CBN reveals N60bn budget to facilitate first phase of mass metering programme

CBN reveals N60bn budget to facilitate first phase of mass metering programme

The federal government has revealed that the Central Bank of Nigeria (CBN) will provide N60 billion for the first phase of its national mass metering programme.

This is contained in a document that highlights some of the achievements of President Muhammadu Buhari’s administration in six years.

According to the FG, the fund will be provided for the supply of one million electricity meters meant for free distribution to unmetered power users across the country.

There has been a nationwide rollout of electricity meters to all on-grid consumers; as this was inaugurated in August 2020, with funding provided by the CBN.

“The CBN is providing N60bn for the first phase, with a target of one million meter installations. So far more than 500,000 meters have been delivered to the Discos (distribution companies), and more than 280,000 installed,” the document reads.

In August 2020, Buhari ordered nationwide metering of electricity consumers in a bid to check estimated billings.

According to the document, the federal government said it inaugurated the Solar Power Naija programme in April 2021; to deliver five million off-grid solar connections to Nigerian households.

“The programme is expected to generate an additional N7bn increase in tax revenues per annum; and $10m in annual import substitution,” the document added.

Meanwhile, Speaker Femi Gbajabiamila has reiterated that social media must be regulated to protect national interests.

Gbajabiamila made this call on Sunday, June 27, during a Channels TV programme ‘A chat with Young Nigerians,’ stating that lawmakers need to hear from all sides in the matter before arriving at a position.

According to the Speaker, the Lower Chamber was yet to take any position on the suspension of microblogging platform Twitter by the Federal Government.

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The Speaker said social media must be regulated because “everything in life has to be regulated.”

Gbajabiamila said: “The social media is the most potent weapon for good and for evil. While we welcome the good, we must prepare over the evil. You cannot use the idea of free speech to destroy me.

“Most democracies in the world today are making efforts to regulate the social media; and the National Assembly has been considering regulating the social media for long. But each time the issue comes up, Nigerians kick against it.

“It is something we need to do because we have a responsibility to protect every single citizen in this country; and that is what we must do”.

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