The Federal Government has announced that the Central Bank of Nigeria will provide N60 billion for one million electricity meters that will be distributed free of charge to unmetered power consumers across the country.
This was revealed in a paper detailing some of President Muhammadu Buhari’s (retd.) accomplishments during the last six years.
The government indicated in the paper, which our correspondent in Abuja saw on Sunday, that the N60 billion was for the first phase of its National Mass Metering Program.
The CBN has released funding for a state-wide rollout of electricity meters to all on-grid consumers, which was inaugurated in August 2020, according to the statement.
“The CBN would provide N60 billion in the first phase, with a goal of one million meters installed. More than 500,000 meters have been given to Discos (distribution companies) and more than 280,000 have been placed so far, according to the government.
According to reports, the World Bank and the Central Bank of Nigeria are fully funding the projected six million energy meters needed to overcome the metering gap in Nigeria’s power sector.
According to a paper released by the Federal Government on its accomplishments over the last six years, the Solar Power Naija program was launched in April 2021 with the goal of providing five million off-grid solar connections to Nigerian households.
“The scheme is estimated to generate an additional N7 billion in tax income each year, as well as $10 million in annual import substitution,” it said.
The Rural Electrification Agency announced the planned deployment of solar-powered grids to 200 Primary Health Centres and 104 unity schools nationally in May 2021, according to the paper.
By Olutayo Olusanya