The Federal Government has obtained about ₦700 billion from the Federation Account Allocation Committee to fund the installation of 1.1 million electricity meters nationwide by December 2025.

Minister of Power Adebayo Adelabu disclosed this on Tuesday in Lagos during the 2025 Nigerian Energy Forum, themed “Powering Nigeria through Investment, Innovation, and Partnership,” according to the News Agency of Nigeria.

Adelabu explained that the project is part of the Presidential Metering Initiative, designed to bridge the country’s metering gap, enhance revenue assurance, and ensure greater transparency in the power sector.

He noted that the PMI complements the 3.2 million meters being acquired under the World Bank–supported Distribution Sector Recovery Programme, positioning Nigeria to close its metering gap within the next five years.

Adelabu added that the government is leveraging bilateral funding and development finance to attract private sector investment and expand electricity access in underserved communities, as well as in schools, hospitals, and other public institutions.

“In the past two years, more than $2 billion has been mobilised through key programmes, including the World Bank’s DARES, NSIA’s RIPLE, and the JICA fund.

“These interventions are accelerating renewable energy deployment and access to reliable power,” he said.

Adelabu further disclosed that agreements reached at the 2025 Nigerian Renewable Energy Innovation Forum would add nearly four gigawatts of solar manufacturing capacity each year, equivalent to about 80 percent of Nigeria’s current power generation capacity.

“With this level of renewable energy production, Nigeria is on track to meet its domestic transition targets and serve regional power markets,” he said.

Adelabu stated that the Electricity Act 2023 has reshaped the power sector by granting states the authority to create and regulate their own subnational electricity markets.

“Fifteen states have received regulatory autonomy, with one fully operational.

“We’re ensuring alignment between wholesale and retail markets,” Adelabu stated.

Adelabu reaffirmed the government’s commitment to working with the private sector to unlock stranded generation capacity and advance a sustainable energy future for Nigeria.

“Through sustained investment, innovation and strong partnerships, we can power Nigeria’s journey toward a brighter, more resilient energy future,” he said.

In mid-October, the Nigerian Electricity Regulatory Commission (NERC) approved the release of ₦28 billion to electricity distribution companies (DisCos) for the purchase and installation of prepaid meters under the Meter Acquisition Fund (MAF) Tranche B scheme.