25m Nigerians to own solar systems at N4,000 monthly — Presidency

The federal government will on Tuesday unveil the five million Solar Home System (SHS) with users paying N4,000 monthly and becoming owners after three years payment.

The programme is under the Economic Sustainability Plan and will benefit about 25 million Nigerians not served by the national grid, who will outrightly own solar panels in their residences.

The Rural Electrification Agency (REA) which is one the implementing agencies, said it will be unveiled on Tuesday.

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Mr. Laolu Akande, Senior Special Assistant to the President on Media and Publicity in the Vice President’s office in a statement, said the ESP Solar programme is nicknamed SOLAR POWER NAIJA.

Akande added that an important aspect of the scheme is the option of outright ownership by beneficiaries at a cost ranging from N1,500 per week to N4,000 monthly depending on the capacities.

As indicated in the Economic Sustainability Plan, the 5 million Connections initiative is a private sector-led electricity access acceleration scheme to be facilitated by a low cost loan facility from the Central Bank of Nigeria (CBN) and implemented by REA.

“The programme will include the assembly or manufacturing of components of off-grid solutions to facilitate growth of the local manufacturing industry.

“In addition, installation, servicing and payment collections are expected to provide thousands of other jobs. In all, at least 250,000 jobs will be created.”