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CBN Intervention Funds: DisCos receive N53.3 billion for meters under NMMP

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The eleven power distribution companies (DisCos) secured the total amount of N53.3 billion in credit facility from the Central Bank of Nigeria’s  National Mass Metering Programme (NMMP).  

The initiative which began in 2020 aimed at supplying 962, 832 electricity meters in the six geopolitical zones of the country.  However, the report shows that 883,511 meters had been installed as of September 2023.

According to data from CBN, the initiative drove DisCos monthly revenue collection from N42 billion in 2020 to over N72 billion as at the end of 2022.  

The report forms part of a series of ThePressNG exclusives detailing the disbursement of the N10.3 trillion intervention fund by the apex bank.

The power sector alone has gulped over N2.3 trillion of the intervention loans. 

According to the report, the National Mass Metering Programme (NMMP) was initiated 2020 aimed to address the metering shortfall in Nigeria and put an end to the imprecise estimated billing practices for energy users. 

It indicated that there is a need for an intensified collaboration between NERC and the distribution companies.  

The NMMP was meant to be a 3 phased facility for distribution companies to help financing the metering gap estimated at about 7 million.

According to the report only N3.4 billion of the loan had been repaid as of September 2023 while an outstanding of N49.3 billion remain. In terms of the amount due but unpaid, the apex bank put this figure at N1.3 trillion.

Ibadan & Abuja DisCo’s received the most amount with N6.1 billion and N6 billion respectively. Ikeja, Enugu Disco and Kano Disco rounded up the top 5 with each collecting over N5 billion.

Nigeria’s power sector has been grappling with a myriad of challenges, including poor electricity supply resulting from aging infrastructure, significant infrastructural deficits, and a concerning lack of investment within the sector

 

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