The Central Bank of Nigeria (CBN) has warned would-be beneficiaries of the N600 billion power sector intervention fund that the disbursement of the fund will be based on the accountability system of distribution companies (DisCos) which is driven by their performance through revenue remittance.
The apex bank, according to the Nigerian Electricity Regulatory Commission (NERC), has also pledged to support the Commission in enforcing actions against any defaulting party. This was contained in NERC’s sixth meeting with Nigerian Electricity Supply Industry (NESI) stakeholders in Lagos.
“The CBN cautioned that the disbursement of the NGN600 billion intervention fund is premised on an accountability framework which hinges heavily on the performance of DisCos and should be reflected in improved collection efficiency and revenue remittance. The CBN also reaffirmed its support to the Commission that enforcement action be taken against defaulting Operators,” it read.