The NEMSF was developed to clear all outstanding payment obligations due to the industry stakeholders and legacy debts owed by the Power Holding Company of Nigeria (PHCN) to gas suppliers.
According to a CBN report which gave a breakdown of the ₦10.3 trillion developmental finance budget between 2015 and 2022, the ₦273.3 billion loan obtained by the DisCos was used to provide 414,000 prepaid meters made up of Maximum Demand meters, Smart meters, and Single-Phase meters.
Part of the funds was also put into measures to improve power supply by increasing electricity capacity from 3,400 megawatts, MW to approximately 4,900MW.
