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Power: NBET to get fresh N701bn lifeline, says Osinbajo

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Power: NBET to get fresh N701bn lifeline, says Osinbajo

Olalekan Adetayo, Abuja

The Acting President, Yemi Osinbajo, on Tuesday said the Federal Government would soon release a second batch of the N701bn intervention fund to the Nigeria Bulk Electricity Trading Plc.

He said the fresh lifeline was meant to facilitate the power sector value chain.

Osinbajo disclosed this at the inaugural event of the Nigeria Renewable Energy Roundtable organised by Ministry of Science and Technology in partnership with the Nigerian Economic Summit Group and Heinrich Boll Stiftung, Nigeria, at the old Banquet Hall of the Presidential Villa, Abuja.

He said government was committed to further restructuring of the power sector.

He said the release of the fresh fund would free up the value chain which has created several problems.

“We hope that this injection (of the fund) will help. We are also looking at several other reforms in the sector, hoping that the market can become self-sustaining, independent and run on its own and free up all of the private sector energy that is waiting to come into the market,” he said.

Osinbajo said the government would work with the private sector and create the framework for business cases by developing standardised technology packages.

“We also need to explore the opportunities for revolving funds for solar PV/wind projects as well as opportunities for other investment remuneration mechanisms.

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