• Companies
  • Updated: February 18, 2024

Nigeria electricity commission mulls to hike price of prepaid meters

Nigeria electricity commission mulls to hike price of prepai

The Nigerian Electricity Regulatory Commission (NERC) has resolved  to increase the price of prepaid metres in the coming days.

The commission blamed the proposed rise on the high production costs incurred by metre producers.

According to sources, manufacturers have stopped sending bills to Distribution Companies (Discos) in anticipation of the NERC's upward price revision.

According to them, the price increase is directly tied to the economy's foreign exchange issue, which has boosted manufacturing costs and put producers under inflationary pressure.

In September 2023, NERC reviewed the pricing of prepaid metres in a circular designated NERC/2023/020, which was jointly signed by Sanusi Garba, the commission's chairman, and Dafe Akpeneye, its commissioner of legal, licencing, and compliance.

The commission announced that a single-phase metre will now cost N81,975.16, up from N58,661.69.

Similarly, a three-phase metre now costs N143,836.10, up from N109,684.36 previously.

The industry regulator, NERC, approves the cost of prepaid metres, the majority of which are imported into the nation as semi-knocked down pieces and built locally before usage.

Prepaid metres have also changed over time, with DisCos adding features that protect against energy theft and provide more consumption statistics.

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