Jun 21, 2017
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Breaking News!! Nigerian Government Inject Fresh N701bn Into Power Sector (See Details)

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Baring any last minute change of mind, the Federal
Government of Nigeria is set to release additional N701 billion
intervention fund to the Nigeria Bulk Electricity Trading (NBET) Plc.

It also disclosed its decision to commemce work on a broader restructuring of
the electricity sector towards  a more systematic development
power market design, especially for the renewable energy.
Acting President, Yemi Osinbajo made the disclosure at the inaugural
event of the Nigeria Renewable Energy Roundtable organised by the
Federal Ministry of Science and Technology, alongside with Nigerian Economic Summit Group (NESG) and Heinrich Boll Stiftung,
Nigeria, held at the State House Conference Centre, Abuja.
The Federal Executive Council (FEC) had, in March this year, approved
N701 billion for power assurance guarantee, while the NBET had, earlier
this month, released the first tranche of about N12 billion to 10
generating companies (GENCOS) from the intervention fund.
The release of the funds is expected to ease up that value chain
which, according to Osinbajo, has created several problems of its own.
“We hope this injection of funds will help. We are also looking at several
other reforms in the sector to make the market self sustaining,
independent and run on its own and free up all of the private sector
energy that is waiting to come into the market,” Osinbajo said.
The acting president noted that as a multi-stakeholder platform, the
Nigerian Renewable Energy Roundtable had its work cut out for it, which
include “to champion this new vision for renewable energy and ensure we
can translate theory to practice for the greater good of the Nigerian
people.”
He said: “We also need to explore the opportunities for revolving
funds for solar PV/wind projects as well as opportunities for other
investment remuneration mechanisms. It is also very important that we
break the deadlock of electricity market structures by exploring the
options to transform the “competition for markets” approach, continue to
embark on a broader restructuring of the electricity sector and strive
to achieve a more systematic development of the power market design,
especially for renewable energy.

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