The Nigerian Electricity Regulatory Commission (NERC) said the recently approved N701 billion Federal Government intervention fund to the Nigeria Bulk Electricity Trading (NBET) Plc is not sufficient in the power sector, The Guardian report.
The Vice Chairman of NERC, Sanusi Garba, stated that; “The N701 billion fund approved by the Federal Executive Council (FEC) is necessary but not sufficient intervention for resolving the liquidity challenge in the power sector. Other regulatory interventions would be enforced by the regulatory commission.”
NERC’s response coincided with a meeting between the Minister of Power, Works and Housing, Babatunde Fashola, representatives of NERC, CBN and some owners of power distribution companies (Discos), who were seeking for bailout loan from the CBN. Although the outcome of the meeting could not be ascertained yesterday, It was learnt that the minister was disposed to bailing out the DisCos.
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