Business
CBN Disburses N213bn Power Stabilisation Fund
In furtherance of efforts
to boost electricity generation in the country, the Central Bank of Nigeria (CBN) has finally disbursed the Federal Government approved N213 billion Electricity Stabilisation Fund to the private investors in the Electricity Distribution Company (Discos) and Electricity Generation Company (GENECOs).
According to a statement posted on the CBN’s website, the disbursement took place on Monday in Abuja by the CBN Governor, Mr. Godwin Emefiele.
The CBN Governor charged the beneficiary investors of the stabilisation fund to judiciously apply the fund to achieve the end result of regular power supply to Nigerians.
Emefiele said with the release of the fund to the private investors in the power sector, the Federal Government has demonstrated its total commitment to improving the power generation in the country.
He said the stabilisation was approved for the purchase of new items as well as for the maintenance of existing power equipment geared towards improved infrastructure in the power sector.
The apex bank’s boss reminded the managements of the DISCOs and GENECOs of the time limit for paying the money back to the Federal Government, stressing that government will not relent in recovering the fund as at when due.
Philip Okparaji