CBN disburses N158bn to DisCos, others

Not less than N158. 74 billion has been disbursed by the federal government to electricity distribution companies (DisCos), generation companies (GenCos) and other service providers in the electricity sector, it has been revealed.
Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, disclosed this yesterday while making presentation before the House of Representatives ad hoc committee on the need to halt excessive electricity billing against consumers, started yesterday in Abuja, explaining that the funds were issued under the CBN-Nigerian Electricity Market Stabilisation Facility.
According to him, seven DisCos received N49, 841, 913 billion, 18 GenCos got N73, 545,871 billion, six GasCos N24,892,952 billion while service providers were paid N10,463,904,265 billion, adding that in order to ensure electricity becomes efficient, the apex bank also intervened by providing a payment assurance facility and has so far disbursed N330 billion out of a projected N701 billion.
“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,” he noted.
In his own submissions, Chairman of the Nigeria Electricity Regulatory Company (NERC), Prof James Momoh, informed the committee that the commission was doing everything humanly possible to ensure that billing was done in accordance with consumption, result for which he disclosed that NERC had fined some DisCos to the tune of N134.1 million for violations of electricity regulations, adding that the money was transferred to the Rural Electrification Agency (REA) account.
“All the reports related to the fines are published annually.
NERC is taking measures to improve on the services by DisCos,” Momoh said.
He disclosed further that the availability of electricity metres to consumers will be fully available in the next three years beginning from January 1, next year.
Declaring the hearing open earlier, Speaker of the House, Yakubu Dogara said “the House is aware of the financial hardship being experienced by most of our people, due to

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