The Central Bank of Nigeria (CBN), has resolved to intervene in the power sector owing to complaints from power distribution companies. CBN says it will release the sum of N213 billion to actualize this purpose.
CBN’s Deputy Director in charge of Intervention, Elder Ebeneboh, made this disclosure in Kano.
He explained that the purpose of the intervention fund is to enable power distribution companies to offset gas debt inherited from PHCN, purchase tamper proof metres in turn, ensure smooth power supply and boost revenue generation.
Ebeneboh also disclosed that, out of the proposed N213 billion, only 30 percent of the amount has already been released.
You may recall that the CBN had in November suspended the disbursements of N213 billion power intervention funds to electricity generation and distribution firms.
The Director General, Bureau of Public Enterprises (BPE), Mr. Benjamin Dikki, had disclosed that the embargo on the funds would only be lifted when the crises surrounding tariff adjustment and policy inconsistency are resolved.