10 DISCOs get N41.06bn from CBN for procurement, installation of prepaid meters

10 DISCOs get N41.06bn from CBN for procurement, installation of prepaid meters

No fewer than 10 Distribution Companies, DISCOs across the country have received N41.06 billion from the Central Bank of Nigeria, CBN, for the procurement and installation of 759,748 electricity meters

This move by the apex bank was to support Nigeria’s energy sector, as well as promoting the National Mass Metering Programme (NMMP) and the Federal Government’s Auto-Gas Conversion Programme.

The Central Bank of Nigeria (CBN) has disbursed N41.06 billion to ten (10) DisCos, for the procurement and installation of 759,748 electricity meters.

According to the “CENTRAL BANK OF NIGERIA COMMUNIQUÉ NO. 138 OF THE 281ST MONETARY POLICY COMMITTEE MEETING’, “Under the National Mass Metering Programme (NMMP), N41.06 billion has been disbursed to ten (10) DisCos, for the procurement and installation of 759,748 electricity meters. Under the Nigerian Electricity Market Stabilization Facility – 2 (NEMSF-2), the Bank has released the sum of N145.66 billion to 11 DisCos as loans to provide liquidity support and stimulate critical infrastructure investment to improve service delivery and collection efficiency.

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“In furtherance of its intervention in the energy sector, the Bank has disbursed N39.20 billion to six (6) beneficiaries to improve gas-based infrastructure to support the Federal Government’s Auto-Gas Conversion Programme. The Bank has also encouraged Deposit Money Banks (DMBs) to participate in the Solar Connection Facility (SCF) to improve energy access in the rural areas.”

Recall that President Muhammadu Buhari had approved the National Mass Metering Program (NMMP) implementation to close the metering gap, which is over 10 million and this comprises unmetered customers as well as customers with obsolete meters that need to be replaced.

The Ministry of Power said that the mass metering initiative of the Federal Government was paying off as one of the most ambitious packages in history.

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