Nigerian Government Announces Plans for Free Prepaid Meters with Repayment Options
The Nigerian Minister of Power, Adebayo Adelabu, has clarified that electricity consumers who receive free prepaid meters will have up to 10 years to repay the cost. This contradicts earlier claims that customers who purchase meters would be refunded through energy credit.
According to Adelabu, the Federal Government will fund the meter procurement through various initiatives, allowing customers to pay back over time. The minister emphasized that the repayment plan is designed to make the process smooth and seamless for consumers.
Adebayo explained that a customer who purchases an energy credit of N5,000, for instance, might have N100 deducted for the ‘free’ meter they receive from the government. He stated that this system will help reduce the gap in the country’s metering system.
The Nigerian government has set aside N100 billion for the procurement of prepaid electricity meters, which will be funded through a combination of federal and state governments. The World Bank has also committed to supporting the initiative, allocating $200 million from the $500 million Distribution Sector Recovery Program to meter procurement.
Adelabu added that the government aims to procure and install a minimum of 2 million meters annually over the next five years, as part of the Presidential Meter Initiative. The minister noted that the initiative has made significant progress in securing funds and is now at an advanced stage.
The Nigerian government’s decision to offer free prepaid meters with repayment options is seen as a significant step towards resolving the country’s electricity challenges. The plan aims to provide millions of households with access to reliable and affordable electricity, improving the overall standard of living and stimulating economic growth.
