This information was conveyed through an official order issued by the Nigerian Electricity Regulatory Commission (NERC) under the reference number NERC/2023/020. The order was jointly signed by the Chairman of the commission, Sanusi Garba, and the Commissioner for Legal, Licensing, and Compliance, Dafe Akpeneye.

In this order, the Federal Government stated that the cost of a single-phase meter would see an upward adjustment to N81,975.16k from its previous price of N58,661.69k. Similarly, the price of a three-phase meter was increased to N143,836.10k from its previous cost of N109,684.36k.

When explaining the rationale behind these meter price hikes, the NERC clarified that it aimed to establish a fair and reasonable pricing structure for meters that would be equitable for both Meter Asset Providers (MAPs) and end-user customers.

It emphasized that this adjustment in pricing was intended to enable MAPs to recover their legitimate costs related to meter procurement and maintenance while ensuring that their pricing framework allowed for a sustainable return on investment.

Furthermore, the commission underlined its commitment to assessing the affordability of meter services for consumers, with the objective of preventing excessive pricing that might place undue financial burdens on end-users.