FG deducts N120 billion from Presidential Metering Initiative funding

mcebisco
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The federal government has deducted N120 billion from the funding allocated to the Presidential Metering Initiative (PMI).

The deduction was highlighted in the Federation Account Allocation Committee (FAAC) disbursement report for May 2024, released by the National Bureau of Statistics (NBS).

The funds, originally sourced from April’s revenue, were distributed in May.

The amount represents roughly 10% of the revenue share among the three tiers of government for May 2024 and accounts for 9% of the N1.325 trillion initially designated for the PMI.

In April, Minister of Power Adebayo Adelabu announced the federal government’s commitment to improving the electricity supply through a presidential power initiative aimed at reducing the number of unmetered customers nationwide.

“There is also the Presidential Meter Initiative (PMI) put in place to ensure that the metering gap is addressed,” Adelabu stated.

He also mentioned that various development banks are collaborating on several projects to enhance both transmission and distribution infrastructure.

“So, as a ministry, we are committed to making an impact during this administration,” Adelabu added.

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