The Nigerian Electricity Regulatory Commission has increased the cost of prepaid meters which means that electricity consumers will soon be expected to pay more.
It was reported that the Commission has hiked the price for the commodity for a single phased meter which is going to cost within the range of N36,911-N44,896, while the three face meter is going to cost within the range of N67,055-N82,855.
It was understood that electricity operators said that the new price was included in the memo which was signed by Prof. James Momoh, NERC Chairman, putting the new price which was in line with section 19 (d) of the meter asset providers regulation.
Bu the MAP prototype which was introduced, based on what the stakeholders said, is unable to cater to customer’s demand for meters.
Mr. Momoh explained that the reason why there is an increase in the price of meters was because of the hike in the foreign exchange rate by the Central Bank of Nigeria.
He said that when he reached the approved unit cost, the Commission evaluated the recent changes in foreign exchange rates which was approved by the CBN and the acceptable rate available to importers of meter components or meters that have been fully assembled through investors and importers forex window.
The Commission showed figures out of a total of 8,310,408 registered electricity consumers, only 3,704,302 electricity consumers have had their homes metered, which is 44.6% of the total registered electricity consumers.
This means that 55.4% of electricity consumers are still using the estimated bill.
Electricity consumers reportedly criticized the regulatory commission as well as the electricity distributors for their inability to inability to give prepaid meters since the sector was taken over by private companies in November 2013.
Electricity distributors have cleverly had over the task of giving out meters to the Meters Asset Providers which was introduced by the NERC.