DISCOs borrow N273.24bn to purchase meters, others - CBN report

The Central Bank of Nigeria (CBN) has stated that the 11 Electricity Distribution Companies (DISCOs) have gotten a credit facility totalling N273.34 billion to purchase 414,000 meters for distribution.

In its report which covered a detailed assessment of the N10.3 trillion developmental finance between 2015 and 2022, CBN revealed that the meters purchased included maximum demand meters, Smart meters, and Single-Phase meters.

The loan, disbursed under the Nigerian Electricity Market Stabilization Facility intervention project was targeted at increasing electricity capacity from 3,400 megawatts, to about 4,900 megawatts.

The breakdown shows that the Ikeja Disco received N40.74 billion from the intervention programme while the Eko Disco received N34.85 billion.

Abuja Distribution Company also got N34.69 billion, Ibadan Disco borrowed N27.73 billion, Enugu DISCO borrowed N27.84 billion, while Kaduna Disco borrowed N24.36 billion.

The report also stressed on important issues spotted in the program, including an inefficient market characterized by market liquidity challenges, foreign exchange scarcity, and inadequate electricity distribution infrastructure.

BEB