CBN Delays Disbursement of N213bn Power Intervention Fund

The Central Bank of Nigeria (CBN) has suspended the disbursements of N213 billion power intervention funds to electricity generation and distribution firms.

The Director General, Bureau of Public Enterprises (BPE), Mr. Benjamin Dikki, who made the disclosure yesterday, maintained that the embargo on the funds would only be lifted when the crises surrounding tariff adjustment and policy inconsistency are resolved.

He noted that the CBN had assured to continue with the scheme only if the government could guarantee a cost reflective tariff, which would in turn enable the operators pay back in due course. The BPE boss, therefore, enjoined the Federal Government to ensure clarity and consistency in policies in order to spur necessary investments in the sector.