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Government releases N8bn for distribution companies

11 July 2013, 12:02

Abuja - The Federal Government has released N8.27 billion for Distribution Companies (DISCOs) and Power Generating Companies (GENCOS).

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,’’ it said

It 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 theN45 billion paid to Power Holding Company of Nigeria (PHCN) workers, as part of the power privatisation programme.

It also includes monies released under the Multi Year Tariff Order (MYTO).

"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 (NELMCO) 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.

 - NAN


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