"CBN Report: DISCOs Secure N273.24 Billion Loan for Meter Procurement"
According to a report obtained by Jimbamedia, the Central Bank of Nigeria (CBN) has disclosed that the 11 Electricity Distribution Companies (DISCOs) secured a credit facility totaling N273.24 billion to purchase 414,000 meters for distribution. The meters acquired include maximum demand meters, Smart meters, and Single-Phase meters.
This loan, disbursed under the Nigerian Electricity Market Stabilization Facility intervention project, aims to enhance electricity capacity from 3,400 megawatts (MW) to approximately 4,900MW. Among the breakdown of allocations, the Ikeja Disco received N40.74 billion, while the Eko Disco obtained N34.85 billion. Additionally, the Abuja Distribution Company secured N34.69 billion, Ibadan Disco borrowed N27.73 billion, Enugu DISCO borrowed N27.84 billion, and Kaduna Disco borrowed N24.36 billion.
The report also sheds light on key challenges facing the program, including an inefficient market characterized by liquidity challenges, foreign exchange scarcity, and inadequate electricity distribution infrastructure.
The effort to procure meters underscores a critical step towards improving electricity distribution and ensuring more accurate billing practices across the nation's power sector.
