Vice President, Namadi Sambo on Thursday, inaugurated the National Council on Power, in Abuja.
Sambo said the government was sourcing for various funding avenues, including opening an initial N33billion soft tremble credit line to enable the electricity Distribution Companies (DISCOs) acquire smart meters and making them more available to consumers.
He said the government was concerned that the metering level among consumers remained low and the incidences of arbitrary or estimated billing still exited.
The vice president reiterated the government’s commitment to attracting new investments in Nigeria’s energy mix and directed the Ministry of Power and Ministry of Mines and Steel Development to ensure that the first large scale coal to power project takes off at the soonest time possible.
He stated said solar energy was going to form the hub of Nigeria’s future rural electrification programme, particularly for off grid communities and called on state governments in the federation to scale up their annual budgetary provisions for the power sector.
The vice president added that a total of $4.7billion was earmarked for transmission expansion in the next five years.
He said “in addition to this, it is also intended that more innovative approaches will be adopted to fund the Transmission Company of Nigeria (TCN) through opening possible private sector investment windows at the nearest time possible.
Sambo said Nigeria had taken measures to promote sub-regional efforts to ensure sustainability of power and as such, in March 2014, the 15 ECOWAS countries validated the templates and process if the development of National Renewable Energy and Energy Efficiency Action Plans, as well as a Sustainable Energy for All Action Agenda.