The Federal Government has approved the sum of N600 billion for the country’s electricity market, Concise News reports.
The Market Operator of the Transmission Company of Nigeria (TCN), Engr. Edmund Ejie disclosed this to reporters at the Market Operator’s Participants/Key Stakeholders 2019 3rd Quarter Interactive Forum in Abuja.
Ejie stated that the fund is already ripe for disbursement.
According to him, the intervention is for the payment of the shortfall in electricity invoices for the entire market. He noted that the intervention is not restricted to a single chain in the market but a wholistic one.
“The intervention is at a very advanced level. It has been signed by Mr. President, Muhammadu Buhari,” he said.
Recall that Vice President Prof Yemi Osinbajo earlier disclosed that the President Muhammadu Buhari administration has invested N900 billion in the power sector since 2015.
According to him, “Since assumption of office, we have invested so far in terms of support N700 billion in the power sector. Earlier, we invested N200 billion.”
He said that each of the Distribution Companies (Discos) controls a particular territory and it has been a major challenge the power sector has been facing.
”And now we are saying that any company that wants to provide power to any territory, should be able to provide power for the territory and the people,” he said.
‘We have been able to break the existing monopoly in the power sector. Whether upgrade or not, the discos should be able to serve the people.
”Another strategy we are trying to introduce is to open up the power sector by restructuring.” He said.