The Central Bank of Nigeria, CBN, said that the 11 Electricity Distribution Companies, DISCOs, received a loan of N273.34 billion to buy 414,000 meters for distribution.
In its report, the Central Bank of Nigeria provided a comprehensive evaluation of the N10.3 trillion spent on developmental finance from 2015 to 2022. Within this budget, the CBN revealed that the purchased meters encompassed various types, including maximum demand meters, Smart meters, and Single-Phase meters.
Breakdown:
Ikeja Disco N40.74 billion
Eko Disco received N34.85 billion.
Abuja Distribution Company N34.69 billion
Ibadan Disco N27.73 billion
Enugu DISCO N27.84 billion
Kaduna Disco N24.36 billion.
The report also brought attention to crucial problems observed in the program, such as an ineffective market marked by difficulties in market liquidity, foreign exchange shortages, and insufficient electricity distribution infrastructure.
