The Central Bank of Nigeria (CBN) has launched a product that would facilitate the acquisition of electric meters by consumers as part of its N213billion intervention programme in the power sector. The product which was launched in Kano yesterday would enable the distribution of 62, 021 meters to customers of Kano Electricity Distribution Company (KEDCO).
Elder Boma Banedo, Deputy Head, Infrastructure Finance Office, CBN Development Finance Department, told reporters that the unveiling of the product was designed under the CBN’s Nigeria Electricity Market Stabilisation Facility to enable Discos to acquire meters for their customers and find lasting solution to epileptic power supply in the country. “The CBN is expected to provide a banking sector-led intervention to provide liquidity to settle legacy gas debts and computed revenue shortfalls, which would be utilised for permitted expenditure under certain agreements,” he said.
By Dike Onwuamaeze