POWER INTERVENTION FUND JUMPS TO N2.9trn

The Federal Government’s intervention fund to the electricity distribution companies has risen to N2.9trn, from N2trn recorded as of May this year.

This indicates a 45 per cent increase over the period.
By estimation, the N2.9trn is the total funding extended to the sector since privatization in 2013.

The Director-General, Bureau of Public Enterprise, Alex Okoh, in an interview, said there was an approval of a fresh 2.3 billion Euro loan for the transmission and distribution arms of the sector.

Prior to the 2.3 billion Euros, the last one was the $500m by the World Bank to improve its electricity distribution sector in May.