The Central Bank of Nigeria (CBN) has disbursed the sum of N14.35 billion to electricity distribution companies (DisCos) for the procurement of 263,860 meters for electricity consumers in the country.
The Presidency made the disclosure via its Twitter page on Thursday.
The provision was made under the National Mass Metering Programme (NMMP), initiated by the federal government to put an end to estimated billing of electricity consumers by DisCos.
Presidet Muhammadu Buhari had directed DisCos to provide meters for consumers under the Presidential Mass Metering Initiative. The first phase of the programme is designed to provide free prepaid meters for 1 million electricity consumers. The DisCos distributed the meters in Kaduna and Kano, Lagos states with the Federal Capital Territory (FCT).
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According to the statement, the CBN facility is a loan that would be paid by DisCos on the basis of the previously agreed amortisation schedule.
“UPDATE: The Central Bank of Nigeria @cenbank has now disbursed a total of 14.35 billion Naira to the Distribution Companies of Nigeria (DisCos), to cover the procurement of 263,860 meters under the National Mass Metering Programme (NMMP),” the presidency said.
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