Nigerian Federal Ministry of Power has given N5.061 billion as loan to Yola Electricity Distribution Company (YEDC) to procure and install 85,376 prepaid meters for its customers in the North-East region of the country.
The Minister of Power, Sale Mamman, disclosed the development, while he confirmed the receipt of the payment by the company.
The minister made the confirmation in Yola, Adamawa, during the launch of the mass metering programme for Yola DisCo, Saturday, while noting that the implementation of the programme is paying off as one of the most ambitious packages in history.
‘I am especially happy to inform you that the Federal Government of Nigeria has granted the Yola Distribution Company a soft loan of N5.061b for sourcing of 85,376 meters, comprising 62,324 single-phase and 23,052 three-phase meters under phase zero (0) of the National Mass Metering Programme,’ the reflector qouted the minister at the event.
The company is among the eleven privatised distribution companies (DisCos) in 2013 but was returned to the federal government under the Bureau of Public Enterprise (BPE) in 2015 following a force measure by the private investor, Integrated Energy Services Limited.
The DisCo is being privatised afresh with a new bidder set to take it over soon.
‘I call on the management of the YEDC to make good use of this facility to significantly reduce the Aggregate Technical Commercial and Collection (ATC&C) losses, which negatively affect the revenue stream of the company, as well as improve electricity supply to your esteemed and valuable customers,’ the minister charged the officials