CBN has disbursed N14.35 billion to DisCos for meter procurement – FG

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The Central Bank of Nigeria has disbursed a total of N14.35 billion to DisCos to cover the procurement of meters.

The Federal Government has announced that the Central Bank of Nigeria has disbursed a total of N14.35 billion to DisCos to cover the procurement of 263,860 meters under the National Mass Metering Programme (NMMP).

This was disclosed in a statement by the FG on Thursday.

According to the CBN, the facility disbursed is a loan that must be repaid by the DisCos on the basis of the previously agreed amortisation schedule. The repayment is to be deducted from payments made by consumers into the DisCos accounts with Deposit Money Banks (DMBs),” the Federal Government added.

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.

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