Nigerian Government pays Discos $14.35 for Electricity Meters

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Nigerian Government pays Discos $14.35 for Electricity Meters

The Federal Government of Nigeria has released the sum of N14.35 billion to DisCos via the Central Bank of Nigeria for the acquisition of 263,860 meters under the National Mass Metering Programme (NMMP).

The National Mass Metering Programme (NMMP) was initiated by the Federal Government in order to put an end to the estimated billing system of electricity by the DisCos.

President Muhammadu Buhari had ordered a nationwide metering of electricity consumers to check estimated billings back in August 2020. A statement revealing this fact was released by the FG through twitter on Thursday.

“According to the CBN, the facility disbursed is a loan that must be repaid by the DisCos on the basis of the previously agreed amortisation schedule. The repayment is to be deducted from payments made by consumers into the DisCos accounts with Deposit Money Banks (DMBs).” 

The Federal Government added that the highest tenure of the facility is 10 years but not exceeding 2030, while the stoppage or postponement on the principal amount is for a period not more than 24 months from the date of the loan disbursement.

RELEVANT INFORMATION ON DisCoS

It was reported in November 2020 that the President Muhammadu Buhari had decided to make funding for the DisCos available immediately. In order to achieve the goal of distributing about 1,000,000 meters in the first phase of the Mass Meter Programme.

The Ministry of Power stated that the mass metering initiative by the Federal Government was yielding success as one of the most ambitious packages in history.

The Nigerian Electricity Regulatory Commission (NERC) disclosed that one million meter units was the target for the initial phase of the implementation of the National Mass Metering Programme (NMMP) with Ikeja distribution company (IKEDC) topping the list with the total number of approved meter allocation being 106,701 units (10.7%). The allocation for the other electricity distribution companies were, IBEDC with 103,997 (10.4%) meter allocation, AEDC was given 101,186 (10.1%) units and the PHEDC got the lowest of 77,070 (7.7%) units.    Stay connected with us at FXcryptonews for recent updates, news and events.