Reps set up 19-member probe panel into CBN’s N200bn Metering loan to DISCOs

The House of Representatives has constituted and inaugurated a 19-member sub-committtee to investigate the disbursement and utilisation of the N200 billion loan granted by the Central Bank of Nigeria (CBN) to Electricity Distribution Companies (DISCOs) under the National Mass Metering Programme (NMMP).

Chairman of the sub-committee, Rep. Uchenna Okonkwo (LP-Anambra), disclosed this in a statement issued on Wednesday in Abuja.

Okonkwo explained that the NMMP, introduced in 2020 through a partnership between the CBN, Nigerian Electricity Regulatory Commission (NERC), and other key players in the power sector, was designed to address issues of estimated billing, metering gaps, and improve network monitoring and accountability.

He stated that the programme was structured to run in three phases, with the initial phase financed by a CBN loan of N59.280 billion at a 9 per cent interest rate after a two-year grace period, meant for the procurement and installation of one million meters nationwide.

However, preliminary findings, according to Okonkwo, revealed discrepancies. He said records showed that only N55.4 billion was released for the installation of 962,832 meters, short of the targeted one million. Additionally, he noted that there was no clear disclosure on how much of this loan DISCOs had repaid to the CBN, particularly regarding the interest accrued.

Okonkwo also raised concerns over the fate of subsequent phases of the NMMP — phase one, expected to be jointly funded by the CBN and Deposit Money Banks for 1.5 million meters, and phase two, to be financed by the World Bank for four million meters — which remain unaddressed.

Citing the economic and social consequences of the situation, and the need for transparency in public fund management, Okonkwo said the House, relying on Sections 88(1) and (2) of the 1999 Constitution, resolved to constitute a subcommittee to thoroughly investigate the matter.

The subcommittee members include Reps. Obed Shehu, Ali Shettima, Abel Fuah, Salisu Koko, Ahmed Munir, Sani Umar Bala, Gbefwi Jonathan, Abdulmaleek Danga, Chinedu Obika, Okunlola Lanre, Abass Adekunle, Akinosi Akanni, Obuzor Victor, Peter Akpanke, Ngozi Lawrence, Ogah Amobi Godwin, Ikeagwuonu Onyinye, among others.