The Federal Government has announced the implementation of a 145% price hike in prepaid meters for Nigerians between 2021 and 2023.

This new development was contained in a statement issued by the Nigerian Electricity Regulatory Commission (NERC) and made available to newsmen on Sunday in Abuja.

The NERC in the signed statement said it has enforced two separate price increases for single-phase and three-phase prepaid meters within the specified timeframe.

Consequently, this has led to an 83% rise in the prices of single-phase meters and a significant 145% increase in the prices of three-phase meters. The impact of this increase has affected the Meters Asset Provider (MAP) scheme, which facilitates third-party financing for meters across the country.

The commission said that the price of single-phase meters has risen from N44,896.17 in 2021 to N81,975.16 in 2023, while three-phase meters have increased from N82,855.19 in 2021 to N143,836.10 in 2023.

NERC, the regulatory body responsible for authorizing meter sales pricing in the country, has granted approval for two separate price increases within this timeframe.

The price of a single-phase meter has increased from N44,896.17 in 2021 to N58,661.69 in November 2021, and then to N81,975.16 in September 2023. Similarly, the price of a three-phase meter has increased from N82,855.19 in 2021 to N109,684.36 in 2021 and then to N143,836.10 in 2023.

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