According to a recent report from the Central Bank of Nigeria (CBN), a staggering loan totaling N273.34 billion was granted to 11 Electricity Distribution Companies (DISCOs) to facilitate the purchase of 414,000 meters for nationwide distribution. This move aimed to address the pressing issue of metering inadequacy across the country.
The CBN’s evaluation of the N10.3 trillion spent on developmental finance from 2015 to 2022 shed light on the diverse range of meters acquired, encompassing maximum demand meters, Smart meters, and Single-Phase meters.
Notable allocations from the loan breakdown include N40.74 billion for Ikeja Disco, N34.85 billion for Eko Disco, N34.69 billion for Abuja Distribution Company, N27.73 billion for Ibadan Disco, N27.84 billion for Enugu DISCO, and N24.36 billion for Kaduna Disco.
However, despite these efforts, the report highlighted critical challenges plaguing the program. These challenges include an ineffective market characterized by liquidity issues, foreign exchange shortages, and inadequate electricity distribution infrastructure. Addressing these issues is crucial for the successful implementation and sustainability of the metering program.
