Zainab Ahmed, minister of finance, budget and planning, says the N1.3 trillion intervention fund the federal government provided for the power sector has not yielded any significant result.
On March 1, 2017, the federal government approved the sum of N701 billion as a power assurance guarantee fund for the Nigerian Bulk Electricity Trader (NBET) to pay for the electricity produced by the generation companies (GenCos) to the national grid for the period of two years.
The fund was provided to tackle the monthly liquidity challenges faced by GenCos, as the distribution companies (DisCos) keep defaulting in paying for the monthly invoice of electricity received.
In a letter to President Muhammadu Buhari dated November 19, 2021, seen by TheCable, Zainab Ahmed, minister of finance, detailed how funds can be raised through the sale of make-up gas to address the financial challenges in the sector.
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