25 million People To Benefit From FG’s Solar Program, Pay ₦4,000 monthly

About 25 million Nigerians are expected to benefit from the installation of 5 million solar-home systems. Beneficiaries of the program will pay between ₦1,500 and ₦4,000 monthly to access power from the solar system.

BizWatch Nigeria had reported that the federal government is to commence installation of five million solar home systems in under-served and off-grid communities across the country will commence the first week of December.

It is also expected to create about 250,000 jobs including in manufacturing, assembling, installations, maintenance, and payment systems.

READ ALSO: FG To Begin Installation Of ₦140 billion Solar Home Systems

The solar program is a part of the plans devised by the Economic Sustainability Committee, which is chaired by Vice President Yemi Osinbajo.

According to government sources, the Central Bank of Nigeria (CBN) will make available funds to the private companies in the solar power sub-sector involved in the manufacture, assembling, installation, servicing of the solar systems, at rates ranging between 5 to 10 percent, way below the current commercial lending rates in the country.