Under the National Mass Metering Programme, Central Bank of Nigeria (CBN) has release the sum of N14.35 billion to the Distribution Companies of Nigeria (DisCOs) for the payment of 263,860 meters .
The metering initiative is designed to ensure a seamless metering process that allows customers to register and be metered on the same day after following due process.The objectives include the elimination of arbitrary estimated billing, improving network monitoring capability and provision of data for market administration and investment decision-making.
The Central Bank of Nigeria said, DisCOs must pay back the amount disbursed based on the previously agreed amortization schedule.
Apart from its job creation potentials in the Meter value chain, the program will further strengthen the local meter value chain by increasing local meter manufacturing, assembly and deployment capacity, all in support of Nigeria’s economic recovery plan.
The repayment is to be deducted from payments made by consumers into the DisCos accounts with Deposit Money Banks (DMBs),” the CBN stated.
“The maximum tenor of the facility is 10 years but not exceeding 2030, while the moratorium on the principal amount is for a period not exceeding 24 months from the date of loan disbursement.”
Recall In August 2020, President Muhammadu Buhari ordered a nationwide metering of electricity consumers to check estimated billings.
In November, under the first phase of the presidential metering initiative, 1,000,000 meters were given to electricity consumers at no cost in Kaduna and Kano, Lagos states with the Federal Capital Territory (FCT).