
The Central Bank of Nigeria has disclosed that it has invested N2.3 trillion in Nigeria’s power sector as intervention fund since it was first initiated in 2015. It stated that the intervention was a strategy to improve power supply as well as increase metering in the sector. This was contained in a report from CBN covering a detailed assessment of the N10.3 trillion developmental finance between 2015 to 2022. A breakdown of intervention fund in the sector spanned several schemes over the years such as the the Nigeria Electricity Market Stabilization Facility (NEMSF) 1-3; (NEMSF 1-3), NMMP, PAIF, NBET PAF, SCF, and IFNGEP.
According to the report, the facility was disbursed under the Nigerian Electricity Market Stabilisation Facility intervention project targeted to increase electricity capacity from 3,400MW to approximately 4,900MW. About N195.6 billion was disbursed under the NEMSF, which was created to help offset legacy debts and revenue shortfall during the Interim Rules Period (Nov 1, 2013 – December 2014). It was, however, extended in 2020 to include Critical infrastructure upgrade by distribution companies (DisCos) while N273.2 billion was later earmarked for the project. About N86.6 billion was disbursed under another NEMSF 3 that was initiated in 2022 which was targeted at improving TCN’s Transmission/Distribution (Tx/Dx) Networks.