By Jeph Ajobaju, Chief Copy Editor
A new N156.33 billion has been disbursed to power Distribution Companies (DisCos) to increase supply, according Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC) – in addition to N123.34 billion disbursed in March.
Disbursement between March and July amounts to N279.67 billion.
Of the N123.34 billion disbursed in March, nine DisCos got N33.45 billion to procure 605,852 meters and 11 DisCos (N89.89 billion) to improve power supply under the Nigerian Electricity Market Stabilisation Facility (NEMSF 2).
In the latest disbursement, the MPC issued a communique which confirmed the CBN disbursed N36.04 billion to 17 Meter Asset Providers (MAP) and nine DisCos to buy and install 657,562 electricity meters.
Under its Nigerian Electricity Market Stabilisation Facility-2 scheme, the CBN released N129.29 billion to 11 DisCos to provide liquidity support and stimulate infrastructure investment to improve service delivery, per Nairameterics.
“On the National Mass Metering Programme (NMMP), N36.04 billion was disbursed to 17 Metere Asset Providers, to nine (9) DisCos for the procurement and installation of 657,562 electricity meteres,” the CBN said.
“On the Nigerian Electricity Market Stabilisation Facility – 2 (NEMSF-2), the CBN released N120.29 billion to 11 DisCos to provide liquidity support and stimulate critical infrastructure investment needed to improve service delivery and collection efficiency.”
President Muhammadu Buhari approved NMMP implementation to close the metering gap, which is over 10 million, and this comprises unmetered customers as well as customers with obsolete meters that need to be replaced.
The objectives are to
· Increase metering rate.
· Eliminate arbitrary estimated billing.
· Strengthen the local meter value chain by increasing local meter manufacturing, assembly.
· Deploy capacity and support economic recovery by creating jobs in the local meter value chain.
· Reduce collection losses and increase financial flows to achieve 100 per cent market remittance obligations of DisCos.
· Improve network monitoring capability and availability of data for market administration and investment decision making.
