Home Business CBN disbursed N158.7bn to DisCos, others – Emefiele
CBN disbursed N158.7bn to DisCos, others – Emefiele
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CBN disbursed N158.7bn to DisCos, others – Emefiele

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The federal government has disbursed a total of N158.74 billion to electricity distribution companies (DisCos), generation companies (GenCos), gas companies and service providers under the Central Bank of Nigeria (CBN) Nigerian Electricity Market Stabilisation Facility.

The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, disclosed this while testifying before the House of Representatives ad hoc committee on the need to curb excessive electricity charges being levied on consumers by distribution companies.

Emefiele revealed that out of the money, seven DisCos received N49,841,913 billion, 18 GenCos got N73,545,871billion, six gas companies got N24,892,952 billion, while service providers were paid N10,463,904,265 billion.

He added that the apex bank also intervened by providing a payment assurance facility and has so far disbursed N330 billion out of a projected N701 billion to ensure that electricity becomes sufficient.

“The intention is that power should continue to be supplied, while the sector sorts itself out in the following areas: reduce the losses that have plagued the industry, increase collection and arrive at a realistic tariff that phases out shortfalls”. The governor however confirmed that the CBN has no record of metered customers and estimated billed customers.

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