The price of electricity prepaid meters is about to increase as a result of increase in inflation and increase in Nigeria foreign exchange. The prepaid meters year- on-year, YoY, (single phase) increased by 80 percent from N81,975 in 2023 to N147,610.43 in February 2024. similarly, the price of the double phase meter also increased by 80 percent, from N143, 836.10 in 2023 to N259,002.43 in February 2024.
This occurred after the Abuja Electricity Distribution Company, AEDC, has issued a notice of disconnection of power supply to the presidential Villa, also referred to as Aso Rock and Federal Government’s Ministries, Department and Agencies over a N47 billion indebtedness.
However, weekend, indicated Meter Service Providers (MSP) and Meter Asset Providers (MAP) have not been able to produce or import to replenish depleted stocks. It indicated that many customers, who paid for meters have not been supplied and installed, thus increasing the population of those under estimated billing in Nigeria. In apparent response to the situation, the federal government has liberalised the metering market, meaning that the Nigerian Electricity Regulatory Commission, NERC, would no longer peg or fix meter prices in Nigeria.
Rather, prices of meters would be determined by market forces, including foreign exchange and inflation, targeted at ensuring that commercial stocks are produced, supplied and installed for consumers.
