Monday, April 19, 2021
Home News CBN DISBURSES N123.3B TO DISCOS FOR METERS, OTHERS

CBN DISBURSES N123.3B TO DISCOS FOR METERS, OTHERS

The Central Bank of Nigeria (CBN) has disbursed N123.34 billion to Distribution Companies (DisCos) to boost electricity supply in the country.

This was disclosed by the apex bank in its Monetary Policy Committee Communique on Tuesday.

According to the document, CBN disbursed N33.45 billion to nine DisCos for the procurement of 605,852 meters, while N89.89 billion was disbursed under the Nigerian Electricity Market Stabilisation Facility (NEMSF 2) to 11 DisCos to improve the electricity supply in the country.

It stated, “Under the National Mass Metering Programme, N33.45 billion has been disbursed to 9 distribution companies for the procurement of 605,852 meters, while N89.89 billion has been disbursed under the Nigeria Electricity Market Stabilisation Facility (NEMSF 2) to 11 distribution companies to improve the electricity supply industry in Nigeria.”

President Muhammadu Buhari 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 objectives of the initiative are to increase Nigeria’s metering rate, elimination of arbitrary estimated billing, strengthen the local meter value chain by increasing local meter manufacturing, assembly and deployment capacity and support Nigeria’s economic recovery by creating jobs in the local meter value chain.

Others are to reduce collection losses and increasing financial flows to achieve 100% market remittance obligations of the DisCos, and Improve network monitoring capability and availability of data for market administration and investment decision making.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Must Read

RIVERS STATE LOCAL GOVT. POLL: PDP COASTS 23 COUNCIL SEATS AND 319 COUNCILLORSHIP POSITIONS.

The People's Democratic Party (PDP) has cleared all elective positions in the April 17, 2021 local government polls...

RAMADAN SEASON: PRAY FOR PEACE, ECONOMIC PROSPERITY, SEN. ORIOLOWO URGES MUSLIMS

Senator (Engr.) Adelere A. Oriolowo, a member of the Upper Chamber in the 9th Assembly has urged all...

IWO LIBERAL GROUP EXTOLS HON. SANLINSILE ON HIS BIRTHDAY AS THE GROUP RELEASES CONGRATULATORY MESSAGE TO HONOUR HIM…….

A political stalwart and current All Progressive Congress, APC, Caretaker Committee Secretary in Osun State, Hon. Alhaji Rasaq...

FCT LG ELECTION: WE ARE ON COURSE TO CONDUCT CREDIBLE PRIMARY IN SPITE INEC SHORT NOTICE – ENGR. UMAR ADAJI, APC PUBLICITY SECRETARY, FCT.

FCT Chapter of All Progressive Congress, APC, has assured the members and all aspirants vying for elective positions in the forthcoming FCT...

FG APPOINTMENTS: IWO LIBERAL GROUP CONGRATULATES IWO BORN VETERAN JOURNALIST, LIAD TELLA AND 4 OTHERS

A body of Concerned Citizens of Iwo, popularly known as Iwo Liberal Group (ILG), has joined other...