Nigeria Collects $64.6M International Electricity Debt

AD

Nigeria Collects $64.6M International Electricity Debt

The Federal Government on Monday announced that it had recovered 64.6 million dollars electricity debt from its international customers- Benin and the Niger Republic.

The Minster of Power, Works, and Housing, Babatunde Fashola announced this at the 21st monthly power sector meeting in Asaba.

He said that Nigerian Bulk Electricity Trader (NBET) would work out modalities for distribution the fund to the value chain operators.

The minister also announced that Rural Electrification Agency (REA) had completed guidelines for the operation of the rural electrification fund.

He said the fund would help vulnerable groups and communities to gain access to funding to support their electricity development programme.

By way of explanation, the rural electrification fund was created by section 88 of the Electric Power Sector Reform Act (EPSRA) of 2005 to promote support and provide rural electrification access.

The fund will provide a partial single payment capital subsidy and or technical assistance to eligible private Rural Power Developers, NGOs or communities to invest in options such as hybrid mini grids or solar home systems to scale up rural access to electricity.

Fashola Advises Nigerians To Embrace Solar Energy

Mr. Fashola said the completion of the Asaba substation was expected to improve service by reduction of load shedding and increase power supply to Okwe, Akuebulu, Jarret, Ogbeofu, Osadebe way, Okwe housing estate, and Oduke.

Mr. Fashola also disclosed that a new 330/ 132kv substation would be constructed at Okpai with a 132kv line from the station to service a proposed 132/33kv substation at Kwale.

He also hinted that installation of a new 60mva 132/33kv transformer would commence at Irrua transmission station any time from now.

The minister thanked well-meaning Nigerians who acknowledged that their experience on the power supply had improved, adding that their honesty inspired government and the operators to continue the improvement.

AD

Be the first to comment

Leave a Reply