The Central Bank of Nigeria is now providing loans to electricity distribution companies to cover the collection and operational expenditure shortfalls of the firms and halt the liquidity crisis in the country’s power sector.
Since the sector was officially unbundled in November 2013 and the generation and distribution arms privatised, there have been complaints by other players that the Discos remit below 30 per cent to the sector. Our correspondent gathered in Abuja on Saturday that in order to put an end to the liquidity hassles in the sector and ensure that the Discos make the right remittances to the industry, the CBN had to intervene.
“What the CBN did and is doing is to loan the Discos to pay for any shortfall so that in total, there won’t be any shortfall in the sector,” said an official in the ministry, who pleaded not to be named as he was not authorised to speak on the matter.
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