The Central Bank is working with the Nigeria Electricity Regulatory Commission (NERC) to ensure the full disbursement in three weeks, of the more than N200 billion power support fund meant to resolve a pile of legacy debts and empower generating and distribution firms to produce and wheel more electricity to businesses and homes in the country.
Issues around electricity tariff in the country and controversy have stalled the disbursement of the fund over an announcement made by the power regulator just before the recent general elections.
According Godwin Emefiele, governor of the Central Bank “the disbursement was slowed down by the reversal in the tariff and we are working and discussing this matter so we can fully disburse.
“ The regulators 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.”
He was speaking with BusinessDay in the apex bank governor’s first wide-ranging sit down interview with any Nigerian newspaper.
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 N56bn to some Gencos and Discos out of a total of almost N213bn. We will be meeting with the NERC, the embeds, 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.”