By Boluwatife Oshadiya
Key Points
- House of Representatives orders DISCOs to refund N55.42 billion
- Funds linked to National Mass Metering Programme (NMMP)
- Lawmakers cite failure to meet programme objectives
- CBN and NERC to establish recovery committee
Main Story
The House of Representatives has directed 11 electricity distribution companies (DISCOs) to refund N55.42 billion disbursed under the National Mass Metering Programme (NMMP), citing inefficiencies and failure to meet expected targets.
The resolution followed the adoption of a report presented on Thursday by the House Committee on Public Assets.
Committee Chairman Uchenna Okonkwo stated that the investigation was conducted in line with the committee’s oversight mandate and revealed significant gaps in the implementation of the metering initiative.
The NMMP, introduced in 2020, was designed to bridge Nigeria’s metering deficit, eliminate estimated billing, reduce commercial losses, and promote local manufacturing of meters.
According to Okonkwo, a total of N59.28 billion was earmarked for the programme, structured as a loan with a nine per cent interest rate—six per cent allocated to financiers and three per cent to the Central Bank of Nigeria (CBN).
However, findings showed that DISCOs received N55.42 billion, leaving N3.85 billion unaccounted for.
“The investigation revealed DISCOs received ₦55.42 billion, leaving ₦3.85 billion unaccounted for,” Okonkwo said.
Beneficiaries of the scheme include Abuja, Eko, Enugu, Ibadan, Ikeja, Jos, Kano, and Yola electricity distribution companies, among others.
What’s Being Said
The committee raised concerns over the programme’s overall impact, noting that it fell short of expectations in closing the metering gap and addressing billing inefficiencies.
Lawmakers also scrutinised the role of Meristem Wealth Management, which was granted a clause entitling it to 0.5 per cent of DISCO collections annually until 2030.
Okonkwo disclosed that the firm had already received N450 million, a development the committee described as questionable.
The committee has requested detailed documentation from the firm, including its operational structure and performance report under the NMMP.
What’s Next
The House has mandated the Central Bank of Nigeria and the Nigerian Electricity Regulatory Commission (NERC) to establish a loan recovery committee tasked with recovering the funds from beneficiary DISCOs before 2026.
The move signals increased legislative scrutiny of intervention funds and could reshape accountability standards in Nigeria’s power sector.
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