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Ikeja Electric increases price of prepaid meters by 19.6%

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Ikeja Electricity Distribution Company (IE) has announced that  the prices of meters sold to customers under the Meter Asset Provider (MAP)scheme has been reviewed upward effective June. 1.

The DisCo, in a notice on its Twitter account on Thursday,  said the review was in compliance with the directive of the Nigerian Electricity Regulatory Commission (NERC).

It said the review was to reflect the recent changes in Foreign Exchange rate by the Central Bank of Nigeria (CBN).

The DisCo said customers are now expected to pay N89, 063.33 (VAT inclusive) for a three-phase meter against the former cost of N72, 085.68 which is an increase of 19. 6 per cent.

It said single-phase meter had risen to N48, 263.37 (VAT inclusive), a 17.6 per cent increment from the former price of N39, 765.86.

NERC had on June 4 approved the increment, according to a public notice on its website.

”In arriving at the approved unit costs, the commission has considered the recent changes in foreign exchange approved by the Central Bank of Nigeria and the applicable rates available to importers of meter components and/or fully assembled meters through the “Investors and Exporters” forex window.

“The effective date of the new rates is June 1, 2020, ” NERC said in the notice . (NAN)

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