The Power Minister explained that customers receiving free prepaid meters will have a 10-year repayment period for the cost. This is in contrast to previous suggestions of refunds through energy credits for those purchasing meters. The Minister addressed the increasing meter costs and funding challenges, noting that the government would finance meter procurement through various means while customers repay gradually. He mentioned a plan where customers would not feel the impact of repayment immediately, with deductions spread over a decade. The Minister also stated that the government, in collaboration with states, had raised N100 billion for meter procurement. Additionally, he mentioned the Presidential Meter Initiative aimed at installing 2 million meters annually for the next five years, with the World Bank supporting Nigeria’s meter procurement efforts through the distribution sector recovery program. The Minister indicated that a portion of the $500 million DISREP fund would go toward meter procurement, with $200 million already allocated for this purpose.
Meter payments to be spread over 10 years, says minister
