Minister Announces Meter Payments Will Be Extended To 10 Years

Minister Announces Meter Payments Will Be Extended To 10 Years

The Minister of Power, Adebayo Adelabu, has announced that electricity consumers receiving free prepaid meters will have up to 10 years to repay the cost. This clarification comes in response to previous claims that customers who paid for meters would be reimbursed through energy credits……CONTINUE READING

In a recent statement in Ibadan, Adelabu acknowledged the rising costs of meters and the associated funding challenges. He explained that while the government will fund the procurement of these meters through various initiatives, customers will repay the cost over time.

“We will provide the meters through government procurement and allow customers to pay back over a period of 10 years,” Adelabu said. “This way, the cost will be minimal and nearly imperceptible to the consumer.”

He further elaborated that if a customer purchases energy credit worth N5,000, a small portion, such as N100, would be allocated towards the cost of the ‘free’ meter provided by the government.

Adelabu also reported that the Federal Government and states have collectively raised N100 billion for the procurement of prepaid electricity meters. He noted that President Buhari established the Presidential Meter Initiative (PMI) and appointed a Presidential Meeting Council, chaired by Adelabu himself, to oversee this effort. The goal is to procure and install at least 2 million meters annually over the next five years.

Additionally, Adelabu highlighted that the World Bank has pledged to support Nigeria in procuring nearly two million meters over the next two years through the Distribution Sector Recovery Programme. He revealed that $200 million of the $500 million allocated to DISREP would be dedicated to meter procurement, with the process nearing completion.

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