The Meter Access Fund, a special-purpose vehicle to facilitate easy access to meter acquisition by the electricity distribution companies (Discos), has hit N30 billion.
According to a source in one of the agencies under the Ministry of Powers, it was set as a seed fund to serve as collateral for the metering companies.
The source explained further that every customer contributes 75 kobo to the fund indirectly to serve as security for the meter fund
“Whatever happens to your meter, the fund will pay for it. Indirectly, every customer contributes to the fund,” the source said.
However, metering status in the Nigeria Electricity Supply Industry (NESI) shows that out of 13,233,897 customers, Nigeria has 56 percent unmetered customers, while 44 percent of customers have been metered.
Some of the contributing factors to the meter shortfall include customers enumeration, funding gap and unauthorised access.
There is also an increasing number of meters that are bypassed and tampered with.
Meanwhile, the Minister of Power, Adebayo Adelabu, has explained that the Presidential Metering Initiatives plan to install about 2.5 million meters yearly for the next five years.
According to him, the initial focus is to close significant metering gaps, emphasising the necessity for collaboration among all stakeholders.
He affirmed the Federal Government’s dedication to supporting local meter manufacturers, aiming to enhance local content development and stimulate industrial sector growth.
Adelabu pledged his backing for domestic manufacturers during his working visit to MEMMCOL in Mowe, Ogun State, highlighting the government’s commitment to local production.
He stressed the need to support local producers by ensuring they have access to affordable financing and long-term capital.
He hinted that the initiatives will implement laws ensuring local content in the power sector, as seen in the oil and gas industry.
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