- The move to purchase prepaid meters is to close the over seven million metering gap over the next five years.
- Under Phase-0 of the NMMP, the government set aside N59.280 billion to finance the installation of 1 million meters but only achieved 962,832 meters through 23 Meter Asset Providers.
The Federal Government is seeking N300 billion to procure 12.5 million prepaid meters. The Minister of Power, Mr. Adebayo Adelabu, stated this during a working visit to Momas Electricity Meters Manufacturing Company Limited (MEMMCOL) in Ogun State.
According to the Minister, the move is to close the over seven million metering gap over the next five years.
He explained that the government intends to raise that fund through a N75 billion seed capital, which President Bola Tinubu’s administration will provide, along with additional debt capital injections from the Nigeria Sovereign Investment Authority (NSIA).
Adelabu stated that in line with President Tinubu’s Renewed Hope Agenda, the government targets providing about 2.5 million prepaid meters yearly to close the nation’s metering gap.
Recall that the Federal Government in 2020, under the National Mass Metering Programme (NMMP), which seeks to increase the metering rate, eliminate arbitrary estimated billing, strengthen the local meter manufacturing sector, job creation, and reduce collections losses, injected a seed capital of N200 billion.
Under Phase-0 of the NMMP, the government set aside N59.280 billion to finance the installation of 1 million meters but only achieved 962,832 meters through 23 Meter Asset Providers—however, Phase 1 of the project. He emphasised the need for Nigeria to reduce import dependency for national development and economic growth.
The minister lamented that 90 per cent of the current hardship in Nigeria was caused by the country’s import dependence, stressing the importance of self-reliance and supporting local manufacturers. The minister further stated that with Nigeria’s large population, there should be employment generation, establishment of companies, and local manufacturing.
He reiterated President Bola Tinubu’s administration’s commitment to import substitution by supporting local manufacturers, adding that there was a need to support and give incentives to local manufacturers and support them.