The Minister of Power, Adebayo Adelabu, has clarified that electrical energy shoppers who get free pay as you go meters can have as much as 10 years to repay the price.
Adelabu’s assertion contradicts claims that prospects who pay for meters could be refunded by means of vitality credit score.
Speaking lately in Ibadan, the minister, who acknowledged that the price of meters had been on the rise, stated funding was a significant problem.
According to Adelabu, the Federal Government would fund the meter procurement by means of completely different initiatives whereas the purchasers pay again over time.
“We can get funding for this meter and permit the purchasers to pay over time.
“When the government starts procuring meters, we’ll give it to the customers, and we’ll deduct the money over 10 years. In which case, you will not even feel it at all,” he acknowledged.
He defined additional {that a} buyer who purchased an vitality credit score of N5,000 might need N100 deducted for the ‘free’ meter he obtained from the federal government.
“Probably, if you buy a credit of N5,000, maybe N100 will go into the meter that we have given you. So, that’s what we are trying to do. We bring these meters in and reduce the gap that we have in the meters,” he posited.
Adelabu maintained that the Federal Government and the states had raised N100bn for the procurement of pay as you go electrical energy meters.
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He defined, “Mr President has arrange what we name the Presidential Meter Initiative and arrange a Presidential Meeting Council to deal with this challenge. He made me the chairman of this council. The SA on Energy to Mr President is the secretary of the council. The mandate we have now was to acquire and set up a minimal of two million meters on a yearly foundation over the following 5 years.
“In the PMI, we have made good progress in sourcing the fund for this, and it is going to be by a combination of the federal and state governments. Today, we have received, and seen about N100bn fund that will go into the procurement of meters.”
He added that the World Bank determined to assist Nigeria with the procurement of virtually two million meters within the subsequent two years by means of the distribution sector restoration programme.
He disclosed that $200m out of the $500m DISREP fund could be used for meter procurement, saying that had reached a complicated stage.