The Federal Government has set aside N120 billion as the first tranche of the Presidential Metering Initiative (PMI).
This is according to the Federal Account Allocation Committee (FAAC) disbursement report for May 2024 by the National Bureau of Statistics (NBS).
The report said the amount is from revenue made in April and shared in May.
The N120 billion is about 10 per cent of the revenue share in May 2024 among the three tiers of government and 9 per cent of the N1.325 trillion is expected to be spent on the PMI.
In May this year, Adebayo Adelabu, Minister of Power, said that the government will provide an initial N75 billion as seed capital while the Nigerian Sovereign Investment Authority (NSIA) pledged to inject a minimum of N250 billion annually for the initiative’s duration.
Under the PMI, the Nigerian Electricity Regulatory Commission (NERC) announced the approval of N21 billion for the 11 electricity Distribution Companies (DisCos) to provide meters for end-use customers at zero cost.
