Breaking News
How DISCOs borrow N273.24bn to purchase meters, others — Report
The report also highlighted key issues identified in the program, including an inefficient market characterized by market liquidity challenges, foreign exchange scarcity, and inadequate electricity distribution infrastructure.
The Central Bank of Nigeria, CBN, said the 11 Electricity Distribution Companies, DISCOs, obtained a credit facility totalling N273.34 billion to purchase 414,000 meters for distribution.
In its report obtained by Vanguard, covering a detailed assessment of the N10.3 trillion developmental finance between 2015 and 2022, CBN, disclosed that the meters purchased included maximum demand meters, Smart meters, and Single-Phase meters.
The loan, disbursed under the Nigerian Electricity Market Stabilization Facility intervention project aimed at increasing electricity capacity from 3,400 megawatts, MW to approximately 4,900MW.
According to the breakdown, the Ikeja Disco received N40.74 billion from the intervention programme while the Eko Disco received N34.85 billion.
Also, Abuja Distribution Company got N34.69 billion, Ibadan Disco borrowed N27.73 billion, Enugu DISCO borrowed N27.84 billion, while Kaduna Disco borrowed N24.36 billion.
The report also highlighted key issues identified in the program, including an inefficient market characterized by market liquidity challenges, foreign exchange scarcity, and inadequate electricity distribution infrastructure.
Africa’s Mining Industry: New Opportunities for Cooperation with Russia and China -By Kestér Kenn Klomegâh
The Chinese delegation played a significant role in the event. Participants included Sun Yongjun, First Secretary of the Embassy of...
The Yerima Effect: How A Naval Officer’s Stillness Destroyed Wike’s Political Weapons, Collapsed His Judicial Shield, And Taught A Young Democracy To Stop Fearing Strong Men -By Prof. John Egbeazien Oshodi
The Ministry of Defence publicly defended the officer, not Wike. They stated clearly that Yerima acted within lawful authority. That...
Aso Rock and Kitoye Ajasa’s Lickspittle Press -By Festus Adedayo
To demonstrate their opprobrium for Ajasa’s leaflet, the Nigerian Pioneer newspaper, the people scoffed at it on the newsstand. To Ajasa’s contemporaries, his...
Ijebu-Jesa Grammar School at 70! (2) -By Abiodun KOMOLAFE
The truth we ignore is that Nigerian parents are no longer holding public education in high regard as they once...
Should Religious Identities Define Our Tragedies? Part II –By Matthew Ma
While external military intervention is often considered vital during crises, achieving lasting peace requires a comprehensive approach that extends far...