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The electricity Distribution Companies have denied ever receiving any free money from the federal government, but have only accessed N58 billion loan from the N214 billion loan facility of the Central Bank of Nigeria , out of the N1.8 trillion so far injected into the power sector.
The statement recalled that at the opening session of a public hearing on “Power Sector Recovery Plan and the impact of COVID-19 Pandemic” by the Senate Committee on Power on Monday, the President of the Senate, Ahmed Lawan in his address said, “Government should not be giving free money. N1.8 trillion has been given to DisCos maybe in their books. The actual money might have been given to the GenCos.
The association said CBN in 2014 provided N214 billion Nigeria Electricity Market Stabilisation Fund but that the DisCos were only able to access N58 billion of that till date, “and that is on the DisCos’ account books as collateral for our Letters of Credit which DisCos are repaying every month. Another N600 billion was approved for the GenCos in 2019 through NBET for similar purposes. “However, the DisCos have only partaken of the N213 billion NEMSF facility which is being deducted every month at source by CBN with about 10 percent interest rate for 10 years.”
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