Electricity distribution companies, DisCOs have demanded the sum of N400 billion as bailout from the federal government to enable them meet up with financial challenges of the Meter Asset Provider, MAP scheme.
In a joint statement at the weekend, the DisCos said the need for the fund arose from lack of financing and increased import duty on meters.
According to them, the bailout which should be a long-term single-digit interest loans, should be provided through commercial banks and made available to customers through its developing partners.
“The government should provide N400 billion for comprehensive metering MAP vendors/customers through the commercial banks with an 18-month metering completion period and a 10-year repayment term,” they said.
The DisCos accused the Nigerian Electricity Regulatory Commission, NERC of designing the MAP regulations with inappropriate meter pricing, which they said had resulted in bridging of the metering gap of over 6.5 million, and a 35% increase on fully assembled meters.
They called on NERC to install appropriate and commercial price on meters to ensure mass metering.