FG injects additional N600bn into power sector
The federal government has approved an additional N600billion intervention fund to be injected into the power sector in Nigeria.
The Market Operator, Transmission Company of Nigeria, Edmond Eje, disclosed that President Muhammad Buhari has already signed for the release of the funds.
Eje who disclosed this at the third MO interactive stakeholders’ forum said, “The plan is at an advanced level and the fund has been signed by Mr President. The President signed for the release of the intervention and it is an intervention of N600billion.”
The latest intervention makes it the third key intervention so far carried out by the government after it officially handed over the distribution and generation arms of the sector to private investors in 2013.
When asked whether the latest N600billion was specifically for the distribution, generation or transmission company, Eje could not be specific.
He said, “At this stage I’ll tell you that it is for the market. If the money is injected into the Gencos, it is for the market; if it is injected into the Discos, it is for the market. It is generally for the shortfall in the payment of monthly invoices.”
On how soon the government would release the N600billion, Eje stated that the government was not happy that the funds had yet to be deployed.
He said, “I think the government is not happy that it has not taken effect. But you know when government signs such a thing, there are underlying protocols that must be observed in order to facilitate it and that is what is going on right now.