NERC Seeks N200bn Loan From CBN for MAP Kick-off

Enterprise Television- N200bn Facility from CBN for MAP Kick-Off

The Nigerian Electricity Regulatory Commission (NERC) said it has commenced its discussions with the Central Bank of Nigeria (CBN) on the provision of a N200 billion loan facility to support the steady operation of the new regulation designed to ensure that electricity consumers in the country have access to meters within the next three years.

The proposal awaits approval of the CBN, this will enable operators of  the  Meter Asset Provider (MAP) Regulation which will allow accessing a single digit interest loan that will enable them to provide meters and recoup their fund within 10 years.

Commissioner of Finance & Management Services, NERC, Mr. Nathan Shitti disclosed this exclusively during the April Edition of Nextier Power Dialogue in Abuja.

According to him, NERC decided to approach the CBN to provide a backup so as to guarantee the investors access to loan interest funds that sustain the programme.

Stabilization Strategy Scheme provider, a similar window to the Distribution Companies (DisCos) to access a N213 billion facility to enhance their operations, a recent report shows that only N158.7 billion has so far been accessed by the operators.

NERC had approved a regulation that provides for the supply, installation and maintenance of end-user meters by other parties last month as part of efforts to ensure that electricity customers in Nigeria have access to meters.

According to the Commission, the regulation which took effect from April 3, 2018, expected to fast-track a closure of the gap and encourages the development of independent and competitive meter services in the electricity industry.

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