A total of N55.46billion has been disbursed to 24 power companies in Nigeria. The beneficiaries, according to the governor of the Central Bank of Nigeria, Mr Godwin Emefiele, include three DISCOs which got N8.67bn, 14 GENCOs and NIPP (N5.83bn), service providers (N458.68million), and six gas companies (N10.49bn).

Speaking on the occasion of the disbursement for the fourth time, in Lagos, Mr Emefiele said the money for the power firms would ensure stability in the electricity market. It was, he said, a major milestone in the effort of the CBN and the federal government to address challenges in the power sector.

The signing of the Power Purchase Agreement (PPA) by the Nigerian Bulk Electricity Traders (NBET) on the occasion would signal the activation of industry contracts for power generation.

The CBN boss also announced the coming of new players: two distribution companies in Benin and Lagos, eight generation companies including two independent power projects by Agip/Okpai and Shell, and six NIPP plants at Alaoji, geregu, Ihovbor, Olorunsogo2, Omotosho2 and Sapele2.

Emefiele stated: “By the end of today, total disbursements to the DISCOs will be N49.73billion representing 91.7 per cent, GENCOs with N54.29billion representing 62.5 per cent. Gas companies got N15.73billion representing 36.9 per cent, and service providers N0.46billion representing 1.7 per cent. With today’s event, the total disbursements under the initiative will be N120.2billion representing 57 per cent of the total amount earmarked.”

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