CBN disburses N14.35 billion to DisCos to cover procurement of 263,860 meters under NMMP
The Central Bank of Nigeria has now disbursed a total of 14.35 billion Naira to the Distribution Companies of Nigeria (DisCos), to cover the procurement of 263,860 meters under the National Mass Metering Programme (NMMP).
According to The Central Bank of Nigeria, the facility disbursed is a loan that must be repaid by the DisCos on the basis of the previously agreed amortisation schedule. The repayment is to be deducted from payments made by consumers into the DisCos accounts with Deposit Money Banks (DMBs).
According to The Central Bank of Nigeria, the maximum tenor of the facility is 10 years but not exceeding 2030, while the moratorium on the principal amount is for a period not exceeding 24 months from the date of loan disbursement.