The Central Bank of Nigeria (CBN) has released data on N1.63 trillion interventions in the energy sector in the face of consistent electricity grid collapse in the country.
In the CBN’s report on energy/ infrastructure interventions, the apex bank said that as at May 2022, it released N15.71 billion to power sector players including generation companies (GenCos) and gas companies (GasCos).
The funds came under the Nigeria Bulk Electricity Trading Plc – Payment Assurance Facility (NBETPAF), bringing the cumulative disbursement under the facility to N1.30 trillion.
Also, the sum of N22.67 billion was also released to Distribution Companies (DisCos) for their Operational Expenditure (OpEx) and Capital Expenditure (CapEx), under the Nigeria Electricity Market Stabilisation Facility – Phase 2 (NEMSF-2). Cumulative disbursement under the NEMSF-2 currently stands at N251.93 billion.
Additionally, under the National Mass Metering Programme (NMMP), the Bank has disbursed N0.19 billion to DisCos for the procurement of electricity meters, bringing the cumulative disbursement for the procurement and installation of 865,956 meters across the country to N47.82 billion.
Interventions in energy/infrastructure are designed to improve investment and develop enabling infrastructure in the Nigeria Electricity Supply Industry.
Nigeria’s electricity grid has collapsed recently, causing a blackout in states across the country.
In a Twitter post, Kaduna Electric said the national grid collapse, saying the power outage being experienced in our franchise states is due to System Collapse of the National Grid.
Also, Jos DisCo appealed to its customers for their understanding and cooperation regarding the power outage.
“We are on standby, awaiting further information on the restoration of supply from the national control centre,” it added.
Similarly, Eko Electricity Distribution Company (EKEDC) posted on its Facebook page, informing customers of the development.
“Dear esteemed customer, we regret to inform you of the system collapse from the national grid,” EKEDC said.
“This has affected our entire network and impacted our ability to deliver optimum service. Please bear with us as we are working with our TCN partners on a swift resolution.”
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