% in 3 years

The federal government, through the Nigerian Electricity Regulatory Commission (NERC), increased the price of single-phase and three-phase pre-paid twice between 2021 and 2023 jerking up their prices by 83 per cent and 145 per cent, respectively.

Daily Trust reports that the increase affected the Meters Asset Provider (MAP) scheme which allows for third-party financing of meters across the country.

The price increase led to single-phase meters sold for N44,896.17 in 2021 rising to N81,975.16 in 2023, an 83-per cent increase.

Three phase meters that were priced at N82,855.19 in 2021 now cost N109,684.36 now cost N143,836.10, a 145-per cent increase.

With the NERC responsible for the approval of the pricing of the sale of meters in the country, the commission approved two price increases during the period with a single-phase meter sold for N44,896.17 in 2021 increased to N58,661.69 in November 2021, then reviewed to N81,975.16 in September 2023.