Federal Government Of Nigeria Says No going Back On 5000MWs Of Electricity December 31, 2014, Federal Government’s target of generating 5000 megawatts of electricity by the end of December 2014 is on course, as the Central Bank of Nigeria (CBN) intervenes to end the perennial gas supply problem in the power sector. Currently, Nigeria generates between 4,000 and 4500 MWs. As a result of the intervention, a Memorandum of Understanding was signed by the Nigeria National Petroleum Corporation (NNPC), the Nigeria Electricity Regulatory Commission (NERC) and the Federal Ministry of Petroleum Resources with electricity distribution companies and electricity generation companies operating in Nigeria.
The gas supply agreement became possible due to the intervention of the Central Bank of Nigeria (CBN) in the Nigeria Electricity Market Stabilisation Facility (NEMSF) that is aimed at putting an end to perennial problem of gas supply in the power sector. Under a separate Memorandum of Understanding signed by the power distribution and generation companies with the Nigeria gas supply, the N36.93 billion legacy debt owed to gas company would be paid off with facility provided by the apex bank. SEE MORE ON PAGE 2