The Central Bank of Nigeria (CBN) has disbursed N18.26 billion to the first batch of beneficiaries of the N213billion Nigeria Electricity Market Stabilization Facility (NEMSF).
Two electricity distribution companies (DISCOs) and three electricity Generation Companies (GENCOs) were the first batch to benefit from the fund.
Godwin Emefiele, CBN governor, in Abuja, recently, noted that the N213 billion NEMSF is a way of kick-starting the electricity market in order to ensure that the sector delivered tangible improvement in power supply to Nigerians.
He explained that the CBN, in collaboration with the commercial banks, offered to provide the facility to address recent shortfalls in power sector revenues caused by needed adjustments in the electricity tariff and legacy gas debts.
While congratulating the first batch of beneficiaries, which, he said, had met the conditions precedent to disbursement, Emefiele urged the beneficiaries to ensure that the funds were repaid as and when due. He stressed the need for them to ensure that all inputs into the generation of power were in a consistent manner.
He equally charged them to invest the funds in the necessary improvements in generation plant maintenance, transmission upgrades and distribution networks including transformers and better metering for end consumers.
Furthermore, he urged other distribution and generation companies to take a cue from the first batch of beneficiaries so as to receive their respective tranches of the facility as soon as possible.
Chinedu Nebo, minister of power, commended the CBN governor for the key role he played in ensuring the success of the inter-ministerial/agency collaboration, which involved the Ministry of Petroleum Resources, Ministry of Power, the Nigerian Electricity Regulatory Commission (NERC) and the Bureau of Public Enterprises (BPE).

Johnson Alabi
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