Forex, Customs charges responsible for 40% electricity meter price increase — Experts

By Abubakar Yunusa

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 separate interviews with the News Agency of Nigeria on Thursday in Lagos, said another factor was multiple charges by different government agencies at ports.
The Nigerian Electricity Regulatory Commission, NERC, on Sept. 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.
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.
Mr Olubiyo said that, 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 byS tandard 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.