The Central Bank of Nigeria is working with the Nigeria Electricity Regulatory Commission (NERC) to ensure the full disbursement in three weeks of more than N200 billion power support fund meant to resolve a pile of legacy debts and empower generating and distribution companies to produce and wheel more electricity to businesses and homes in Nigeria.
Issues surrounding electricity tariff in Nigeria and controversy have stoped the disbursement of the fund over an announcement made by the power regulator just before the recent general elections.
The governor, Central Bank of Nigeria (CBN), Godwin Emefiele, said, “The disbursement was slowed down by the reversal in the tariff and we are working and discussing this matter so we can fully disburse.
He added, “The regulators of NERC has told us they did not backtrack on the issue of tariff, that they have sent messages to the Discos to send them what is called a cost reflective tariff and once the Discos send this cost reflective tariff, they will give the approval.”
Emefiele, who spoke with BusinessDay in an interview.
He said, ”what happened is that some companies have received payment. Yes the funds have not been fully disbursed but we have disbursed about 25 per cent of N56bn to some Gencos and Discos out of a total of almost N213bn.
We will be meeting with the NERC, so we can work to remove some of the hiccups along that chain and in matter of three weeks we should see these efforts resulting in total disbursement.”