THE Central Bank of Nigeria (CBN) has disbursed a total of N64.7 billion worth of facility to the newly privatised electricity companies as part of its commitments to seeking a lasting solution to power supply problems in the country.
Elder Boma Benebo, Deputy Head, Infrastructure Finance Office, CBN, disclosed this in Kano on Tuesday during the unveiling of 62,021 Energy Meters financed under the CBN-NENSF agreement.
He explained that the CBN initiated a N213 billion Nigeria Electricity Market Stabilisation Facility (CBN-NEMSF) effective from February 2015 as a follow up to the commitments it reached with stakeholders towards finding a lasting solution to the power supply shortages following the unbundling of PHCN and the privatisation of the emerging companies.
According to him, a breakdown of the facility cumulatively extended to these companies included N41,055,703,962 disbursed to Discos, N18,457,878,439.89 disbursed to Gencos and N 5 , 2 2 4 1 , 9 2 5 , 6 1 2 . 6 4 disbursed to the Gascos.
Benebo explained that the CBN’s facility is expected to be utilised for such activities like Turn Around Maintenance (TAM) to achieve capacity recovery by the power stations, the purchase of Smart and Single Phase Meters, rehabilitation of transformers, procurement and construction of new distribution substations as well as other confirmed permitted utilisation.
He further disclosed that Kano Electricity Distribution Company (KEDCO) has acquired 62,021 energy meters with the facility and had invited the CBN and other stakeholders to witness the receipt and deployment plans.
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