Power: FG releases N8b to distribution companies

The Federal Government has released N8.27 billion for Distribution Companies and Generating Companies.
A statement issued on Wednesday in Abuja by Paul Nwabuikwu, spokesman for the Coordinating Minister for the Economy, Dr. Ngozi Okonjo-Iweala, said the money was released following approval by President Goodluck Jonathan.
“N8.27 billion was specifically released to the Federal Ministry of Power for the DISCOs and GENCOs, following approval by President Goodluck Jonathan,” Nwabuikwu said.
The statement said that the Ministry of Finance had paid N72.7 billion to the Federal Ministry of Power so far this year, to cover various items in line with the implementation of the power roadmap.
The amount, it said, included the N45 billion paid to Power Holding Company of Nigeria workers, as part of the power privatisation programme.
It also included monies released under the Multi Year Tariff Order.
“Other beneficiaries include the Ministry of Power headquarters, PHCN, National Rural Electrification Agency, National Electricity Regulatory Commission, National Power Training Institute, National Electricity Liability Management Limited/GTE and Bulk Trader,” it said
According to the statement, more than N59.08 billion was paid in the first quarter while N13. 73 billion was paid in the second quarter.