64.8 Billion Naira CBN Bailout Restores 905 Megawatts Electricity

CBN

The Central Bank of Nigeria (CBN) has restored 905mw of electricity into the national grid with the N64.8 billion loan facility disbursed to some electricity firms in the country.
The Deputy Head of Infrastructure Finance Department of the bank, Elder Bomo Benebo disclosed this yesterday while inspecting consignment of 62,000 prepaid meters procured by the Kano Electricity Distribution Company (KEDCO).
Benebo said some projects aimed at boosting electricity supply in the country were executed with the loan the bank offered to electricity firms.
He said some of the projects carried out by the firms include under water repair project, overhaul of four units and complaint metering/supplementary protection at Shiroro dam and overhaul of 2G6 at Jebba Hydro and rehabilitation of three units at Kainji dam.
Benebo said the CBN initiated the N213bn Nigerian Electricity Market Stabilization Facility (CBN-NEMSF) in February this year as a follow up commitment the bank reached with stakeholders to find lasting solution to poor power supply after the unbundling of the Power Holding Company of Nigeria (PHCN).
He said: “So far the CBN has disbursed N64.8bn equivalent to 30 per centof the total facility. Five DISCOs received N41.05bn; seven GENCOs got N18.5bn and six GASCOs collected N5.2bn.”
He said the facility was expected to be utilized for maintenance to achieve capacity recovery by power stations; purchase of meters, rehabilitation of transformers, procurement and construction of new distribution substations and other utilization needs.
He said the loan is to be paid within the period of 10 years.
Earlier, the chief operation officer, Kano Electricity Distribution Company (KEDCO), Mr. Rahul Singh, said KEDCO received the sum of N7.638bn facility under the CBN-NEMSF.
Singh said so far KEDCO has procured 62,000 meters and was expecting another consignment of 38,000 by early next year.
He assured that KEDCO will make good use of the facility to better its service to its teeming customers, saying “we hope to meet the obligation of getting 20 million customers in a few years.”

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