By Babajide Okeowo
In the mass metering drive of the Federal Government, the Central Bank of Nigeria has disbursed a total of N14.35 billion to electricity Distribution Companies DisCos under the National Mass Metering Programme (NMMP).
The Federal Government made this announcement in a statement 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.
The maximum tenor of the facility is 10 years but not exceeding 2030, while the moratorium on the principal amount is for a period not exceeding 24 months from the date of loan disbursement.
Recall that President Muhammadu Buhari has resolved to make funding available for DisCos immediately in a bid to roll out 1,000,000 meters in the first phase, of the Mass Meter Programme.
The Ministry of Power said that the mass metering initiative of the Federal Government was paying off as one of the most ambitious packages in history.
The Nigerian Electricity Regulatory Commission (NERC) revealed that one million meter units were earmarked for the initial phase of the implementation of the National Mass Metering Programme (NMMP) with Ikeja Disco (IKEDC) topping the list with the approved meter allocation of 106,701 units (10.7%). Others were IBEDC with 103,997 units (10.4%), AEDC with 101,186 units (10.1%). PHEDC got the least of 77,070 units (7.7%).