CBN Disburses N14.35bn To Discos For Acquisition Of Prepaid Meters-Presidency
The Central Bank of Nigeria in a bid to deepen the President Muhammadu Buhari’s metering initiative has disbursed N14.35bn to electricity distribution companies to procure 263,860 meters for electricity consumers in the country.
The Federal government announced this on Thursday via the official twitter handle of the presidency @NGRPresident.
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According to the tweet, the disbursement was under the National Mass Metering Programme, initiated by the Federal Government to put an end to estimated billing of electricity consumers by DisCos.
Buhari had in August 2020, ordered a nationwide metering of electricity consumers in line with his commitment to end estimated billing in Nigeria, and to ensure that Nigerians paid only for the electricity they consume.
The Federal Government, under the first phase of the Presidential Mass Metering Initiative, had made fund immediately available for DisCos to roll out 1,000,000 Meters in the first phase, at no cost to consumers.
The government had announced the commencment of deployment in parts of Kano, Kaduna, Lagos and Abuja.
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According to the tweet, the facility disbursed is a loan that must be repaid by the DisCos on the basis of the previously agreed amortisation schedule.
The loan is to be deducted from payments made by consumers into the DisCos accounts with Deposit Money Banks.
The tweet reads, “The Central Bank of Nigeria @cenbank has now disbursed a total of N14.35bn to the Distribution Companies of Nigeria, to cover the procurement of 263,860 meters under the National Mass Metering Programme.
“The maximum tenor of the facility is ten 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.”
