The Federal Government has secured ₦700 billion from the Federation Account Allocation Committee (FAAC) to finance the deployment of 1.1 million electricity meters nationwide by December 2025, the Minister of Power, Adebayo Adelabu, announced on Tuesday in Lagos.
Speaking at the 2025 Nigerian Energy Forum (NEF), themed “Powering Nigeria through Investment, Innovation, and Partnership,” Adelabu said the initiative is part of the Presidential Metering Initiative (PMI) aimed at closing Nigeria’s metering gap, boosting transparency, and improving revenue collection in the power sector.
The minister explained that the PMI complements the 3.2 million meters being acquired under the World Bank’s Distribution Sector Recovery Programme (DISREP) and is expected to help bridge the metering deficit within five years.
Adelabu highlighted that the government is leveraging bilateral and development finance to attract private investment and expand electricity access in underserved areas, noting that over $2 billion has been mobilised through programmes such as the World Bank’s DARES, NSIA’s RIPLE, and JICA funds to drive renewable energy projects.
He further disclosed that agreements signed at the 2025 Nigerian Renewable Energy Innovation Forum will add nearly 4 gigawatts of solar manufacturing capacity annually, representing about 80% of Nigeria’s current generation capacity.
Adelabu also noted the progress of the Electricity Act 2023, which has empowered 15 states to establish subnational electricity markets, with one already fully operational.
He said tariff reforms have enhanced power supply reliability, reduced industrial energy costs, and increased sector revenue from ₦1 trillion in 2023 to ₦1.7 trillion in 2024, with projections to exceed ₦2 trillion by 2025.
He added that President Bola Tinubu has approved a ₦4 trillion bond to settle verified debts owed to generation companies and gas suppliers, along with a targeted subsidy plan to protect vulnerable consumers.
Adelabu reaffirmed the government’s commitment to public-private collaboration to unlock stranded generation capacity and build a sustainable power future, saying, “Through sustained investment, innovation, and strong partnerships, we can power Nigeria’s journey toward a brighter, more resilient energy future.”
Meanwhile, the Nigerian Electricity Regulatory Commission (NERC) recently approved ₦28 billion for electricity distribution companies (DisCos) under the Meter Acquisition Fund (MAF) Tranche B Scheme to accelerate meter installation at no cost to consumers.
NERC’s Second Quarter 2025 Report showed that DisCos installed 225,631 meters in Q2 2025, up from 187,161 in the first quarter.
However, as of June 2025, only 6.42 million of Nigeria’s 11.82 million active customers had been metered — a coverage rate of 54.33%, leaving nearly half still dependent on estimated billing.
