The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele said N55.46 billion was disbursed to 24 power firms as electricity market stabilization facility.
Emefiele said this at the 4th tranche disbursement of the facility in Lagos.
He said that three distribution companies got N8.67 billion, 14 generating companies and Nigerian Independent Power Project (NIPP) had N35.83 billion, Service Provider; N459.68million and six gas companies got N10.49 billion.
He said that the disbursement was a major milestone in the effort of the bank, in collaboration with the Federal Government, to further address the challenges of the sector.
According to him the disbursement will also feature the signing of Power Purchase Agreement (PPA) by the Nigerian Bulk Electricity Traders (NBET).
He added that the signing would signal activation of industry contracts for power generation under a contract based market.
The CBN boss said that there were new entrants into the scheme.
Emefiele said that the new entries were the two distribution companies in Benin and Jos.
He added that others included eight generating companies that include two independent power projects by Agip/Okpai and Shell, and six NIPP plants at Alaoji, Geregu, Ihovbor, Olorunsogo2, Omotosho2 and Sapele2.
“By the end of today, total disbursements to the Discos will be N49.73 billion representing 91.7 per cent, Gencos with N54.29 billion, representing 62.5per cent. Gas companies got N15.73 billion reprsenting 36.9 per cent and service providers N0.46 billion representing 1.7 per cent.
With today’s event, the total disbursements under the initiative will be N120.2 billion, representing 57 per cent of the total amount earmarked,” Emefiele added.
The Minister of Power, Housing and Works, Babatunde Fashola, said that the government was committed to ensuring that power supply becomes stable.
Fashola said that the government was committed to addressing all the challenges that had been militating against steady power and revenue collection.
He also said another challenge was the issue of over dependence of the participants in the value- chain.
He urged every member in the value chain to contribute to the success of the sector.
The minister said those vandalising the pipelines should stop, adding that the government had embarked on a cleaning programme of the affected areas.
He urged consumers to also ensure that they pay for their bills to allow power firms to generate more revenues to ensure better service delivery.
He added that government planned to embark on the construction of more hydro power plants.
Fashola said government would soon come up with a framework that would boost the production of solar energy, reduce cost and increase its usage.