The Minister of Power, Works and Housing, Mr. Babatunde Fashola has announced that the Federal Government has recovered the sum of $64,630,055:00 from international electricity customers, stating by that the Nigerian Bulk Electricity Trade (NBET) would work out the modalities for distribution of the sum in the power sector.
Fashola stated this at the monthly power meeting of the Power Sector held in Asaba, Delta State.
The Minister, who reeled out achievements and challenges in the Power Sector in the last one month, said, “On a final note, I am happy to announce that we have recovered $64,630,055:00 from our international customers in the Benin Republic and the Republic of Niger. The Nigerian Bulk Electricity Trader, (NBET) will work out the modalities for distribution.”
Also, the Minister announced that there were improvements in the Power Sector as he said, “Minute by minute, hour by hour, day by day, week by week and month by month we have not only gained momentum, we are seeing progress that inspires us not to flag, progress that inspires us to continue, because the power problem can be successfully managed by Nigerians.
“Not even your worst critic can deny that his experience has improved; even if he is reluctant to acknowledge it, which is his prerogative.”
Fashola, also said the Rural Electrification Agency (REA) completed the guidelines for the operation of the rural electrification fund that will help vulnerable groups and communities gain access to funding to support their electricity development program;
He said, “By way of explanation the Rural Electrification Fund was created by Section 88 of the Electric Power Sector Reform Act (EPSRA) of 2005 to promote support and provide rural electrification access.
“The fund will provide a partial single payment capital subsidy and or technical assistance to eligible private Rural Power Developers, NGOs or communities to invest in options such as hybrid mini-grids or solar home systems to scale up rural access to electricity.”
The Minister stated that the improvement in the supply of electricity was as a result of the peace in the Niger Delta.