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Buhari withdraws interventions to power sector

By Kehinde Olatunji
27 November 2020   |   3:08 am
President Muhammadu Buhari, yesterday, said the Central Bank of Nigeria Power Assistance Fund (CBN PAF) meant to address electricity tariff shortfalls would no longer be sustained, saying it was time the sector became financially stable. According to him, such interventions must be phased out to promote financial independence. Represented by the Minister of Power, Saleh…

President Muhammadu Buhari, yesterday, said the Central Bank of Nigeria Power Assistance Fund (CBN PAF) meant to address electricity tariff shortfalls would no longer be sustained, saying it was time the sector became financially stable.

According to him, such interventions must be phased out to promote financial independence.

Represented by the Minister of Power, Saleh Mamman at the official commissioning of Eko DisCo’s Supervisory Control and Data Acquisition (SCADA) in Lagos, the President stated: “It is a known fact that these tariff shortfalls sit on distribution companies’ (DisCos) books and impair their ability to raise capital and invest.”