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.
President Bola Tinubu has stated that he is not currently focused on the 2027 general…
Tension flared in Rivers State as police officers were accused of disrupting the collation process…
A group of immigration officers recruited in August 2023 have called for President Bola Tinubu's…
Heavy shooting has been reported at Rumuepirikom Community, the hometown of the Minister of the…
The Federal Government is set to commence the direct payment of allocations to local government…
In two separate attacks on Friday evening, bandits ambushed vigilante groups in Katsina State, resulting…