Electricity Stabilisation Fund: CBN disburses N18.26bn to beneficiaries 

Oscarline Onwuemenyi 03 January 2015, Sweetcrude, Abuja – The Central Bank of Nigeria, CBN, has disbursed N18.26 billion to the first batch of beneficiaries of the N213 billion Nigeria Electricity Market Stabilisation Facility, NEMSF.

Central-Bank-of-Nigeria-CBNBeneficiaries in the first round comprised two electricity Distribution Companies (DISCOs) and three electricity Generation Companies (GENCOs).
In his welcome remarks at the ceremony held at the Bank’s head office in Abuja, on Monday, the CBN Governor, Mr. Godwin Emefiele, noted that the N 213 billion Nigeria Electricity Market Stabilisation Facility (NEMSF) was a way of kick-starting the electricity market in order to ensure that the sector delivered tangible improvement in power supply to Nigerians.
He explained that the CBN, in collaboration with the commercial banks, offered to provide the facility to address recent short­falls in power sector revenues caused by needed adjustments in the electricity tariff and legacy gas debts.
While congratulating the first batch of beneficiaries, which, he said, had met the conditions precedent to disbursement, Emefiele urged the beneficiaries to ensure that the funds were repaid as and when due. He stressed the need for them to ensure that all inputs into the generation of power were in a consistent man­ner.
He equally charged them to invest the funds in the necessary improvements in generation plant maintenance, transmission upgrades and distribution networks including transformers and better metering for end consumers.
Furthermore, he urged other Distribution and Generation Companies to take a cue from the first batch of beneficiaries so as to receive their respective tranches of the facility as soon as possible.
The Minister of Power, Prof. Chinedu Nebo, who spoke during the presentation, commended the CBN Governor for the key role he played in ensuring the success of the inter-ministerial/agency collaboration, which involved the Ministry of Petroleum Resources, Ministry of Power, the Nigerian Electricity Regulatory Commission (NERC) and the Bureau of Public Enterprises (BPE).


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