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BUSINESS

Reps to Probe CBN, DisCos Over Mass Metering Funds

March 1, 2024 • 2 min read

The House of Representatives on Thursday resolved to investigate the funds disbursed to the Licensed Electricity Distribution Companies for metering by the Central Bank of Nigeria as loans under the National Mass Metering Programme.

This resolution to investigate the disbursement of the funds followed the adoption of a motion moved by Uchenna Okonkwo (LP, Anambra) at plenary on Thursday.

The lawmaker noted that the programme aimed to reach over six million households and businesses with meters before the end of 2021 as part of the power sector reform agenda to promote transparency, accountability, and efficiency in the power sector, adding, however, “There have been reports of discrepancies, mismanagement, and non-compliance with the terms and conditions of the loans disbursed under the NMMP by some DisCos, leading to inefficiencies, underperformance, and failure to achieve the objectives of the NMMP.”

The House, he said is “worried at the lack of proper oversight, monitoring and evaluation of funds disbursed under the National Mass Metering Program by the Central Bank of Nigeria, which has created opportunities for corruption, diversion, and misappropriation of public resources.”

Following the adoption of the motion, the House urged CBN “To provide a detailed report on the implementation of the National Mass Metering Programme, including the number of loans disbursed, the amount disbursed, and the status of the loans,” to the House of Representatives.