FG N1.8tn Intervention Fund: We Received Only N58bn, say Discos

Out of the N1.8tn intervention fund set aside for the power sector, Electricity distribution companies have only accessed N58bn from the Central Bank of Nigeria’s N213bn loan facility, official said.

N58bn is being repaid monthly and we have never received any free money from the Federal Government, Executive Director, Research and Advocacy, Association of Nigerian Electricity Distributors, an umbrella body of Discos, Sunday Oduntan, said.

He explanation was to correct the impression that power sector operators, including Discos, had received free N1.8tn from the Federal Government since the sector was privatised in November 2013

“The Discos have only partaken in the N213bn NEMSF facility, which is being deducted every month at source by CBN with about 10 per cent interest rate for 10 years,” Oduntan stated.