CBN acquires 62, 021 meters for power firm

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The Central Bank of Nigeria (CBN) in Kano launched the acquisition of 62, 021 meters for distribution to customers of Kano Electricity Distribution Company (KEDCO) as part its N213billion intervention programme in the power sector meant to improve revenue generation.\r\nThe Deputy Head, Infrastructure Finance Office, CBN Development Finance Department, Elder Boma Banebo told reporters that the unveiling of the initiative was designed for CBN Nigeria Electricity Market Stabilisation Facility made to help Discos to acquire metres for power consumers. \r\nHe said the intervention was part of CBN\’s commitment to reach out to stakeholders in finding lasting solution to the epileptic power supply to its numerous customers. \”The CBN is expected to provide a banking sector led intervention to provide liquidity to settle legacy gas debts and computed revenue shortfalls, which would be utilised for permitted expenditure under certain agreements,\” he said.

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