Amid poor power supply, CBN says it disbursed N1.3trn to the sector in five years

the Central Bank of Nigeria (CBN) says that it has disbursed more than N1.3 billion to support the supply of energy to Nigerians in the last five years. His comments come as Nigerians in recent weeks continue to struggle with poor energy supplies, made worse by shortages of fuel to power homes and businesses and also by the economic downturn. President Muhammadu Buhari also expressed concern about the suffering Nigerians are going through and vowed to intervene. CBN Governor Godwin Emefiele made the comment at a news conference following a Bankers Committee meeting in Abuja on Monday. “So what we are trying to say here is that the CBN has always been there to support the electricity sector. ”As everyone knows, we have disbursed more than 1.3 billion naira in the last five years to support through the Generators or Disks or purchase equipment or buy meters or improve what is paid to electricity generating companies; “So they can continue to pay for their gas and then the system can continue to operate.” Poor power supply Premium Times reported today how President Buhari ‘summoned’ Imo State Governor Hope Uzodinma, Energy Minister Abubakar Aliyu and Chief Economic Adviser Doyin Salami to a meeting at the Presidential Villa on Monday afternoon. . The president was reportedly scheduled to meet separately with them and would be briefed on the latest developments in Imo State, the power sector and the state of the economy. While condemning the wave of violence in Imo State following the destruction of police buildings and assets and the home of George Obiozor, President General of Ohaneze Ndigbo, the President pledged to review the security situation in southeastern Nigeria. President Buhari also expressed concern about the frequent power outages, apologized to Nigerians and assured swift relief to the situation. Disbursement Emefiele said on Monday that the bank had disbursed 11.11 billion naira to energy sector players under Nigeria’s massive e-commerce payment guarantee facility, bringing the cumulative disbursement under this facility to 1.28 trillions of naira. ”The sum of N12.64 billion was also handed over to Discos under line two of line two of the Nigerian Electricity Market Stabilization Facility. “The community disbursement under the names two, the first is 232.93 billion naira. “Both interventions are designed to improve access to capital and facilitate the development of enabling infrastructure in Nigeria’s electricity supply chain sector,” he added. However, Emefiele pledged the main bank’s commitment to continue supporting distribution companies (DISCO) to provide stable energy supply to Nigerians. He said that the main bank would engage with the Minister of Energy and NERC to see what could be done to support them. fuel shortage Emefiele also said the bank would provide interventions for the NNPC to ensure they import oil products that would end shortages in the country. He noted that the Finance Minister was holding engagements with the Monetary Policy Committee (MPC) to see what could be done to ensure adequate financing was provided so that petroleum products were adequately available in the country. “We also say that we will engage with NNPC ourselves, if there is any kind of intervention that we can provide to help make it easier for them to bring these products in, so that this shortage can be stopped. “So we’ll see that when supply goes up, people are relatively certain that when they sell whatever they have, whether it’s gasoline or diesel, that they can easily replace it, then arbitrary price increases will go down. “When the arbitrary price is reduced, of course, we can start to see that there will be a gradual moderation in the price of this product. “This would ultimately result in moderation in the prices of other products that would have risen in price as a result of the arbitrary increase in the price of these items. advertisements “That’s just how we think CBN can work with them,” he said. Mr. Emefiele therefore urged NNPC to take urgent action to ensure the adequate supply of petroleum products in Nigeria, in order to reduce the rate of arbitrary increase in the price of these petroleum products by oil traders. He also pointed to the unprecedented rate of oil theft in recent times and its debilitating impact on government revenues and the nation’s reserves. “In the medium term, MPC is hopeful that the proposed ramp-up of the Dangote refinery in the course of the year will help improve the supply of petroleum products in Nigeria. “MPC also noted that the diesel price increase is compounded by the problem of inadequate electricity supply in Nigeria, which has negatively affected domestic prices. “MPC advises the CBN management and tax authorities to take specific and urgent measures to prevent many power generating stations from closing for maintenance, resulting in the current unjustified closure of our generated assets,” Emefiele said. 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