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Nairaland Forum / Nairaland / General / Politics / FG Announces N213bn Intervention Funds For Electricity Companies (10821 Views)
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FG Announces N213bn Intervention Funds For Electricity Companies by kel4soft: 10:29pm On Sep 19, 2014 |
The Federal Government said on Friday that it had approved N213bn facility to rescue private electricity companies. Minister of Petroleum Resources, Diezani Alison- Madueke, said this while speaking with State House correspondents at the Presidential Villa in Abuja. She briefed journalists on ‘Electricity market stabilisation facility and the bankability of the power sector’. “The CBN, in collaboration with the Deposit Money Banks, will provide a total facility of N213bn to settle both the legacy gas debts as announced on August 2 and also the shortfall in revenues to the sector since the handover of PHCN companies on November 1, 2013,” she said. According to her, N36bn would be tied to commitments to supply specific volumes of gas- for-power and to negotiate and execute bankable gas supply agreements with power plants. She also said there would be a new electricity tariff to reflect the new developments. The minister said, “NERC (the National Electricity Regulatory Commission) will publish a reset tariff order (MYTO 2.1). This tariff order will take into account the CBN provided facility, current levels of energy output, the new baseline gas price and other variables that more closely reflect the true cost of running electricity businesses.” She said the electricity market, mainly consisting of private operators, would repay the facility with a first-line charge on their revenues over a 10-year period. She added that there would be a moratorium on repayment of the credit facility by the distribution companies until electricity supply improved across the country. She said this would ensure that the cost of electricity for ordinary consumers continued to be affordable. The minister added, “The CBN will, on a case-by case basis, be working with the Deposit Money Banks on some of the prudential guidelines associated with acquisition loans for electricity assets through extended restructure of the debts repayment during the moratorium period. “This will only apply where it is clear that strains on loans are a direct result of recent, unforseen adjustments in the policies that guide the electricity market. “The credit facility will be disbursed via commercial banks and a special purpose vehicle, which will be managed by a dedicated fund manager. This structure will ensure that the funds are repaid in full, within the time frame of the reset tariff order.” With her at the briefing were the Minister of Power, Chinedu Nebo; Governor of Central Bank of Nigeria, Godwin Emefuele, and Chairman, Nigerian Electricity Regulatory Commission, Sam Amadi. www.punchng.com/news/fg-bails-out-private-power-firms-with-n213bn/ 2 Likes |
Re: FG Announces N213bn Intervention Funds For Electricity Companies by kel4soft: 10:40pm On Sep 19, 2014 |
Congratulations to Nigeria. PDP POWER!!! POWER TO THE CABALS PDP!!! Deceiving Nigeria since the end of timez. 20 Likes |
Re: FG Announces N213bn Intervention Funds For Electricity Companies by mrofficial(m): 2:32am On Sep 20, 2014 |
Yawns. They won't stop approving! 2 Likes |
Re: FG Announces N213bn Intervention Funds For Electricity Companies by korel9: 4:43am On Sep 20, 2014 |
K, APC guns. Over to you. But shoot if u wanna shoot don't talk |
Re: FG Announces N213bn Intervention Funds For Electricity Companies by gbaskiboy: 4:43am On Sep 20, 2014 |
Circuit wE 32 of Jehovah's Witnesses invites you to the Regional Convention. Theme "Keep Seeking First God's Kingdom" On September 19-21 at Daluwon i.e Mowe- Ofada express road, Ogun state Nigeria. Program begins 8:20am Daily... 6 Likes |
Re: FG Announces N213bn Intervention Funds For Electricity Companies by Kayraph(m): 4:44am On Sep 20, 2014 |
Another opportunity for money to get siphoned has come again. 2 Likes |
Re: FG Announces N213bn Intervention Funds For Electricity Companies by brunofarad(m): 4:45am On Sep 20, 2014 |
Hope it will workout this time arround, Cos any news about electricity in this country is rather a national disgrace, But the politicians still see it as an achievement by just announcing their electricity plans nd targets. 1 Like |
Re: FG Announces N213bn Intervention Funds For Electricity Companies by godonzoki(m): 4:46am On Sep 20, 2014 |
All I want is constant electricity. Untill then, fukc off. |
Re: FG Announces N213bn Intervention Funds For Electricity Companies by khel(m): 4:46am On Sep 20, 2014 |
I'll hope the fund is really appropriated for the apporoved!!! 1 Like 1 Share |
Re: FG Announces N213bn Intervention Funds For Electricity Companies by Beesluv: 4:49am On Sep 20, 2014 |
Na today? 2 Likes |
Re: FG Announces N213bn Intervention Funds For Electricity Companies by PastorOluT(m): 4:51am On Sep 20, 2014 |
Shakes head, Obj gave more than this for power, yet what do we have? Hmm, new tariffs, this ain't good news at all? Though the money covers it so consumers can continue to pay the normal charges? But I foresee removal of subsidy n the price skyrocketing as in d case of fuel. One thing is very certain in this government, nothing is free or affordable anymore. Nigerians beware! 2 Likes |
Re: FG Announces N213bn Intervention Funds For Electricity Companies by ayukdaboss(m): 4:56am On Sep 20, 2014 |
PDP = Band Wagon of Liars and Thieves 5 Likes |
Re: FG Announces N213bn Intervention Funds For Electricity Companies by maxani: 4:56am On Sep 20, 2014 |
Here we go again. Sometimes one wonders if things will ever change. #wearewatching 1 Like |
Re: FG Announces N213bn Intervention Funds For Electricity Companies by mkpakanaodogwu(m): 4:57am On Sep 20, 2014 |
kel4soft: Congratulations to Nigeria. PDP POWER!!! POWER TO THE CABALS PDP!!!you are too greedy,pls try to change,stop eating thank u,with dont mention same time |
Re: FG Announces N213bn Intervention Funds For Electricity Companies by gift01: 4:58am On Sep 20, 2014 |
Election is drawing closer. If we no see light, den No Vote for GEJ come 2015. Apc who is your Presidential candidate? Lets start looking at the other option 2 Likes |
Re: FG Announces N213bn Intervention Funds For Electricity Companies by Temihatz(m): 5:00am On Sep 20, 2014 |
Story for the gods 1 Like |
Re: FG Announces N213bn Intervention Funds For Electricity Companies by bigwig10(m): 5:00am On Sep 20, 2014 |
The money will still go down the drain,intervention my foot,power stability by october#wicked Lie#,We'v heard that numerous timesssss 1 Like |
Re: FG Announces N213bn Intervention Funds For Electricity Companies by Pavore9: 5:03am On Sep 20, 2014 |
Same old path that leads to nowhere! 1 Like |
Re: FG Announces N213bn Intervention Funds For Electricity Companies by chinex276(m): 5:08am On Sep 20, 2014 |
Another way of looting d POOR MASSES.... Bt who cares as lng as there will be election next year!! |
Re: FG Announces N213bn Intervention Funds For Electricity Companies by MillionDollars: 5:09am On Sep 20, 2014 |
I've been hearing this since 1955 1 Like |
Re: FG Announces N213bn Intervention Funds For Electricity Companies by Nobody: 5:11am On Sep 20, 2014 |
today fund for this...tomorrow fund for that... afterall we cant see the impact done smh.... 1 Like 1 Share |
Re: FG Announces N213bn Intervention Funds For Electricity Companies by Luvdmx(m): 5:11am On Sep 20, 2014 |
Too bad 10 Likes
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Re: FG Announces N213bn Intervention Funds For Electricity Companies by Konnektions146(m): 5:13am On Sep 20, 2014 |
when will Nigeria wake up? Approving monies everyday without any remarkable improvement, we as a nation have got a lot of abundant resources to generate electricity but seemingly we are cursed in the way of petroleum, everything now is Gas powered , no one is looking at long term per se, what about renewable energy which we all know is till eternity. i have see a gas well loose over 50% of its production capacity in less than 2 years, what if somethin like this happens to wells supplying gas to our gas-fired power stations?, we would be plunged into darkness ehn? it is well 2 Likes 1 Share |
Re: FG Announces N213bn Intervention Funds For Electricity Companies by nifton(m): 5:13am On Sep 20, 2014 |
Hehehe,i dey laugh at hw dis money wil be shared and chopped. 1 Like |
Re: FG Announces N213bn Intervention Funds For Electricity Companies by OmoNwa: 5:14am On Sep 20, 2014 |
This woman better go and settle her case with NNPC staff first on their pension money. Make e no be say na pple pension money ds woman dey donate ooo. She should remember that daris God oooo |
Re: FG Announces N213bn Intervention Funds For Electricity Companies by naijathings(m): 5:17am On Sep 20, 2014 |
We know as e dey go.. Story Story. Make una continue. Based on past events, funds approval and promises, i know that PHCN/NEPA/PDP/APC or whatever organisation responsible for providing the citizens of Nigeria steady/constant electricity will always tell stories even if they approve 100billion dollars for power generation. 1 Like |
Re: FG Announces N213bn Intervention Funds For Electricity Companies by pabon(m): 5:22am On Sep 20, 2014 |
May God help us |
Re: FG Announces N213bn Intervention Funds For Electricity Companies by M4gunners: 5:22am On Sep 20, 2014 |
Still watching from my Temple. |
Re: FG Announces N213bn Intervention Funds For Electricity Companies by Nobody: 5:25am On Sep 20, 2014 |
kel4soft: If this is not a scam,i dont know what to call it......what is it with FG trying to bail out or rescue already privatised companies? If they had no capacity to run the bought GENCOs and DISCOs,why did clueless Jonathan sold to them in the first place.....despite the fact that some of the companies could not even meet up with the deadline for payment in the initial instance Now did i just read about a new Tarriff regime as an effect of the loan to be given? That implies that Nigerians should expect to pay more than they are already paying.......yet some people will still vote this man come 2015 9 Likes |
Re: FG Announces N213bn Intervention Funds For Electricity Companies by Kirinwa: 5:31am On Sep 20, 2014 |
kel4soft: Congratulations to Nigeria. PDP POWER!!! POWER TO THE CABALS PDP!!! Instead of saying they have approved PDP money for 2015 elections.Mtchew. 2 Likes |
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