20 Gencos receive N17.8bn from NBET as part of N701bn loan – Report

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The Nigerian Bulk Electricity Trading Plc (NBET) has paid out N17,801,337,671 from the N701 billion power supply payment guaranteed loan it got from the Central Bank of Nigeria (CBN) to 20 out of the 22 electricity generation companies (Gencos) as the first tranche of disbursements for power they generated and supplied in January, THISDAY reports.

Documents obtained from the NBET at the weekend in Abuja, confirmed that the disbursements of the N701 billion CBN loan to power Gencos and gas companies have actually commenced as recently disclosed by the Minister of Power, Works and Housing, Mr. Babatunde Fashola.

The payments which covered the January supply invoices of the Gencos, indicated that out of a total of N35,078,125,791 in invoices that were submitted by 20 Gencos, an aggregate of N28,062,500,633 was paid out, with N10,261,162,962 coming from the market revenues remitted to the Market Operator (MO) by the 11 electricity distribution companies (Discos) while N17,801,337,671 came from the CBN loan.