Business
Electricity Firms Get 18-Month Metering Deadline
The Nigeria Electricity Regulatory Commission (NERC) has directed the distribution companies (DISCOs), under the Power Holding Company of Nigeria (PHCN), to ensure the metering of all customers’ houses within 18 months.
Eyo Ekpo, the Commissioner for Marketing, Competition and Rates of the commission, made this known on Saturday in Lagos.
He said that the commission had ordered all the DISCOs to submit their metering plans for an effective billing system, adding that the distribution companies were expected to complete the metering process between 12 months and 18 months.
“We have told them that between 12 months and 18 months, they should be able to meter all houses of their customers,” he said. “The idea is that they are not going to use their money. We expect them to bring their metering plans to us. If you plan to meter 100 customers houses in one month, you tell us where those customers are, so that we can go and cross check.
“Nigerians should understand that we are not going to meter everybody in one day.”
He said that the chief executive officers of the distribution companies had been instructed to publish their business units, with details such as telephone numbers, emails and customers’ care units.
He noted that the energy users had the right to forward their complaints to the distribution firms but that if they were not satisfied at that level, they could complain to the commission.
Ekpo said that NERC was determined to ensure greater number of meter distribution to consumers.
According to him, the law requires that CEOs establish a forum office with a sort of tribunal made up of manufacturers, engineers, civil societies and consumers to attend to public complaints.
He said that the newly reviewed electricity tariff would favour both the urban poor and rural dwellers, adding that customers under residential 1 (R1) would now pay N4 per kilowatt as against the previous amount of N7.
Credit to Nigeria’s private sector rose to N83.26 trillion in June 2026 from N81.04 trillion in May, signifying a positive balance of N2.22 trillion month-on-month.
Year-on-year, the figure represents a nine per cent increase compared with the N76.13 trillion recorded in June 2025. The latest figures come as the CBN continues to balance efforts to control inflation with the need to support economic growth and expand credit to businesses.
The CBN data shows that credit to Nigeria’s private sector increased by approximately 2.74 per cent month-on-month between May and June 2026. Also, the CBN data noted that credit to the government fell slightly to N40.03 trillion from N40.38 trillion. Other assets, net, dropped to N10.76 trillion from N12.63 trillion.
The credit surge signifies sustained growth in lending to businesses and other private-sector borrowers during the month. The rise in private sector credit was recorded alongside an increase in net domestic credit, despite declines in credit to government and other assets.
Further analysis of the report says that compared with June 2025, private sector credit rose by about N7.13 trillion yea-on-year but net domestic credit increased by approximately N1.87 trillion during the month.
The CBN’s relatively tight monetary policy stance notwithstanding, more banks still loaded funds to the private sector within the period. The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) held its 306th meeting on July 20 and 21.
The Committee reviewed recent developments in the global and domestic economies, assessed emerging risks to the outlook and considered their implications for monetary policy and retained all rates.
The Committee decided to retain the Monetary Policy Rate at 26.5 per cent; the Standing Facilities Corridor around the MPR at +50/-450 basis points and retain the Cash Reserve Requirement (CRR) for Deposit Money Banks at 45.00 per cent, Merchant Banks at 16.00 per cent, and non-TSA public sector deposits at 75.00 per cent.
The MPC decision means that credit extension in the private sector will likely continue to rise because of rising confidence in the sector and calls by stakeholders for banks to invest in the private scetor instead of government securities.
