Tuesday, 14 November 2017

Nigeria Recovers $64.6m Electricity Debt From Foreign Investors

Nigeria has recovered 64.6 million dollars electricity debt from its international customers in Niger and Benin Republics, Minister of Power Babatunde Fashola says.

The minister said this on Monday at the 21st monthly power sector meeting in Asaba, Delta state. Fashola said Nigerian Bulk Electricity Trader (NBET) would work out modalities for distribution of the fund to the value chain operators.

The minister also announced that Rural Electrification Agency (REA) had completed guidelines for the operation of the rural electrification fund.

"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 former governor of Lagos said.

"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.

"What they are likely to get are minimum amounts of N3.5m and maximum amounts of N106m or 75 per cent of project cost whichever is less.”

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