CBN to provide N60 billion for first phase of mass metering programme

The federal government says the Central Bank of Nigeria (CBN) will provide N60 billion for the first phase of its national mass metering programme.

This is contained in a document that highlights some of the achievements of President Muhammadu Buhari’s administration in six years.

The fund will be provided for the supply of one million electricity meters meant for free distribution to unmetered power users across the country.

There has been a nationwide rollout of electricity meters to all on-grid consumers, as this was inaugurated in August 2020, with funding provided by the CBN.

“The CBN is providing N60bn for the first phase, with a target of one million meter installations. So far more than 500,000 meters have been delivered to the Discos (distribution companies), and more than 280,000 installed,” the document reads.

In August 2020, Buhari ordered nationwide metering of electricity consumers in a bid to check estimated billings.

In an interview in May, Ahmad Zakari, special adviser to the president on infrastructure, said the federal government has taken delivery of 656,752 prepaid meters.

Of the total figure, Zakari said 305,962 meters have already been installed for consumers.

According to the document, the federal government said it inaugurated the Solar Power Naija programme in April 2021 to deliver five million off-grid solar connections to Nigerian households.

“The programme is expected to generate an additional N7bn increase in tax revenues per annum and $10m in annual import substitution,” the document added.