The Federal Government and the Nigerian Sovereign Investment Authority (NSIA) are to provide N1.325 trillion billion towards the funding of the Presidential Metering Initiative (PMI).
The PMI is an intervention project of the Federal Government aimed at closing the over seven million metering gap over a four-to-five-year period.
Minister of Power, Adebayo Adelabu, disclosed this during a facility tour of the Famadec Group in Lagos, Monday. Given a further breakdown of the funding structure, Adelabu said the Federal Government would provide a seed capital of about N75 billion in addition to debt funding from various financial institutions into the PMI while the NSIA will provide at least N250 annually over the next four to five years to enable the sector to fund the meter acquisition plan.
‘‘And the target that we have is that within four to five years, we should close the metering gap, which means that a minimum of two million meters must be installed annually under the PMI, for which it has also established a Presidential Metering Council (PMC) of which I am the Chairman with other major stakeholders represented, including the Senior Advisor to the President on Energy and some private sector players,’’ he said.
