The Central Bank of Nigeria (CBN) stated that it has disbursed over N1.3 trillion to support the provision of power supply to Nigerians in the last five years.
The Governor of the Central Bank of Nigeria, Godwin Emefiele, made the announcement at the recent Monetary Policy Committee (MPC).
The Governor also expressed concern about how the frequent power outages could exacerbate the burden on fuel goods.
What the CBN governor is saying
The Governor said “Like you all know, we have disbursed over 1.3 trillion naira in the last five years to support through the Generators or Discos or to acquire equipment or to buy meters or to improve what is being paid to electricity generating companies, so that they can continue to pay for their gas and then the system can continue to operate.’’
Emefiele also revealed that the bank had disbursed N11.11 billion to power sector operators under the Nigeria bulk electronic trade payments assurance facility, raising the total amount disbursed to N1.28 trillion.
He said, ‘’The sum of N12.64 billion was also released to Discos under Nigeria electricity market stabilization facility phase two line two.”
“Community disbursement under names two, first stand at N232.93 billion. Both interventions were designed to improve access to capital and ease development of enabling infrastructure in the Nigeria electricity supply chain sector,’’ he added.
- Emefiele, on the other hand, reaffirmed the apex bank’s resolve to continue to support Distribution Companies (DISCOs) in their efforts to provide Nigerians with a reliable electricity supply.
- He stated that the apex bank would meet with the Power Minister and the National Energy Research Council to explore what might be done to assist them.
- Emefiele also stated that the bank would provide assistance for the NNPC to ensure that petroleum goods be imported, hence ending the country’s scarcity.
- He stated that the Minister of Finance was meeting with the Monetary Policy Committee (MPC) to examine what could be done to ensure that appropriate funding was supplied to ensure that petroleum products were readily available throughout the country.