The Nigerian Electricity Regulatory Commission (NERC) has disclosed that operators in the power sector have already accessed about 50 per cent of the N213 billion market-based intervention fund provided for the sector by the Central bank of Nigeria (CBN).
NERC’s Chairman, Dr. Sam Amadi, stated this during a presentation at the ongoing Senate probe into past expenditures of previous governments in the country’s power sector.
He explained that due to stringent Key Performance Indicators (KPI) attached to the fund by the CBN, only about half of the fund has so far been applied for and obtained by electricity generation and distribution companies, as well as other participants in the value chain.
The CBN fund is designed to settle the legacy gas debts of the sector to gas suppliers, which stands at N36 billion. It is also targeted at executing agreed metering programmes and procurement of transformers by distribution companies as well as the maintenance programmes and procurement of equipment by generation companies.
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