Sunday, March 26, 2023

CBN disbursed N1.3 trillion to support power supply in five years: Emefiele

The CBN governor said he would be engaging with the minister of power and NERC to see how to further support them.

• March 21, 2022
CBN Godwin Emefiele (credit: Bloomberg)
CBN Governor, Godwin Emefiele (credit: Bloomberg)

The Central Bank of Nigeria says it has disbursed over N1.3 trillion to support the provision of power to Nigerians in the last five years.

The CBN Governor, Godwin Emefiele, made the remark at a news conference following a meeting of the Bankers Committee in Abuja on Monday.

“So, what we are trying to say here is that the CBN has always been there to support the power sector.

“We have disbursed over 1.3 trillion naira in the last five years to support through the Generators or Discos or to acquire equipment or to buy meters or to improve what is being paid to electricity generating companies;

“So that they can continue to pay for their gas and then the system can continue to operate,” the apex bank governor said. 

Emefiele further said that the bank had disbursed N11.11 billion to power sector players under the Nigeria bulk electronic trading payments assurance facility, bringing the cumulative disbursement under this facility to 1.28 trillion naira.

‘’The sum of N12.64 billion was also released to Discos under Nigeria electricity market stabilisation facility phase two line two.

“Community disbursement under names two, first stand at 232.93 billion naira.

“Both interventions were designed to improve access to capital and ease development of enabling infrastructure in the Nigeria electricity supply chain sector,’’ he added.

Mr Emefiele, however, pledged the apex bank’s commitment to continue to support Distribution Companies to provide stable power supply to Nigerians.

He said that the apex bank would be engaging with the Power Minister and NERC to see how to further support them.

Mr Emefiele also said that the bank would be providing interventions for the NNPC to ensure they import petroleum products that would end the shortage in the country.


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