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Vice President Yemi Osinbajo says the problem of irregular power supply in Nigeria is caused by inaccurate billing system resulting from insufficient metering machines.
Osinbajo made the remark on Saturday in Onna local government area of Akwa Ibom while inaugurating an electric metering factory as part of activities marking the 30th anniversary of Akwa Ibom state.
The vice president said Nigeria’s economic development hinges on effective power supply, lamenting that distribution companies (DISCOs) have not been able to collect tariffs due to the non-availability of meters.
"The electric metering factory is an important project. Inadequate power is the major obstacle to full economic development in Nigeria.
“We have also identified the facts that DISCO is unable to collect tariffs effectively from consumers because we are unable to afford the cost of metering.
“We have also identified the facts that DISCO is unable to collect tariffs effectively from consumers because we are unable to afford the cost of metering.
"I think that there is an important policy innovation as there is no restriction on those who can actually produce meter for our consumers,” Osinbajo said.
Metering factory
Metering factory
While commending Governor Udom Emmanuel of Akwa Ibom for establishing the metering factory, Osinbajo said the federal government is looking forward to other such factories across the country.
"The country is opening up for this kind of enterprise and we are looking forward to a lot more activities. But we are looking at 2.7 million units of meters annually here and this is absolutely fantastic. I know that job opportunities here will be substantial for a start,” Osinbajo said.
Speaking, Governor Emmanuel said his administration is partnering with the private sector to put the state on the path of industrialisation.
According to him, the factory would manufacture an average of one million meters per year.
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Business