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Thursday, May 26, 2022

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CBN provides N60 bln for one mln meters for mass distribution to electricity consumers

Nigeria’s central bank provided a total of N60 billion for one million electricity meters that are meant for free distribution to consumers across the country.

According to a document on the achievement of the present administration, the fund was meant for the first phase of the mass metering scheme of the government.

It would be recalled that the government designed the National Mass Metering Programme (NMMP) to provide free meters for energy consumers following the outcry against the outrageous estimated billing by the Power distribution companies otherwise known as DisCo.

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The document showed that there had been a nationwide rollout of electricity meters to all on-grid consumers, as this was inaugurated in August 2020 with the Central Bank of Nigeria (CBN) providing the funding.

“The CBN is providing N60 billion for the first phase, with a target of one million meter installations.

“So far more than 500,000 meters have been delivered to the Discos (distribution companies), and more than 280,000 installed,” the government stated.

The project was also supported by the World Bank with a target of about six million electricity meters required to close the metering gap in the Nigerian power sector.

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