CBN gives DisCos N18.5bn loan to procure meters
The Central Bank of Nigeria (CBN) has given N18.58 billion loan facility to Electricity Distribution Companies (DisCos) to procure 347,853 electricity reading meters and enhance regular power supply in the nation.
A statement signed by the CBN Governor, Godwin Emefiele on January 27 explained that the facility was given in support of the federal government’s National Mass Metering Programme (NMMP).
He said: “The Bank has so far, provided N18.58 billion for the procurement of 347,853 electricity reading meters to Discos in support of the National Mass Metering Programme.”
The NMMP is a joint venture between the DISCOs and the Federal Government to improve metering count in Nigeria’s Power sector, which would boost revenues and accountability for the DISCOs.
And of course, the distribution companies are expected to go from location to location with their respective Meter Asset Providers (MAP) to provide and install meters for their customers.
It was gathered that the meters would be manufactured by indigenous companies including Mojec International Limited and Momas Meter manufacturing company.
