FG injected N213bn to stabilise electricity in 2015 — NERC

Federal Government, through intervention of Central Bank of Nigeria (CBN), injected N213 billion to stabilise the electricity market in 2015, the Commissioner, Engineering, Performance and Monitoring, at the Nigerian Electricity Regulatory Commission (NERC), Prof Frank Okafor, has said.

Okafor, a professor of Electric Power and Control, made this known at the maiden Energy Commission of Nigeria (ECN) Quarterly Energy Lecture Series in Abuja.

Okafor, who was guest lecturer, enumerated intervention efforts of the Federal Government to ensure improvement in power generation and distribution in the country.

He explained that the Nigerian Electricity Market Stabilisation Fund of N213 billion was (CBN-NEMSF) set up in 2015 with a repayment period of 10 years.

Okafor, however, lamented that Nigeria ranks as one of the lowest in grid energy consumption in the world despite the interventions.

He said there was also the Payment Assurance Facility (PAF) of N701 billion for generation companies to provide minimum level payment to generating companies (GenCos) as well as gas suppliers among other interventions.

On metering, Okafor said as at June, this year, 4.4 million customers, representing 35 per cent of total customer number of 12.6 million were metered.

According to Okafor, 588,521 meters have been installed under the National Mass Metering Programme (NMMP) started in October, last year.

He revealed that the plan was to meter 1 million under the phase 0, noting that the new metering regulation issued by NERC effective August 2021 harmonises the MAP and NMMP to ensure accelerated roll of meters to bridge the metering gap, which stands at 8.2 million.

Okafor called on ECN to play a leading role in research, development, demonstration and deployment of an extensive range of clean energy and efficiency technologies in ensuring improved environmental health and cost effective use of energy.

Earlier, Director-General of ECN, Prof. Eli Jidere Bala, said the lectures were expected to bring out recommendations that would have potentials to remove obstacles towards the adequate, reliable, cost effective and sustainable energy supply into the economy with active participation of the private sector.