CBN Initiates N213b Electricity Market Stabilization Facility


IN an effort to improve electricity supply in the country, the Central Bank of Nigeria has initiated a N213b Nigerian Electricity Market Stabilisation Facility (CBN-NEMSF), as part of the commitments reached sometime ago with other stakeholders, in order to find a lasting solution to poor power supply. 
  

Disclosing this to the media, during unveiling of 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 is both consumer-friendly and stakeholders-friendly, too.
  
He added that one year after the commitment, CBN has disbursed N64b, that was 30 per cent of the total facility. 
   

“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 said.
  

According to him 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 of transformers, procurement and construction of new distribution sub-stations and other confirmed utilisation. 
   

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. 
    The unveiled meters were 62,000 in number, 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 normal and smart prepaid meters.
End