The Home of Representatives has launched an investigation into the disbursement and utilisation of the N200 billion Central Bank of Nigeria (CBN) mortgage allotted for the Nationwide Mass Metering Programme (NMMP) to Electrical energy Distribution Firms (DISCOs).
This was disclosed by the Chairman of the Home Committee on Public Belongings, Rep. Uchenna Okonkwo, in a press release issued on Wednesday in Abuja, the Information Company of Nigeria (NAN) experiences.
He confirmed {that a} 19-member sub-committee had been inaugurated to probe the matter completely.
The NMMP, initiated in 2020, was designed to offer free electrical energy meters to Nigerian shoppers by way of the Licensed Electrical energy Distribution Firms (DISCOs).
The programme was a joint initiative of the CBN, the Nigerian Electrical energy Regulatory Fee (NERC), and different stakeholders within the Nigerian Electrical energy Provide Business (NESI). It aimed to get rid of estimated billing, enhance transparency in power utilization, and improve buyer satisfaction.
The rep mentioned that the programme was to be carried out in three phases to make sure the discount of assortment losses and enhance market remittances within the business.
“Below the pilot part of the programme’s implementation, CBN commenced with the sum of N59.280 billion for procurement and set up of 1 million meters in 2020 at an rate of interest of 9 per cent after a two yr moratorium.
“Preliminary analysis on the NMMP has proven that as an alternative of the pronounced quantity of N59.280 billion naira for the part 0, what was launched was N55.4 billion for procurement and set up of 962,832 meters as an alternative of 1 million meters pronounced by CBN,” he famous.
Moreover, issues have been raised concerning compensation. The committee famous discrepancies within the compensation of the funds by the DISCOs.
In keeping with Okonkwo, “Analysis has additionally proven that what the eleven Electrical energy Distribution Firms who acquired the mortgage have paid again to CBN as refund for the N54.4 billion they acquired in 2020 with out mentioning the 9 per cent curiosity on the mortgage.”
The lawmaker added that the following phases of the programme, which had been anticipated to considerably increase metering throughout the nation, have stalled. Part 1, which was to be funded by the CBN and Deposit Cash Banks (DMBs) for 1.5 million meters, and Part 2, anticipated to be financed by the World {Bank} for 4 million meters, have but to take off.
He mentioned that the Home, exercising its constitutional powers underneath Sections 88(1) and (2) of the 1999 Structure, resolved to research the matter with a view to safeguarding public curiosity.
The sub-committee is predicted to scrutinise all points of the NMMP funding, from disbursement and meter procurement to distribution and compensation mechanisms.
The 19-member committee contains Rep. Obed Shehu, Rep. Ali Shettima, Rep. Abel Fuah, Rep. Salisu Koko, Rep. Ahmed Munir, Rep. Sani Umar Bala, Rep. Gbefwi Jonathan, Rep. Abdulmaleek Danga, Rep. Chinedu Obika, and Rep. Okunlola Lanre.
Different members embrace Rep. Abass Adekunle, Rep. Akinosi Akanni, Rep. Obuzor Victor, Rep. Peter Akpanke, Rep. Ngozi Lawrence, Rep. Ogah Amobi Godwin, and Rep. Ikeagwuonu Onyinye, amongst others.
The NMMP was anticipated to be a game-changer in Nigeria’s energy sector by lowering estimated billing, enhancing power accountability, and restoring client belief.
Nonetheless, the present revelations level to implementation failures and doable mismanagement of public funds.
Analysts consider that the result of the Home probe might result in reforms in electrical energy metering coverage and strengthen regulatory oversight of mortgage disbursements to DISCOs.
