Nigeria In One Minute
FG’s N701bn Bailout in Jeopardy as Discos Remit 25.5%
The poor remittance levels of the 11 electricity distribution companies (Discos) in Nigeria’s privatised power market may have defeated the aim of the N701 billion bailout by the Central Bank of Nigeria (CBN) to the power generation companies and gas suppliers, THISDAY has learnt.
Following the declaration last week by the federal government through the Permanent Secretary, Ministry of Power, Mr. Louis Edozein, that the government might soon discontinue its payment of financial shortfalls to the Gencos, THISDAY gathered from the market records from the Nigerian Bulk Electricity Trading Plc (NBET) that the intentions of the bailout scheme may not be met after all.
From the analysis of the market records obtained Thursday in Abuja, the original intentions of the bailout funds was to support the Gencos to continue to produce electricity for at least two years when the Discos would be able to pay substantially for power sold to them.
This Day, Friday 22, February.
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