CBN Floats N213b Intervention Fund To Stabilise Energy Market
The Central Bank of Nigeria (CBN) has initiated a N213b Nigerian Electricity Market Stabilisation Facility (CBN-NEMSF), to boost electricity supply in the country. The steps by the Apex Bank was a follow-up to commitments they reached couple of months ago with other stakeholders to solve the energy crisis in the country, VanguardNgr report.
Unveiling 62,021 energy meters financed under the new scheme, at Kano Electricity Distribution Company (KEDCO), in Kano, the Deputy Head, Infrastructure Finance office of the CBN, Mr Elder Boma Benebo, assured that the scheme would served the interest of both consumer and the stakeholders.
Mr. Benebo said that one year after the commitment, CBN has disbursed N64b, representing 30 per cent of the total facility. In his words “The CBN was expected to provide a banking sector led intervention to provide liquidity to settle legacy gas debts and computed revenue shortfalls, which would be utilised for permitted expenditure under certain agreements,”.
He noted that the facility was expected to be utilised for approved activities like turn around maintenance to achieve capacity recovery by power stations, purchase of smart and single phase meters, rehabilitation ro transformers, procurement and construction of new distribution sub-stations and other confirmed utilisation.
Benebo added that part of the global impact of the scheme was in the restoration of a total of 905mw of power into the national grid, as a result of facility turn around maintenance. Earlier the Chief Operating Officer of KEDCO, Mr Rahul Singh, assured that the company would do its best to see that their services were improved for the maximum use of their consumers and all other stakeholders.
A total number of 62,000 meters in number were unveiled, while 38,000 more are expected next year. Among the procured meters there were single phase, three phase and maximum demand for companies. They were also smart and normal prepaid meters
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