According to report reaching oyogist.com, The Federal Government is to spend N269.38bn on the provision of six million free meters to various unmetered power users across the country.
Also, findings from separate quarterly reports of the Nigerian Electricity Regulatory Commission on the power sector showed that the number of unmetered customers in Nigeria has reduced by 210,359.
It was also gathered that about 245,916 unmetered power consumers would not benefit from the six million free meters, as Nigeria currently has about 6,245,916.
Oyogist.com gathered that a presidency official, who pleaded not to be named as he was not authorised to speak on the matter, explained that the exercise would be carried out under the National Mass Metering Programme.
“The NMMP is to roll out six million meters for all connection points on grid without meters over the next 18 to 24 months, estimated to impact 30 million consumers nationwide,” the official stated.
It was also gathered that the mass metering scheme took effect after a recent directive by the President, Major General Muhammadu Buhari (retd.), to the Central Bank of Nigeria.
Based on the directive, the CBN approved guidelines for funding the programme, which entailed that all meters under the scheme would be locally sourced in order to create more jobs.
The power sector regulator in June approved a hike in the prices of both meters.
The commission increased the price for a three-phase meter from N67,055.85 to N82,855.19, while the cost of a single-phase meter was raised from N36,991.50 to N44,896.17.
Going by the hike in prices, findings showed that for three-phase meters, a total of N497.13bn would be required to provide the six million meters planned for free distribution nationwide.
On the other hand, for the single phase meter, a total of N269.38bn would be required to provide free six million meters.
It therefore shows that the government would need to spend a minimum of N269.38bn to freely provide the six million meters planned for nationwide distribution.
However, data in the most recent quarterly report of NERC showed that the number of unmetered customers in Nigeria was more than six million.