CBN Disburses N47.7bn To Power Firms For Mass Metering Scheme
The Central Bank of Nigeria has disbursed N47.66bn to power firms for the mass metering scheme.
The funds were disbursed by the Central Bank of Nigeria under the National Mass Metering Programme.
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The mass metering programme commenced on November 2nd 2020 in all franchised areas.
The CBN is expected to fund the first phase with N60bn for one million meters. In the second phase, the government is expected to provide four million metres.
according to the Special Adviser to the President on Infrastructure, Mr Ahmad Zakari, 750,000 meters have been delivered to DisCos in just under eight months.
The CBN Governor Godwin Emefiele disclosed in the 282nd Communique of the CBN that N47.66bn has so far been disbursed for the 858,026 meters.
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He said, “Under the National Mass Metering Programme (NMMP), N8.69bn was disbursed to four Distribution Companies (DisCos) under the scheme’s Phase-0.
“The sum of N47.66bn has been disbursed so far for the acquisition of 858,026 meters.”
THE WHISTLER had investigated the metering project with victims lamenting racketeering and extortion in the process of getting the meters.
Based on the investigation conducted by THE WHISTLER, officials were accused of demanding between N15,000 and up to N90,000 to help “fast track” approval and installation of prepaid meters at the Abuja Electricity Distribution Company (AEDC).
Some paid N90,000 for a three-phase meter, while N53,000 each for the meters, but noted that the devices were supplied by an unnamed company under an arrangement reached between landlords and the management of the market.
