The Federal Government has approved N21 billion for 11 electricity distribution companies (DisCos) to provide meters for customers across the country.
The Nigerian Electricity Regulatory Commission (NERC) made this known via its “Order No: NERC/2024/072 on The Operationalisation of ‘Tranche A’ of the Presidential Metering Initiative Under the Framework of Meter Acquisition Fund.”
The order signed by NERC Chairman Sanusi Garba and Commissioner Legal Dafe Akpeneye would become effective from June 2024 and may be amended or revoked by subsequent orders issued by the commission.
The NERC noted: “The commission hereby approves the sum of N21 billion apportioned pro rata to contribution by the DisCos as Tranche A of the MAF scheme.
“Attached to this order as Schedule 1 is a breakdown of the funds available for each DisCo for the purchase of end-use customer meters.
Minister: Band A reduced electricity subsidy to N1trn
“All the meters to be procured and installed under the MAF framework shall be at no cost to the customers of the DisCos.”
NERC stated that it introduced the Meter Asset Provider (MAP) Regulations 2018 and subsequently, the Meter Asset Provider and National Mass Metering (MAP&NMMR) Regulations in 2021 to address metering challenges in the Nigerian Electricity Supply Industry (NESI).
NERC said the regulations provided several options for metering end-use customers but the interventions, though significant, had not resulted in the closure of the national metering gap which currently stood in excess of seven million customers.
It added: “The inability of distribution companies (DisCos) to raise financing in the form of debt or additional equity was identified as the major constraint in the acquisition and deployment of end-use meters and other capital investments.
“The Meter Acquisition Fund (MAF) scheme was therefore, developed and approved by the commission, primarily to address the challenges of DisCos creditworthiness inhibiting the deployment of end-use meter in NESI.
“By creating a credible revenue stream from the market funds on the back of which long term financing may be secured by the utilities.”
- NDLEA stops Italy-based businesswoman from exporting drugs via Lagos airport - December 22, 2024
- Businessman nabbed with 256 wraps of cocaine at Kano airport - December 22, 2024
- Atletico Madrid snatch late win at Barcelona to top LaLiga - December 22, 2024
