The Central Bank of Nigeria has disbursed N18. 26 billion to two electricity distribution and three power generating companies.
The power companies accessed the facility under the N213 billion power sector intervention funds.
The CBN sees the Electricity Stabilization Facility as a way to ensure that the sector delivers tangible improvement in power supply to all Nigerians.
The apex bank says it is providing the facility to address recent short falls in the power sector revenue owing to adjustments in the electricity tariff and legacy gas debt.
The fund’s beneficiaries are to invest it in necessary power generation, plant maintenance, transmission upgrade and distribution network.