CBN SET ASIDE N240BN FOR POWER FIRMS’ EMERGENCY EXPENDITURE

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The federal government has announced that the central bank of Nigeria would provide N240bn in emergency capital expenditure to power companies for interface repairs and network enhancements.
The cash is reportedly funded by the bank to aid in the expansion of power distribution firms’ capacity to distribute electricity.
Following the dismantling of Nigeria’s former power holding company in November 2013, a total of 11 distribution firms and six generating companies emerged, all of which were sold to private investors.
The federal government claimed in a document headed ‘update on the Nigeria electricity supply industry,’ received from the federal ministry of power in Abuja on Friday, that it was once again assisting power businesses through the CBN with N240 billion.
The government said in the document’s investment section that “N240 billion in emergency CAPEX (capital expenditure) given by the CBN for interface repairs and (for) discos in network upgrades.”
The government, on the other hand, said that it had achieved a return on investment with the sale of the N105 billion afam iii, iv, and v power facilities and the disposal of yola disco for N19 billion.

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