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Fashola says NBET can now access N701bn power fund

The Minister of Power, Works and Housing, Babatunde Fashola, has said that the N701bn approved by the Federal Government to support power generation companies financially can now be accessed by the Nigerian Bulk Electricity Trading Company, The Punch reports.
For about two months after the fund was approved, the power generation companies complained that they could not access it from the NBET, as they claimed that they were not aware of how it was to be disbursed. But while speaking as a guest on a television programme on Wednesday, Fashola stated that the bulk electricity trader now had access to the fund and would follow stipulated procedures in disbursing it.
The minister also stated that aside the Gencos, the power distribution companies were in dire need of funds but noted that they lacked the capacity to borrow and that this was why many of them had found it difficult to upgrade their facilities, a development that was responsible for load rejection by the Discos.

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