From Isaac Anumihe, Abuja
House of Representatives has begun investigation into the National Mass Metering Programme (NMMP) for which the sum of N200 billion was earmarked in the year 2020.
The amount was to enable the Licensed Electricity Distribution Companies provide electricity meters free for Nigerian electricity consumers.
Recall that the NMMP was introduced in 2020 by the Central Bank of Nigeria (CBN) in collaboration with Nigeria Electricity Regulatory Commission (NERC) and other key stakeholders in Nigeria Electricity Supply Industry (NESI) with the aim of helping to manage conflicts between energy users and distribution companies and to facilitate the elimination of arbitrary billing as well as closing metering gaps, and improving network monitoring within NESI.
In a statement, the chairman of the investigation committee, Honourable Uchenna Harris Okonkwo said that the programme was to be implemented in three phases to ensure the reduction of collection losses and improve market remittances in the industry.
“Under the pilot phase ‘0’ of the programme’s implementation, CBN commenced with the sum of N59.280 billion for procurement and installation of 1 million meters in 2020 at an interest rate of 9 per cent after a two-year moratorium” he said.
But it was discovered that instead of the pronounced amount of N59.280 billion for the phase 0, what was released was N55.4 billion for procurement and installation of 962,832 meters instead of 1,000,000 meters pronounced by CBN.
It was also discovered that what the eleven Electricity Distribution Companies who received the loan has paid back to CBN as refund for the N54.4 billion they received in 2020 is N7.1 billion as at 2024 without the 9 per cent interest on the loan.
“This calls for explanation as to how NESI SSL (the Special Purpose Vehicle created for NMMP), Meristerm Wealth Management Limited and Meristerm Securities Limited (the fund managers ) handled the NMMP in national interest.
“Also of concern to the House of Representatives is that, the phase 1 of the NMMP which CBN and Deposit Money Banks (DMBS) were to fund for procurement and installation of 1,500,000 meters, as well as, the phase 2 of NMMP which the World Bank was to fund for procurement and installation of 4,000,000 meters has not been addressed” Okonkwo, noted.
So, having considered the effect of the situation on the nation’s economic and social development, as well as transparency and accountability in the management of public funds, House of Representatives, relying on its powers contained in Sections 88 (1) and (2) of the 1999 Constitution of the Federal Republic of Nigeria as amended, decided to set up a sub-committee to investigate the disbursement and utilisation of the N200 billion CBN loan for NMMP to electricity distribution companies (DisCOs).
The committee is constituted by three members from each of the six geo-political zones with Honourable Uchenna Harris Okonkwo, representing Idemili North and South Federal Constituency as the committee chairman.
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