DISCOs borrow N273.24bn to purchase meters, others — Report
THE Central Bank of Nigeria, CBN, said the 11 Electricity Distribution Companies, DISCOs, obtained a credit facility totalling N273.34 billion to purchase 414,000 meters for distribution.
In its report obtained by Vanguard, covering a detailed assessment of the N10.3 trillion developmental finance between 2015 and 2022, CBN, disclosed that the meters purchased included maximum demand meters, Smart meters, and Single-Phase meters.
The loan, disbursed under the Nigerian Electricity Market Stabilization Facility intervention project aimed at increasing electricity capacity from 3,400 megawatts, MW to approximately 4,900MW.
According to the breakdown, the Ikeja Disco received N40.74 billion from the intervention programme while the Eko Disco received N34.85 billion.
Also, Abuja Distribution Company got N34.69 billion, Ibadan Disco borrowed N27.73 billion, Enugu DISCO borrowed N27.84 billion, while Kaduna Disco borrowed N24.36 billion.
The report also highlighted key issues identified in the program, including an inefficient market characterized by market liquidity challenges, foreign exchange scarcity, and inadequate electricity distribution infrastructure.
