The Central Bank of Nigeria (CBN) will be disbursing N118 billion for power distribution and transmission projects across the six geopolitical zones to boost electricity supply.
The Senior Special Assistant to President Muhammadu Buhari on Public Affairs, Ajuri Ngelale, disclosed this on Sunday during an interview on Classic FM.
This, he said, will enable the operators to add 2,000 megawatts to the power supply.
Ngelale said there would be improvement in the state of the power sector as the fund would enable operators to add 2,000 megawatts to the current electricity supply.
He added that the CBN had been asked to procure six million meters in support of the distribution companies (Discos) operations.
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“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,” he said.
“While this is critical is because once every Nigerian has a meter, the distribution companies will no longer be short-changed 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.”
He said the next step would to release the funds so that the projects could be executed in the next 12 to 15 months.
He added that some of the projects had already been executed, with the CBN supplying the funds on behalf of the Federal Government.
“The next is once the N118 billion is released for the next projects, across the six geopolitical zones, it is going to add 2,000 MW, to the transmission and distribution capacity of the country,” he said.
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The media aide said a German company handling the power distribution project had already strated rolling out distribution infrastructure across the country after taken records of what was required.
He explained that the installation of the power equipment would begin between June and July, and people will begin to see the work on the ground.
“Some people have asked why the government has spent over a N1 trillion on the power sector for several years without results. It is important for everyone to understand that N1 trillion was an equivalent of electricity power subsidy and not in infrastructure,” Ngelale stated.
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