NBET, CBN negotiate new N180bn stimulus for power sector

The acting Managing Director, Nigerian Bulk Electricity Trading Plc (NBET), Mr. Waziri Bintube has confirmed that the NBET and Central Bank of Nigeria (CBN) are currently negotiating a new financial stimulus worth N180 billion to support electricity operators in Nigeria’s power sector,Bintube in an interview, said that the CBN had in addition to the N213 billion it approved in its Nigerian Electricity Market Stabilisation Facility (NEMSF) for disbursement to operators at a concessionary term, agreed to put another N180 billion into the facility. He also said NBET had not touched its $350 million capitalization fund under the Euro bond facility and that while the CBN expects to wrap up its first N213 billion to the market, the new N180 billion would immediately kick in.He added: “If the power plants work, the manufacturers will have lesser problems, the banks will get paid for their products and then there will be less need for foreign products to come in and that reduces the request for foreign exchange. Just imagine that if our refineries are working, we will not need to depend on importation which takes away a lot from us including profits and jobs.”