Business
FCCPC supports Lagos smart metering rollout, crackdown on estimated billing
The Federal Competition and Consumer Protection Commission (FCCPC) has backed recent moves by the Lagos State Electricity Regulatory Commission (LASERC) to curb estimated electricity billing and strengthen consumer protection within the state’s power sector.
In a statement issued on Tuesday, the FCCPC commended LASERC’s position in the 2025 Lagos Electricity Market Report supporting stricter enforcement against electricity supply without meters and the phased rollout of universal smart metering across Lagos State.
The Lagos electricity regulator is currently pursuing reforms aimed at improving billing transparency, service delivery and consumer protection in the state’s electricity market.
The measures include compulsory metering to be enforced in phases beginning from 2026, feeder-by-feeder deployment of smart meters, tighter oversight of electricity distribution companies, improved complaint resolution mechanisms and sanctions against non-compliant operators.
FCCPC Executive Vice Chairman and Chief Executive Officer, Tunji Bello, described the reforms as a significant step towards addressing one of the most persistent complaints among electricity consumers in Nigeria.
“Estimated billing remains one of the leading sources of consumer complaints within Nigeria’s power sector,” Mr Bello said.
He added that, “Measures that accelerate metering and improve billing transparency are important to consumer protection and overall market accountability.”
Estimated billing, where consumers are charged based on projected electricity usage rather than actual consumption recorded through prepaid or smart meters — has long generated disputes between electricity distribution companies and consumers across Nigeria.
Many households and businesses have repeatedly accused distribution companies of arbitrary billing, excessive charges and lack of accountability, especially in areas with poor electricity supply.
Mr Bello said consumers should not be subjected to unfair or unverifiable billing practices, particularly where electricity consumption cannot be accurately measured.
“Effective metering promotes fairness within the electricity market. It supports accurate billing, reduces disputes, improves accountability, and gives consumers greater confidence in the system,” he said.
The FCCPC also urged other state electricity regulators and subnational governments implementing electricity market reforms to adopt similar consumer-focused measures.
READ ALSO: Lagos Blue Line records 3.5 million passengers in one year as daily ridership hits 15,000
According to the commission, reforms around transparent metering systems, improved complaint resolution and stronger service standards are critical to rebuilding consumer trust and improving electricity service delivery nationwide.
The agency further called on electricity distribution companies and other operators within the power sector to cooperate fully with ongoing metering initiatives and service quality reforms introduced by regulators.
The FCCPC noted that findings contained in the LASERC report also highlighted persistent service delivery gaps, consumer complaint challenges and electricity supply issues affecting Lagos residents.
It said the findings underscored the need for stronger consumer safeguards, sustained infrastructure investment and improved operational accountability within the electricity sector.
The commission reaffirmed its commitment to supporting reforms aimed at improving transparency, accountability and consumer protection across Nigeria’s electricity market through continued engagement with regulators and other stakeholders.
The Federal Government says Fitch Ratings’ decision to revise Nigeria’s credit rating outlook from Stable to Positive reflects progress in economic reforms, foreign exchange market adjustments and efforts to strengthen the country’s external position.
Fitch announced the revision on 9 October, retaining Nigeria’s long-term foreign-currency issuer default rating at ‘B’.
In a statement issued on Saturday, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said Fitch cited increased foreign exchange reserves, easing inflation and improved economic prospects among the factors supporting the outlook revision.
According to the minister, Nigeria’s gross foreign exchange reserves rose to $54.9 billion as of 25 September 2026, from $32 billion in mid-April 2024.
He attributed the increase to more formalised foreign exchange transactions, portfolio inflows, higher exports and remittances.
Fitch also projected that Nigeria would record a current account surplus equivalent to 6.4 per cent of gross domestic product in 2026.
Economic growth and inflation
The ratings agency projected that Nigeria’s real gross domestic product would grow by 4.3 per cent in 2026, compared with 4 per cent in 2025, with growth remaining above 4 per cent in 2027 and 2028.
Fitch expects non-oil activities to remain the main driver of economic expansion.
The projection comes as Nigeria’s economy recorded growth of 4.43 per cent year-on-year in the second quarter of 2026, according to the National Bureau of Statistics (NBS).
The figure was higher than the 3.89 per cent recorded in the first quarter of 2026 and the 4.23 per cent recorded in the corresponding quarter of 2025.
The World Bank’s October 2026 Nigeria Development Update projected average annual economic growth of 4.4 per cent between 2026 and 2028, identifying services and agriculture among the contributors to economic activity.
On inflation, Fitch projected an average rate of 15.4 per cent in 2026, less than half the level recorded in 2024.
The NBS reported that Nigeria’s headline inflation rate eased marginally to 15.39 per cent in August 2026, from 15.43 per cent in July.
The figures provide recent context for Fitch’s assessment of inflation, although the agency’s annual average forecast is different from the monthly inflation rate reported by the NBS.
Reserves, oil production and public debt
Fitch also noted developments in Nigeria’s oil sector, including crude oil production meeting the country’s OPEC target of 1.5 million barrels per day from May 2026.
Mr Oyedele said increased domestic refining was helping to reduce fuel imports and foreign exchange demand.
On public finances, Fitch expects Nigeria’s tax reforms to increase non-oil revenue relative to the size of the economy.
The agency projected that general government debt would average 32 per cent of GDP between 2026 and 2028, below the median of 56 per cent for countries with a ‘B’ rating.
Fitch also highlighted Nigeria’s domestic debt market and the banking sector recapitalisation exercise, noting that many banks had capital adequacy ratios above 20 per cent.
However, the agency identified persistent challenges, including inflation remaining above levels in peer countries, government revenue being low relative to the size of the economy, and interest payments accounting for a high proportion of government revenue.
The minister said the federal government would continue implementing reforms aimed at increasing revenue, improving spending efficiency, strengthening debt management and supporting non-oil economic growth.
Other rating developments
The Fitch decision follows other developments in Nigeria’s international credit assessments.
READ ALSO: FG to negotiate ₦1,350 petrol price ceiling as global oil shock drives pump prices
In May 2026, S&P Global Ratings upgraded Nigeria’s credit rating from ‘B-’ to ‘B’. In August, Moody’s revised its outlook on Nigeria to Positive while retaining its ‘B3’ rating.
Mr Oyedele noted that the government’s medium-term objective remained to improve Nigeria’s credit standing and work towards investment-grade status.
He said the administration would continue to focus on foreign exchange market reforms, tax revenue mobilisation, fiscal governance, more efficient public spending and growth in non-oil sectors.
The minister said its broader objective was to “translate economic reforms into jobs, food security, support for small businesses and improved living standards”.
Discover more from Premium Times Nigeria
Subscribe to get the latest posts sent to your email.
-
Business3 days agoCommunications Ministry made ₦345.5 million duplicate payment for Abuja ICT Park project
-
Business3 days ago
Fuel subsidy would cost Nigeria over N20trn yearly — Minister
-
News3 days ago
LumenUs helps automate tedious paperwork in times of grief
-
News2 days ago
Inside INEC’s AI and cybersecurity plans to secure Nigeria’s 2027 Elections – Technology Times
