CBN To Inject N118 Billion Into DisCos

The Central Bank of Nigeria (CBN) will be disbursing N118 billion for power distribution projects across the six geopolitical zones.

Senior Special Assistant to President Mohammadu Buhari on Public Affairs, Ajuri Ngelale, disclosed this on Sunday.

This, he said, would enable the operators to add 2,000 megawatts to the power supply.

Ngelale said the current state of the power sector will soon improve as President Buhari has approved the power sector fund to strengthen infrastructure in the sector.

The President, he said, asked the CBN to procure six million meters in support of the distribution companies operations.

Ngelale spoke during an interview on Classic FM, monitored by The Nation’s correspondent.

He said: “Already, we have rolled out over 500,000 meters nationwide, and we are moving very aggressively towards the six million meters target by 12 to 15 months. This will make it possible for everyone who wants a meter to get one.

“While this is critical is because once every Nigerian has a meter, the distribution companies will no longer be shortchanged with the estimated metering going on.

“The President has said N118 billion will be released for distribution and transmission projects that have been identified across the country.”

 

 

– The Nation

About Don Saint

PR Guru / Author / Promoter / Controversial Writer / Hip Hop Artiste / Actor / Human Rights Activist. The First Nigerian Hip Hop Artiste to obtain a Masters Degree (M.A) in Arts ( Religion & Human Relations). The author of one of the most controversial books in Nigeria; "Emancipation from Masturbation". With over 12 Movies and 3 Musical albums since 2003. Former Events Manager at Silverbird’s Rhythm Fm Awka Station till 2010. For more info. Call : 08033239298.

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