Connect with us


Discos get N14.35bn loan from CBN for 263,860 Meters



Nigerian govt funds Discos to deploy six million metres

The Federal Government said on Thursday it had approved and disbursed the sum of N14.35 billion to the Distribution Companies of Nigeria (DisCos) to procure at least 263,860 meters for electricity customers.

The disbursement was under the National Mass Metering Programme (NMMP), initiated by the federal government to put an end to estimated billing of electricity consumers by DisCos.

This was disclosed on Thursday, via the official twitter handle of the presidency @NGRPresident.

Read also: 10 power plants go idle amid low demand from Discos, gas constraints

“UPDATE: The Central Bank of Nigeria @cenbank has now disbursed a total of 14.35 billion Naira to the Distribution Companies of Nigeria (DisCos) to cover the procurement of 263,860 meters under the National Mass Metering Programme (NMMP),” the presidency said.

Part of the statement further reads, “The maximum tenor of the facility is 10 years but not exceeding 2030, while the moratorium on the principal amount is for a period not exceeding 24 months from the date of loan disbursement.”

The CBN facility is a loan that would be paid by DisCos on the basis of the previously agreed amortisation schedule.

Join the conversation


Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now