The Minister of Power, Adebayo Adelabu, has revealed that electricity consumers who receive prepaid meters at no upfront cost will be given a period of 10 years to repay the meter’s cost.
According to Adelabu, the Federal Government will cover the initial expense of meter procurement through various funding initiatives, allowing customers to repay the amount gradually over time.
Contradicting earlier claims that customers who paid for meters would be reimbursed through energy credits, the minister clarified that the repayment for the meters would be deducted in small amounts over a decade, ensuring that consumers would hardly notice the deductions.
Adelabu, speaking in Ibadan, stated, “We can secure funding for these meters and allow customers to pay back gradually. When the government begins procuring meters, we’ll provide them to consumers and recoup the cost over 10 years. In this way, you won’t even feel it.”
He further explained that if a customer purchases ₦5,000 worth of energy credit, about ₦100 might be deducted towards the meter repayment. “So, for instance, if you buy a credit of ₦5,000, perhaps ₦100 will go towards the meter that we provided to you. This approach aims to bridge the gap in meter availability,” he said.
Adelabu also emphasized that the Federal Government and states have collectively raised ₦100 billion for the procurement of prepaid meters. He added, “The President has established the Presidential Meter Initiative and a Presidential Metering Council to address this issue. I have been appointed as the chairman of this council, with the SA on Energy to the President serving as the secretary. Our mandate is to procure and install a minimum of 2 million meters annually over the next five years.”
