FG installs 425,000 electricity meters as World Bank, CBN funds programme

By Nneka Nwogwugwu

The Federal government has stated that a total of 425,000 meters have been installed after 580,000 meters were received by Discos from January to June 2021 under phase zero of the National Mass Metering Programme.

It also stated that the World Bank and the Central Bank of Nigeria (CBN) are fully providing funds for the estimated six million electricity meters required to close the metering gap in the Nigerian power sector.

According to the Punch, latest document on the overview and progress of Nigeria’s power sector obtained from the Federal Ministry of Power showed that both partners were providing loans to operators in the sector for the procurement of the meters.

The ministry also stated in the document that 580,000 meters were received by power distribution companies in the first half of this year, adding that the facilities were funded by the apex bank and its global financial partner.

It further stated that the meters were being procured locally, adding that the development had led to job creation in the assembling and installation of meters across the country.

In CBN’s framework for financing of the NMMP, the bank explained that the introduction of the service-based tariff in the Nigeria Electricity Supply Industry that became effective from September 1, 2020 had put increased emphasis on the need to close the metering gap in the NESI.

It said the closing of this gap would enhance efficiency of revenue collection by distribution companies and thereby facilitate meeting their obligations to other upstream market participants.