The federal government has begun to disburse the N701.9 billion intervention funds to the power Generation Companies (GENCOs) to improve the supply of electricity in the country.
The N701 billion was approved for Nigerian Bulk Electricity Trading (NBET) under the Power Purchase Guarantee Funds to enable it pay for power purchased.
The minister of works, power and housing, Mr. Babatunde said at the 17th Power Sector Stakeholders’ monthly meeting held in Abuja that the payment was part of various measures taken by the government to address liquidity crisis in the power sector.
Fashola who was represented by the permanent secretary in the ministry of power, Mr. Louis Edozien disclosed that payment for January was done while the February disbursement was yet to be completed.
The minister also commissioned the Kukuaba 2x60MVA/132/33Kva transmission sub-station in Abuja in order to boost electricity supply to Lugbe area of the Federal Capital Territory, FCT. Electricity
He said the sub-station was further evidence of Transmission Company of Nigeria’s commitment to keep transmission wheeling capacity ahead of all generation capability on the grid and also ahead of distribution requirements of the companies.