TheCable

The Central Bank of Nigeria (CBN) has disbursed N14.35 billion to electricity distribution companies (DisCos) to procure 263,860 meters for electricity consumers in the country.

This was disclosed on Thursday, via the official twitter handle of the presidency @NGRPresident.

The disbursement was under the National Mass Metering Programme (NMMP), initiated by the federal government to put an end to estimated billing of electricity consumers by DisCos.

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

In November, under the first phase of the presidential metering initiative, 1,000,000 meters were given to electricity consumers at no cost in Kaduna and Kano, Lagos states with the Federal Capital Territory (FCT).

According to the statement, the CBN facility is a loan that would be paid by DisCos on the basis of the previously agreed amortisation schedule.

“UPDATE: The Central Bank of Nigeria @cenbank has now disbursed a total of 14.35 billion Naira to the Distribution Companies of Nigeria (DisCos), to cover the procurement of 263,860 meters under the National Mass Metering Programme (NMMP),” the presidency said.

It also noted that the repayment will be deducted from payments made by consumers into DisCos accounts with banks.

According to @cenbank, 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. //

— Presidency Nigeria (@NGRPresident) January 21, 2021