Electricity Firms Borrow N157bn, Repay N50bn of Power Intervention Fund

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Electricity firms have repaid N50.289 billion as at June 2017, from the total loans accessed by the power industry in the N300 billion Power and Aviation Intervention Fund (PAIF), IWINreports.

According to data obtained from the Central Bank of Nigeria (CBN), N156.639 billion had been disbursed to power firms for 43 power projects across the country, representing 56.47 per cent of the N277.4 billion disbursed out of the total funds so far. Of the total fund accessed by the power firms as of June 2017, N50.289 billion had been repaid, representing 32.1 per cent of the total amount obtained by the sector in the period under review.

The setting up of the fund was heralded by the CBN’s realization that without adequate infrastructure, the Nigerian economy cannot overcome its structural challenges and achieve sustainable growth and development. In recognition of this, the CBN established an Infrastructure Finance Office in March 2010, thereafter, the N300 billion Power and Aviation Fund (PAIF) was launched in 2011.

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