FG, CBN to Fund Four Million Meters.

The Federal Government in collaboration with the Central Bank of Nigeria, has said it would finance production of four million prepaid meters locally.

According to the document, ‘2022 Market Competition Report’ by the Nigerian Electricity Regulatory Commission, FG and CBN would fund the project following the completion of the Phase 0 of the National Mass Metering Programme.

The report, however, did not reveal how much would be set aside for the project.

The power sector regulator explained further that the meter acquisition fund which was in pursuit of the December 2022 Tariff Order was to mitigate the risk of financing outside the electricity market.