From Uche Usim, Abuja
Minister of Power, Works and Housing, Babatunde Fashola, has disclosed that the disbursement of the N701.9billion intervention funds to the power Generation Companies (GenCos) to improve power supply.
The money was approved by the Federal Government for the Nigerian Bulk Electricity Trading (NBET), under the Power Purchase Guarantee Funds to enable it pay for power purchased.
He made the disclosure at the17th Power Sector Stakeholders’ monthly meeting in Abuja, explaining that the payment was part of various measures taken by government to address liquidity crisis rocking the sector.
Represented by the permanent secretary, Mr. Louis Edozien, he stated that payment for January was done while the February disbursement was yet to be completed.
He also commissioned the Kukuaba 2x60MVA/132/33Kva transmission sub-station, Abuja, to boost electricity supply to Lugbe area of the Federal Capital Territory (FCT).
He said the sub-station was further evidence of Transmission Company of Nigeria’s commitment to keep transmission wheeling capacity ahead of all generation capability on the grid and also ahead of distribution requirements of the companies.