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The loan is a low interest
- It is a part of the CBN Intervention
- Yola to use the loan for Meter acquisition
The Federal Government has disbursed a soft loan of ₦5.06bn toYola Electricity Distribution Company under the Central Bank of Nigeria (CBN) Intervention to the DisCos. The Minister of Power, Sale Mamman made this known at the meter distribution event in Yola. The loan facility is to be disbursed for the procurement of meters.
According to the Minister, “The loan is for sourcing of 85,367 meters comprising 62,324 single phase and 23,057 three-phased meters under phase zero of the National Mass Metering Programme”. He said the lack of adequate metering infrastructure has prevented the DisCos from remitting full revenues back to the industry. The Minister assured of the Federal Governments commitment to support the sector financially towards the achievement of a viable electricity market.
He further urged Yola DisCo to ensure the facility is used for the reduction of Aggregate Technical Commercial and Collection (ATC&C) losses.