CBN N13.92tr backup covers GenCos and DisCos
By Jeph Ajobaju, Chief Copy Editor
Power supply became more erratic from late last year and then got worse this month after the national grid collapsed twice within 72 hours, despite the Central Bank of Nigeria (CBN) pumping N13.92 trillion into the sector in the past five years.
CBN Governor Godwin Emefiele disclosed the sum at the recent Monetary Policy Committee (MPC) meeting in Abuja where he expressed concern that frequent power outages could exacerbate the burden on fuel goods.
“We have disbursed over N1.3 trillion in the last five years to support Generators or Discos or to acquire equipment or to buy meters or to improve what is being paid to electricity generating companies (GenCos), so that they can continue to pay for their gas and then the system can continue to operate,” he said.
He disclosed that the CBN also disbursed N11.11 billion to power sector operators under the Nigeria Bulk Electronic Trade Payments Assurance Facility, raising total disbursement in that category to N1.28 trillion.
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Discos get N12.64b
“The sum of N12.64 billion was also released to Discos under Nigeria electricity market stabilisation facility phase two line two,” Emefiele added, according to Nairametrics reporting.
“Community disbursement under phase 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.”
That brings total CBN disbursement to the power sector to N13.92 in five years.
Emefiele reaffirmed the resolve of the CBN to continue to support DisCos to provide reliable electricity, saying the bank would meet with the Power Ministry and the National Energy Research Council (NERC) to explore ways of assistance.
He said the CBN would also provide assistance to the Nigerian National Petroleum Company (NNPC) to ensure importation of petroleum products and end scarcity.
He disclosed plans for Finance Minister Zainab Ahmed to meet with the MPC to explore how to ensure appropriate funding that guarantees uninterrupted supply of fuel products throughout the country.