CBN disburses loan to DISCOS

The Central Bank of Nigeria (CBN) has disbursed N14.35 billion loan to electricity distribution companies to acquire 263,860 meters. The presidency disclosed that the maximum tenure of the CBN loan facility is ten years which will not go beyond 2030 while the principal amount is for the period not exceeding 24 months from the date of loan disbursement.

The presidency says repayment of the facility will be deducted from payment made by consumers into DISCO account with banks.

It will be recalled in August 2019, President Mohammadu Buhari ordered the metering of electricity consumers across the country under the national mass metering programme to ensure electricity users pay for what power they use.

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