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Energy

CBN disburses N123.3 billion to DisCos to procure meters, others

CBN disbursed N33.45 billion to 9 DisCos to procure 605,852 meters and N89.89 billion under the NEMSF to 11 DisCos.

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The Central Bank of Nigeria (CBN) has disbursed N123.34 billion to Distribution Companies (DisCos) to boost electricity supply in the country.

This was disclosed by the apex bank in its Monetary Policy Committee Communique on Tuesday.

According to the document, CBN disbursed N33.45 billion to nine DisCos for the procurement of 605,852 meters, while N89.89 billion was disbursed under the Nigerian Electricity Market Stabilisation Facility (NEMSF 2) to 11 DisCos to improve the electricity supply in the country.

READ: Nigerian firm set to raise $1.2 billion to purchase electricity meters

What the CBN is saying

It stated, “Under the National Mass Metering Programme, N33.45 billion has been disbursed to 9 distribution companies for the procurement of 605,852 meters,  while N89.89 billion has been disbursed under the Nigeria Electricity Market Stabilisation Facility (NEMSF 2) to 11 distribution companies to improve the electricity supply industry in Nigeria.”

READ: Ikeja Electric tops with 10.7% approved meter allocation – NERC

Why it matters

  • President Muhammadu Buhari approved the National Mass Metering Program (NMMP) implementation to close the metering gap, which is over 10 million and this comprises unmetered customers as well as customers with obsolete meters that need to be replaced.
  • The objectives of the initiative are to increase Nigeria’s metering rate, elimination of arbitrary estimated billing, strengthen the local meter value chain by increasing local meter manufacturing, assembly and deployment capacity and support Nigeria’s economic recovery by creating jobs in the local meter value chain.
  • Others are to reduce collection losses and increasing financial flows to achieve 100% market remittance obligations of the DisCos, and Improve network monitoring capability and availability of data for market administration and investment decision making.

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Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper.The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference.The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - [email protected]

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Business News

NNPC, SEEPCO sign gas development agreement for domestic market

The execution of the deal is to help reduce gas flaring in the country and a show of NNPC’s commitment to facilitating the country’s transformation into a gas-powered economy.

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The Nigerian National Petroleum Corporation (NNPC) and an indigenous oil exploration and production firm, Sterling Exploration and Energy Production Company (SEEPCO), both partners in the Oil Mining Lease (OML) 143, have signed a Gas Development Agreement (GDA).

The execution of the deal is to help reduce gas flaring in the country and a show of NNPC’s commitment to facilitating the country’s transformation into a gas-powered economy.

According to a tweet post from NNPC on their official Twitter handle, the agreement between both parties was signed at NNPC’s head office, NNPC towers, on Thursday, April 22, 2021.

The statement says that this latest milestone provides the terms for the development of OML 143 Gas, providing gas for the domestic market which aligns perfectly with the Federal Government’s National Gas Expansion Programme (NGEP).

What this means

The execution of this project will not only help to support the Federal Government’s effort in reducing gas flaring by monetizing it but will also play its part in the government’s effort in the expansion of gas utilization in the country as a cleaner, cheaper and more reliable alternative form of energy.

This is coming at a time when the Federal Government is shifting focus to gas utilization as an alternative source of energy especially with the increase in the retail pump price of petrol. This is one of the various initiatives by the government as represented by the NNPC towards providing alternative sources of energy.

 

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NNPC says NO to petrol pump price hike in May

There would be no increase in the ex-depot price of Premium Motor Spirit in the month of May 2021.

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The Nigerian National Petroleum Corporation (NNPC) has assured Nigerians that there would be no increase in the ex-depot price of Premium Motor Spirit, popularly known as Petrol in May.

This was disclosed by the Group Managing Director of NNPC, Mele Kyari, on Monday via the Corporation’s Twitter handle.

It tweeted, “There would be no increase in the ex-depot price of Premium Motor Spirit in the month of May 2021.”

Ex-depot price is the cost of petrol at depots, from where filling stations purchase the commodity before dispensing to final consumers.

READ: Nigerian automaker raises $9 million despite protest against electric car in Nigeria

Kyari also added that Petroleum Tanker Drivers had suspended their proposed strike after the intervention of NNPC in the impasse between the PTD and the National Association of Road Transport Owners.

“We have given our commitment to both NARTO and PTD that we will resolve the underlining issue between them and come back to the table within a week so that we’ll have a total closure of the dispute,” he added.

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READ: Oil marketers give conditions to resume fuel importation

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What you should know

  • NNPC has maintained an ex-depot price of N148/litre since February despite the hike in the actual cost of the commodity, hence incurring subsidy of over N120bn monthly.
  • Also in March, the NNPC said it would maintain its ex-depot price for petrol until the conclusion of ongoing engagement with the organised labour and other stakeholders.

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