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CBN disbursed ₦14.35 billion in December 2020
- NMMP was launched in 2020. Learn more
- DisCos to repay the facility at the expiration of the Moratorium
The Central Bank of Nigeria (CBN) has disbursed funds for the procurement of meters under the National Mass Metering Program (NMMP). The apex bank in December 2020 disbursed a total of ₦14.35 billion for the purchase of 263,860 meters.
According to the Leadership Newspapers, the disbursed amount represents a total of all the requests received from the Deposit Money Banks (DMBs). Recall that the CBN had some time last year issued a directive that all DMBs take over, all revenue infrastructure of the Distribution Companies (DisCos). According to the Director of Corporate Communications Mr. Osita Nwanisobi, the facility is a loan, and “The repayment is to be deducted from payments made by consumers into the DisCos accounts with the DMBs.”
Mr. Nwanisobi further stated that the maximum tenor of the facility is 10 years, not exceeding 2030 and also, the moratorium on the principal amount is for a period of 24 months from the date of loan disbursement.