CBN Suspends Disbursement of 213 Billion Naira Power Intervention Fund

CBN

The Central Bank of Nigeria (CBN) has halted the disbursements of N 213 billion power intervention funds to electricity generation and distribution firms.

The Director General, Bureau of Public Enterprises (BPE), Mr. Benjamin Dikki, who made the disclosure yesterday, maintained that the embargo on the funds would only be lifted when the crises surrounding tariff adjustment and policy inconsistency are resolved.

He noted that the CBN had assured to continue with the scheme only if the government could guarantee a cost reflective tariff, which would in turn enable the operators pay back in due course. The BPE boss, therefore, enjoined the Federal Government to ensure clarity and consistency in policies in order to spur necessary investments in the sector.

 

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