Barely two weeks after the first tranche of N18.2bn loan was disbursed to five power firms by the Central Bank of Nigeria, another set of power distribution and generation companies were on Wednesday given a loan of N39.52bn to boost their operations.
The amount, given at an interest rate of ten per cent, with a repayment period of ten years, is part of the N213bn Nigerian Electricity Market Stabilisation Facility.
The fresh disbursement of N39.53bn brings the total disbursement made under the NEMSF intervention to N57.72bn.
A total of four power distribution companies and six power generation companies had their respective Chief Executive Officers in attendance during the second batch of the disbursement. Click to signup for FREE news updates, latest information and hottest gists everyday
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I seem not to understand this kind of privatization where government keep funding the so called businesses. It is obvious to all that Nigeria power problem is that of generation. When small South Africa is generating 24,000 Mega Watts Nigeria is yet to cross 4,000 Mega Watts and yet GEJ is funding the distribution company. It's now obvious why they can come out to contribute 5 Billion to GEJ re-election bid. This government swims in corruption.
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