National Economy
Monday, July 7, 2025
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy
No Result
View All Result
Read News
National Economy
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy
No Result
View All Result
National Economy
No Result
View All Result
Home Lead-In

Electricity Meter Increase: Forex, Customs Charges Responsible – Experts

by Chika Izuora
2 years ago
in Lead-In
Reading Time: 3 mins read
Bayo-adelabu
Share on FacebookShare on TwitterShare on Telegram

Stakeholders in the power sector have attributed the price increase in prepaid electricity meters to fluntuations in foreign exchange market, increase in Customs charges and naira devaluation, among others.

The stakeholders, who expressed their concerns in seperate interviews on Thursday in Lagos, said another factor was multiple charges by different government agencies at ports.

 The Nigerian Electricity Regulatory Commission (NERC), on September 5, granted approval for an upward adjustment in the prices of prepaid electricity meters.

The cost of single-phase prepaid meter is now N81,975.16k, up from the previous N58,661.69k, while a three-phase prepaid meter is N143,836.10k as against the previous N109,684.36k.

You May Like

World Bank Approves $65m Loan For Nigeria’s SPESSE Project

Nigeria’s Money Supply Falls to ₦119trn In May Amid CBN Tightening

Mr Kunle Olubiyo, President, Nigeria Consumer Protection Network, said that the position of importers of the semi-finished pre-paid meters and meter assembling plants owners was that the prices should have been higher.

According to him, the importers and plant owners wanted the price of a single-phase meters to be N90,000, while a three-phase at N160,000 or more.

Olubiyo said in the main time, stakeholders should work out a modalities that would make possible for electricity consumers  to acquire already calibrated electricity meters at designated point under strict supervision.

 “This should be in accordance and with the synergy by

Standard Organisation of Nigeria (SON), Nigerian Electricity Management Services Agency, Electricity Distribution Licensees, Meters Assembling Plants and Representatives of end users customers.

“Considering the low income or disposable incomes of an average Nigerian, it might be difficult for many to afford the new rates without a mechanism for refunds via electricity token.

“This may further increase the huge metering gaps in the electricity market,” he said.

The power expert said the 40 per cent price increase did not come as a surprise as importers of meters and meters assembling plants had been clamouring for upward review in the last 12 months. 

Olubiyo said it was the duties of electricity consumers in the electricity market to provide meters or fund the deployment of meters meant to enhance cost recovery, energy accountability and returns of investment for electricity distribution companies or distribution licensees.

He said the service level agreement is strict obligation pledged by the electricity distribution companies and distribution licensees as a condition precedent to acquisition of the licensees.

Prof. Yemi Oke, a legal consultant and energy advisor, said the price increase was unavoidable, considering the present situation in the country.

“It not for meter alone, even those goods that are manufacturered locally. It also affects imported meters, assembled in Nigeria or manufacturered in Nigeria.

“The component of the meter has gone up given the current exchange rates.

“There is need for government to look into the issues of forex, particularly for metering. What matter is that people should have access to meters and the meters are properly calibrated so that no consumers are shortchanged.

“Consumers should ensure they have meters to be able to manage their consumptions against estimated billings.

“I’ll also advise that the issue of metering should be left with meter manufacturers and DisCos should not have businesses in metering, being a business and distinct component of electricity services.

“That could be monitored just like the case of telecom.

“The important thing is that Nigerians has access to meter and be able to regulate and moderate consumption patterns as against subjected to estimated billings,” he explained.

Oke also said he did not subscribe to the Discos upgrading meters.

“May be if some meter had been calibrated in a way. I’ll advise that Nigerians should not be subjected to meter manipulation or calibrated in a way to reap them.

“There is no evidence that existing meters are faulty or malfunctioning. There is no point calling for upgrading or calibration,” Oke added.

Similarly, Mr Adetayo Adegbemle,  Convener, PowerUp Nigeria, said that the increase in meter prices was a response to the changes in the economic indices.

Adegbemle said, “I think we should give some kudos to NERC for not loading the full effect on the published prices.

“However, this is an opportunity to further push for reverting to local content and manufacturing as effective measure to control prices of meters.

“We have pushed for the use of funds saved from fuel subsidy removal to effectively address this issue of metering gap.’’

“This is something that will definitely reach and help Nigerians to also manage their funds,” he said.

 

Tags: Electricity Meter
ShareTweetShare
Previous Post

9mobile Proposes Partnership With Cross River State

Next Post

NUPRC Issues Ultimatum On 3% Remittance To Oil Communities

ANOTHER GOOD READ

World Bank Approves $65m Loan For Nigeria’s SPESSE Project
Lead-In

World Bank Approves $65m Loan For Nigeria’s SPESSE Project

14 hours ago
Nigeria’s Money Supply Falls to ₦119trn In May Amid CBN Tightening
Lead-In

Nigeria’s Money Supply Falls to ₦119trn In May Amid CBN Tightening

14 hours ago
FG Okays 37 New Oil Routes To Halt Theft
Lead-In

FG Okays 37 New Oil Routes To Halt Theft

14 hours ago
Nigeria’s Power Generation Rises By 10.92 % In Q1 2025
Lead-In

Nigeria’s Power Generation Rises By 10.92 % In Q1 2025

14 hours ago
Foreign Artisans Taking Over Local Jobs
Cover

Foreign Artisans Taking Over Local Jobs

14 hours ago
‘Intra-African Trade To Hit $440bn By 2035 With Full AfCFTA’
Lead-In

‘Intra-African Trade To Hit $440bn By 2035 With Full AfCFTA’

1 week ago
Next Post
NUPRC Issues Ultimatum On 3% Remittance To Oil Communities

NUPRC Issues Ultimatum On 3% Remittance To Oil Communities

Most Recent

Labour Institute’s DG Hails Tinubu On Rights Protection, Nigeria First Policy

At BRICS Summit,Tinubu Demands Reform Of Global Financial, Health Systems

July 7, 2025
LG Launches “Radio Optimism” Campaign

LG Launches “Radio Optimism” Campaign

July 7, 2025
Are Africans Genetically Inferior?

Are Africans Genetically Inferior?

July 7, 2025
Jaiz Bank Lifts NYSC Camp Spirit With Thrilling Football Match

Jaiz Bank Lifts NYSC Camp Spirit With Thrilling Football Match

July 7, 2025
Idahosa Pledges Support For Grassroots Sports Dev’t

Idahosa Pledges Support For Grassroots Sports Dev’t

July 7, 2025
WAFU B U20 Tourney: Flying Eagles Resume Training

WAFU B U20 Tourney: Flying Eagles Resume Training

July 7, 2025
NFF Extends Tenure Of NPFL, NNL, NLO Boards To Sept 2026

NFF Extends Tenure Of NPFL, NNL, NLO Boards To Sept 2026

July 7, 2025
Driving Aviation Growth Through Regional Collaboration

Driving Aviation Growth Through Regional Collaboration

July 7, 2025
Advertise with us

© 2024 | National Economy

No Result
View All Result
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy

© 2024 | National Economy