MON, JAN 27 2020-theG&BJournal-The Ibadan Electricity Distribution Company (IBEDC) says from Feb. 1, there will be an upward review in the prices of meters to customers under the Meter Asset Provider scheme (MAP) introduced in 2019.
Mrs Angela Olarenwaju, Head, Branding and Corporate Communication of IBEDC, made this known on Monday in Lagos.
Olarewaju said in a statement that the increase was necessitated by the increase in the Value Added Tax (VAT) from five per cent to 7.5 per cent by the Federal Government.
She said in the light of the above, a single-phase meter, which used to cost N38,325.00 (VAT inclusive) would now cost N39,237.50 (VAT inclusive), while the a three-phase meter which used to cost N70,350.00 (VAT inclusive) would now costs N72, 025.00 ( VAT inclusive).
The IBEDC spokesperson said subsequently, the meter service charge on MAP payment by installments would also be reviewed to accommodate the new VAT charge.
She said that VAT on tariff had been adjusted to accommodate the new 7.5 per cent rate.
Olarenwaju appealed to IBEDC customers to take note of the new increase.
According to her, this will be reflected during bill payments and vending for postpaid and pre-paid customers respectively.
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