The Minister of Power, Adebayo Adelabu, has announced that consumers receiving free prepaid electricity meters will have up to 10 years to repay the cost. This new policy is aimed at addressing the challenges associated with meter procurement and funding.
Adelabu clarified that the repayment will be integrated into consumers’ electricity bills, with minimal impact on their monthly expenses. For instance, a consumer purchasing a credit of ₦5,000 might see a deduction of ₦100 towards the repayment of the meter.
This approach contrasts with earlier claims suggesting refunds for customers who purchase meters directly would be provided through energy credits. Adelabu explained that funding for meter procurement will be secured through various government initiatives, and the cost will be spread over a decade.
The Federal Government, alongside state governments, has raised ₦100 billion for this initiative. Adelabu mentioned that President Bola Tinubu established the Presidential Meter Initiative (PMI) to address the meter shortage, with a goal of installing a minimum of 2 million meters annually over the next five years.
Additionally, the World Bank is supporting the initiative through the Distribution Sector Recovery Programme, allocating $200 million from a $500 million fund for meter procurement, with the project already in advanced stages.
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