CBN releases N123.3bn to DisCos to procure meters, improve power supply

THE Central Bank of Nigeria (CBN) has disbursed N123.34 billion to Distribution Companies (DisCos) to improve power supply in the country.

The apex bank disclosed this in its Monetary Policy Committee Communique on Tuesday.

In the document, it was stated that CBN disbursed N33.45 billion to nine DisCos for the procurement of 605,852 meters, while N89.89 billion was disbursed under the Nigerian Electricity Market Stabilisation Facility (NEMSF 2) to 11 DisCos to improve the electricity supply in the country.

It stated, “Under the National Mass Metering Programme, N33.45 billion has been disbursed to 9 distribution companies for the procurement of 605,852 meters, while N89.89 billion has been disbursed under the Nigeria Electricity Market Stabilisation Facility (NEMSF 2) to 11 distribution companies to improve the electricity supply industry in Nigeria.”

It would be recalled that President Buhari had approved the National Mass Metering Program (NMMP) implementation to close the metering gap, which is over 10 million, comprising unmetered customers as well as customers with obsolete meters that need to be replaced.