The Central Bank of Nigeria, CBN has disbursed N55.46 billion to 24 power operating companies in the country as electricity market stabilization facility. The CBN governor, Godwin Emefiele, said N8.67 billion was shared to power distribution companies, (Discos) while 14 generating companies, and the Nigerian Independent Power Project, NIPP got N35.83 billion. Service Providers and six gas companies got N459.68million and N10.49 billion respectively.
He was speaking at the 4th tranche distribution of the facility in Lagos last week, and Emefiele said the disbursement would also feature the signing of Power Purchase Agreement, PPA by the Nigerian Bulk Electricity Traders, NBET. He noted that the electricity market had welcomed new entrants lately particularly in Benin and Jos, and also said that the signing of the PPA would signal the activation of industry contracts for power generation in a contract based market.
Emefiele stated “By the end of today, total disbursements to the Discos will be N49.73 billion representing 91.7 per cent, Gencos with N54.29 billion, representing 62.5per cent. Gas companies got N15.73 billion representing 36.9 per cent and service providers N0.46 billion representing 1.7 per cent.” The latest disbursement under the initiative brings the total money shared to N120.2 billion, representing 57 per cent of the total amount earmarked.