The Federal Government has set aside N700 billion to implement the distribution of free electricity meters under the Presidential Metering Initiative (PMI).
The Federal government is deducting N100bn monthly from the federation revenue to address the 50 percent metering gap. Between April and August, N420bn was saved, with N120bn deducted from April’s revenue as the first allocation.
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In May, Minister of Power Adebayo Adelabu announced an initial N75bn seed capital for the initiative, with the NSIA committing N250bn annually. The initiative will also use debt financing from various financial institutions to support its funding.
Victor Ojelabi, Managing Director of Abuja Distribution Electricity Company, stated that the PMI could unlock about N1 trillion in revenue tied up due to unmetered customers in the Nigerian Electricity Supply Industry.
The Nigerian Electricity Regulatory Commission has approved N21bn for 11 electricity distribution companies to provide meters to customers at no cost.
Bolaji Tunji, Special Adviser to the Minister of Power, confirmed that the PMI is on track, with a target of two million meters per year.
The first batch will be delivered by the first quarter of next year, and N700 billion has been allocated for the initiative. The government also plans to deliver 1.3 million meters this month under the World Bank-backed reform program.
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