FG releases N8.3bn to gencos, discos

ngozi okonjo iweala12 July 2013, Lagos – The Federal Government has released N8.27 billion for Distribution Companies, DISCOs, and Power Generating Companies, GENCOS.

A statement issued in Abuja by Mr Paul Nwabuikwu, spokesman for the Coordinating Minister for the Economy, Dr Ngozi Okonjo-Iweala, said the money was released, following approval by President GoodLuck Jonathan.

It said: “N8.27 billion was specifically released to the Federal Ministry of Power for the DISCOs and GENCOs, following approval by President Goodluck Jonathan,” adding that the Ministry of Finance had paid N72.7 billion to the Federal Ministry of Power, so far this year, to cover various items in line with the implementation of the power roadmap.

The amount, Nwabuikwu said, included theN45 billion paid to Power Holding Company of Nigeria, PHCN, workers, as part of the power privatisation programme and includes monies released under the Multi Year Tariff Order, MYTO.

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