DisCos only accessed N58bn CBN loan from N1.8trn Power Sector funding – ANED

The power Distribution Companies has said that out of the N1.8 trillion so far injected into the power sector, they have only accessed N58 billion loan from the Central Bank of Nigeria N214bn loan facility, which is being repaid.

At the opening session of a public hearing on “Power Sector Recovery Plan and the impact of COVID-19 Pandemic” by the Senate Committee on Power on Monday, the President of the Senate, Ahmed Lawan in his address said, “Government should not be giving free money. 1.8 trillion naira has been given to DisCos maybe in their books. The actual money might have been given to the GenCos.

The association said CBN in 2014 provided N214bn Nigeria Electricity Market Stabilization Fund but that the DisCos were only able to access N58bn of that till date, “and that is on the DisCos’ account books as collateral for our Letters of Credit which DisCos are repaying every month.” ANED also reminded the government that at privatization, the N100bn commitment that was made by the government to cushion low pre-existing tariffs before commencement of tariff setting, was not implemented.

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