Federal Government approves NGN 213 billion ($1.3 billion) for power intervention fund

Nigeria: The Federal Government has announced a NGN 213 billion ($1.3 billion) facility to address the revenue decrease in the power sector and help towards gas debts.

The announcement was made last week in Abuja at a joint press conference of the Nigerian National Petroleum Corporation and the Ministry of Petroleum Resources, reports Codewit World News.

The scope of the intervention will be used to settle the legacy gas debts as well as procurement of transformers by distribution companies, execution of maintenance programmes and procurement of other power equipment by generation companies.

Beneficiary companies are expected to repay loans obtained from the fund over a 10 year period.

Source: Codewit World News