The Federal Government’s target of generating 5000 megawatts of electricity by the end of December 2014 is on course, as the Central Bank of Nigeria (CBN) intervenes to end the perennial gas supply problem in the power sector. Currently, Nigeria generates between 4,000 and 4500 MWs.As a result of the intervention, a Memorandum of Understanding was signed by the Nigeria National Petroleum Corporation (NNPC), the Nigeria Electricity Regulatory Commission (NERC) and the Federal Ministry of Petroleum Resources with electricity distribution companies and electricity generation companies operating in Nigeria.The gas supply agreement became possible due to the intervention of the Central Bank of Nigeria (CBN) in the Nigeria Electricity Market Stabilisation Facility (NEMSF) that is aimed at putting an end to perennial problem of gas supply in the power sector.Under a separate Memorandum of Understanding signed by the power distribution and generation companies with the Nigeria gas supply, the N36.93 billion legacy debt owed to gas company would be paid off with facility provided by the apex bank.Speaking on the occasion, the Minister of Petroleum, Mrs Diezani Allison-Madueke, said the agreement would bring about a lasting solution to the problem of gas supply in the country and also end the perennial power supply problems occasioned by inadequate gas supply.With the write-off of the legacy debt, the Petroleum Minister said a new dawn has been created in the Nigeria domestic gas market, as all gas sold to the Nigerian power sector would now be paid for.Henceforth, she said the medium term gas supply would now be about 2.5m cubic gas daily with 80 percent of this daily supply going into the power sector. Also in his speech, the Minister of Power, Professor Chinedu Nebo, described the journey to the signing of the MOU as grueling and time consuming, adding that before the signing of the MOU, Nigeria was fluctuating between 4000 and 4500MWs of electricity due to inadequate gas supply.However, he said because of the synergy between two ministries, the CBN, NERC and other stakeholders in the power supply chain, the sector had been given a clean bill of health.By the end of December 2014, he said the Federal Government would achieve its set target of 5000MWs of electricity because of the CBN intervention.Earlier, the CBN governor, Mr Godwin Emefiele, stated that the bank is collaborating with the Ministry of Petroleum Resources, Ministry of Power and the NERC to intervene in the Nigeria electricity supply industry with a view to resolving its liquidity challenges.


http://www.tribune.com.ng/news/news-headlines/item/21887-no-going-back-on-5000mws-of-electricity-dec-31-fg

Good, gej we dey ur back

Praying for the best since 1904

I pray God will help us in Nigeria,even when there is light,petrol stations go about bribing PHCN staff so they can take light and people to buy fuel..

Wondering when all of this values and figures would translate into something that impacts the populace positively, not just mere numbers to fool the economists from world Bank and IMF

GogetterMD:
Wondering when all of this values and figures would translate into something that impacts the populace positively, not just mere numbers to fool the economists from world Bank and IMF

Somehow;light has been stable in Lagos Island and Mainland especially in the light.

Omooba77:

Somehow;light has been stable in Lagos Island and Mainland especially in the light.

Where I stay, the situation has taken a worse turn, electricity supply has more then halved over the past few weeks. Now it's less than 6 hrs a day. Somewhere in Osun state

gh

If this works...
Then be ready to experience a more beautiful Nigeria.

This our FG dey smoke weed every morning.
5,000mw when I haven't seen light here for past two days.

The thunder that will fire them is still doing press up.

GEJ how far?

Lolzzzzzzz.

I will wait till it actually happens before rejoicing.

tonytony208:
I will wait till it actually happens before rejoicing.

It will happen.....

24hour power supply is a pipe dream. The power consumption of office equipments in california alone is over 6000mw. The fact that the power sector was sold only to nigerian companies is a mystery and smells corruptions. Then we have pipeline vandals!

Until it happens l can boldly "Yimu"

grandstar:
24hour power supply is a pipe dream. The power consumption of office equipments in california alone is over 6000mw. The fact that the power sector was sold only to nigerian companies is a mystery and smells corruptions. Then we have pipeline vandals!

Manitoba,vandalisation is another bottle neck,couple with bad transmission system

Why is it now that they want to do it. They want to carry everything for head to give impression.

Common gerrout!

Omooba77:

It will happen.....

It didn't happen in 6 years of cluelessness. Should it happen barely 3 months to election?

Kirinwa:


It didn't happen in 6 years of cluelessness. Should it happen barely 3 months to election?

As you said