About N77bn will be required to procure and install electricity meters in consumers’ premises and address the existing metering gap in the Nigerian electricity supply industry, the Federal Government has said.
The government also refuted claims that it did not have enough funds to offset the severance benefits of workers of the Power Holding Company of Nigeria.
The Minister of Power, Prof. Chinedu Nebo, stated that the approved sum for the workers was N384bn, only N45bn was actually budgeted for that purpose in the 2013 budget.
Nebo, who disclosed these during a press briefing in Abuja on Wednesday, added that the shortfall of the sum would be made up by the Federal Government from the sale of the PHCN successor companies.
He said, “Nigeria needs 2.5 million to three million smart meters and about N77bn is needed to bridge this gap. The government is working hard to achieve the reforms in the power sector and we will make sure Nigerians are pleased with the process.
“As I have said before, labour matters will be resolved very soon, and all these issues will be a thing of the past when they (workers) get their benefits.”
Nebo, however, said that the number of smart meters required would continue to grow as gadgets that consumed electricity continued to increase across the country.
The minister further said that N544bn or $3.4bn would be needed to increase power generation, adding that a huge quantum of power was expected from the independent power producers.
Nebo said the government had been receiving commendations for the transparent process employed in selling the nation’s power generation and distribution companies.
He said, “The sale of the six power generation companies and 11 distribution companies was very transparent, and this is because transparency in governance is so critical.
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