VAT: Ikeja Electric Announces Price Hike in MAP Meters
By Dipo Olowookere
One of the leading electricity distribution companies in Nigeria, Ikeja Electric Plc, has announced an upward review in the prices of meters sold to customers under the Meter Asset Provider (MAP) introduced by federal government.
In a notice to its customers on Friday, the energy firm said it was increasing the price for procuring the MAP meters as a result of the hike in the Value Added Tax (VAT) from Saturday, February 1, 2020.
President Muhammadu Buhari recently signed a Finance Bill into law, approving the upward review of VAT to 7.5 percent from 5 percent from next weekend.
Ikeja Electric explained that the increase in the price of MAP meters is to reflect the new VAT hike. For the single-phase meter, the new price is N39,765.86, while the three-phase meter now costs N72,085.68.
“This is to notify all Ikeja Electric customers that following the recent increase in Value Added Tax (VAT) introduced by the federal government, prices for prepaid meters have been reviewed to reflect current realities. The new prices take effect February 1, 2020 as indicated by the directive,” the company.
“Kindly note the change in prices as these will be the cost invoices sent from February 1, 2020,” the firm stated in a notice seen by Business Post.