Reps To Investigate CBN Loan For Failed Mass Metering Exercise
THE House of Representatives on Thursday, 29 February, resolved to investigate the disbursement and use of funds under the Nation Mass Metering Programme by the Central Bank of Nigeria (CBN) and to ascertain the level of compliance with the terms and conditions of the loans.
The House also resolved to investigate cases of discrepancies, mismanagement, and non-compliance with the terms and conditions of the loans disbursed as well as the level of oversight, monitoring, and evaluation of the use of the funds.
In a resolution following a motion sponsored by Uchenna Harris Okonkwo, the House asked the federal government to prioritise the implementation of the Power Sector Recovery Programme, which provides a roadmap for sustainable power sector reform.
The House also asked the Central Bank of Nigeria (CBN) to provide a detailed report on the implementation of the National Mass Metering Program (NMMP), including the number of loans disbursed, the amount disbursed, and the status of the loans, to the House of Representatives.
The House also directed the Nigerian Electricity Regulatory Commission (NERC) to provide a comprehensive assessment of the performance of the DisCos in metering customers and eliminating estimated billing.
The lawmaker had informed the House that the National Mass Metering Programme (NMMP) was launched by the federal government of Nigeria through the Central Bank of Nigeria (CBN) to provide funds as loans to the licensed Electricity Distribution Companies (DisCos) to improve customers metering and eliminate estimated billing.
He said the NMMP aimed to cover over 6 million households and businesses with meters before the end of 2021 as part of the power sector reform agenda to promote transparency, accountability, and efficiency in the power sector.
He said there have been reports of discrepancies, mismanagement, and non-compliance with the terms and conditions of the loans disbursed under the NMMP by some DisCos, leading to inefficiencies, underperformance, and failure to achieve the objectives of the NMMP.
He said the lack of proper oversight, monitoring, and evaluation of funds disbursed under the National Mass Metering Program by the Central Bank of Nigeria, has created opportunities for corruption, diversion, and misappropriation of public resources.
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