Reps to probe CBN, DisCos over meter funds
By Tom Okpe
The House of Representatives on Thursday resolved to probe the funds disbursed to electricity distribution companies by the Central Bank of Nigeria (CBN).
The funds were loans given to the companies under the national mass metering programme.
This resolution to investigate the disbursement of the funds was sequel to the adoption of a motion moved by Uchenna Okonkwo at plenary on Thursday.
The member observed that the programme aimed to service over six million households and businesses with meters before the end of 2021.
The programme is a key component of the power sector reform agenda to promote transparency, accountability, and efficiency in the sector.
However, records have shown discrepancies, mismanagement, and non-compliance with the terms and conditions of the loans by some of the electricity companies.
This has been responsible for the consistent inefficiencies, underperformance, and failure of the companies to meet targets.
The Reps observed failure of oversight, monitoring and evaluation the of funds disbursed under the National Mass Metering Programme.
This has created room for corruption, misappropriation and diversion of the funds by the beneficiary companies.
READ ALSO: Clara Kronborg set for longest interviewing marathon
Consequently, the Reps directed the CBN to submit a detailed report on the implementation of the programme. The report is expected to indicate the amount disbursed and current status of the loans.
National Mass Metering Programme, including the number of loans disbursed, the amount disbursed, and the status of the loans,” to the House of Representatives.
