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CBN disbursed N47.83 billion for the procurement of meters under NMMP

T.I Ukende
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Two Electricians installing a prepaid electricity Meters. Photo Credit: Pulse Nigeria

The Central Bank of Nigeria (CBN) has uncovered that it has disbursed the amount of N47.83 billion for the obtainment and establishment of 856,026 power meters to the nation under the National Mass Metering Program (NMMP) in the plan’s stage 0.

The NMMP is a metering drive presented by the Federal Government outfitted towards mass metering of Nigerians by giving credit offices to the power dispersion organizations (DisCos) for the acquisition of meters for its clients; and the nearby meter Manufacturers, for the assembling and gathering of meters.

This divulgence is contained in a dispatch given by the CBN Governor, Godwin Emefiele, after the 140th MPC meeting held on Monday, January 24, 2022, and Tuesday, January 25, 2022.

The board of trustees likewise noticed the better assortments by power dissemination organizations because of expanded meter establishments.

Emefiele in the dispatch said the zenith bank delivered N274.33 billion to control area players, as a component of its work to help the area under the Nigeria Bulk Electricity Trading Partner Assurance Facility (NBET-PAF).

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The previously mentioned reserves delivered to the power area players is notwithstanding the N20.58 billion delivered to the DisCos under the Nigeria Electricity Market Stabilization Facility-Phase 2 (NEMSF-2).

The CBN Governor called attention to the fact that the pinnacle bank delivered an extra amount of N3 billion to additionally help the improvement of empowering foundation in the gas business.

Emefiele in the dispatch said, ”To additionally help the improvement of empowering framework in the gas business, the bank delivered extra N3 billion for the increase of a current foundation, bringing the total payment under the intercession office for National Gas Expansion Program to N42. 2billion for six ventures.”

The NMMP is relied upon to guarantee that shoppers are charged properly for the power they consume by introducing meters for using in family and business premises.

The plan which has helped increment private area support through putting resources into nearby meter companies, assembling and establishment, is additionally expected to help with lessening assortment misfortunes, while simultaneously, increasing monetary streams to accomplish 100 percent market settlement commitment of the DisCos.

Review in November 2021, the CBN announced that it had up until this point disbursed the amount of N47.66 billion to Electricity Distribution Companies under its mass metering plan. The CBN Governor added that DisCos have likewise gotten one more N37.6 billion for the Nigeria Electricity Market Stabilization Facility (NEMSF-2).

In the course of the most recent couple of years, the CBN has embraced a forceful approach in its intercession in the power area.

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