Reps Raise Concerns Over N59bn National Metering Fund Mismanaged By NERC

Reps Raise Concerns Over N59bn National Metering Fund Mismanaged By NERC

The House of Representatives in Nigeria has raised concerns over the management of a N59 billion loan from the Central Bank of Nigeria (CBN) that was intended for the National Mass Metering Programme (NMMP).

A joint committee of the House, investigating the disbursement and utilization of the funds, has declared that the program has failed to achieve its primary objectives.

The chairman of the committee, Uchenna Harris Okonkwo, stated that despite N55.4 billion already being disbursed, the metering gap has not been significantly reduced.

The committee has pointed to “ambiguities, inconsistencies, and contradictions” in the program’s management, indicating a lack of accountability.

They have also queried the Nigerian Electricity Regulatory Commission (NERC) and other firms involved, including Meristem Wealth Management Limited and NESI-Stabilization Strategy Limited, over their roles.