The Central Bank of Nigeria (CBN) has disbursed a total sum of N18.26 billion to five electricity companies in a bid to stabilis the power sector.
The released amount was the first batch of the N213 billion fund for the Nigeria Electricity Market Stabilisation Facility (NEMSF).
The beneficiaries of this batch of the fund are two electricity Distribution Companies (DISCOs) and three electricity Generation Companies (GENCOs).
These beneficiaries are Eko Electricity Distribution Company, Ibadan Electricity Distribution Company, Jebba Hydroelectricity Plc, Kainji Hydroelectricity Plc, and Shiroro Hydroelectricity.
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Explaining the aim of the fund, Godwin Emefiele, the CBN governor, said the N213 billion Nigeria Electricity Market Stabilisation Facility (NEMSF) was a way of kick-starting the electricity market in order to ensure that the sector delivers tangible improvement in power supply for all Nigerians.
He charged the recipients to invest the funds in the necessary improvements in generation plant maintenance, transmission upgrades and distribution networks, including transformers and better metering for end consumers.
Furthermore, he urged other Distribution and Generation Companies to take a cue from the first batch of beneficiaries so as to receive their respective tranches of the facility as soon as possible.
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Chinedu Nebo, the minister for power, commended Emefiele his key role he played in ensuring the success of the inter-agency collaboration involving the ministry of petroleum resources, ministry of power, the Nigerian Electricity Regulatory Commission (NERC) and the bureau of public enterprises.
Although he acknowledged that the country was yet to arrive at the point of uninterrupted power supply, he assured that the country would get there sooner than later.
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