11 August 2017, SweetcrudeReports, Lagos — has learnt that the Federal Government, will be spending N39.17 billion on the supply of electricity meters to the Generation Companies, Gencos.
According to an authentic source, the money was realized through the efforts of the Minister of Power, Works and Housing, Babatunde Fashola, who was able to free up the money through negotiations with the Disco.
Sometimes ago, SweetcrudeReports reported that the Discos are at loggerheads with the FG for not meeting up with its own share of providing 3 million meters for the country, giving rise to blames from customers of being solely responsible for the slow pace of the metering process.
It was agreed during the privatization of the power sector, that the FG would support the metering process with 3 million meters but it had failed to do so.
The contract was awarded in 2003 by the former minister of power, under the Obasanjo administration.
“The N39.17Billion will be used now for the supply of electricity metres to the DisCos”, he added.
“The contract was never fully performed by both parties; either by the contractor or government. So, from the very early days, they ended up in court. Government constituted one committee after the other to resolve the matter. So, there was court judgment, money was left in the bank, the purpose couldn’t be achieved. Then a new contract was created which became a liability of N119Billion”, he further explained.