FG begins disbursement of N701.9bn to Power Generation Companies

In its determination to ensure improved electricity supply, the Federal Government has commenced disbursement of the N701.9 billion intervention funds to power Generation Companies, GENCOs.

The N701 billion was approved for Nigerian Bulk Electricity Trading, NBET, under the Power Purchase Guarantee Funds to enable it pay for power purchased.

Disclosing this, yesterday, at the 17th Power Sector Stakeholders’ monthly meeting at Apo Injection Substation in Abuja, Minister of Power, Works and Housing, Mr. Babatunde Fashola, announced that the payment was part of various measures being taken to address liquidity crisis in the power sector.

Meanwhile, the Federal Government has 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.