Chineme Okafor in Abuja
The financial support provided by the Central Bank of Nigeria (CBN) to Nigeria’s power sector is set to hit a total of N1.695 trillion, making it the single largest creditor to the sector, an analysis of a report obtained from the apex bank by THISDAY has disclosed.
THISDAY gathered from the CBN annual’s report for 2018, that as at the end of 2018, it had granted total credit of N1.095 trillion to the power sector under the three different schemes it set up.
The schemes included the Nigerian Electricity Market Stabilisation Facility (NEMSF), which was made to settle outstanding payment obligations due to market participants during the interim rules of the market as well as legacy debts owed by the Power Holding Company of Nigeria (PHCN) to gas suppliers; the Power and Airline Intervention Fund (PAIF); and the Payment Assurance Facility (PAF) extended to the Nigerian Bulk Electricity Trading Plc (NBET) to settle…
Source: Thisday Newspaper
