Abuja - The federal government has disbursed over N11bn as settlements to market participants in the Nigerian electricity supply industry for the month of June.
The disbursement was made through the new payment system, the Nigeria Inter-bank Settlement System-PowerCollect, which was inaugurated by the Minister of Power, Prof. Chinedu Nebo, at the headquarters of the Transmission Company of Nigeria in Abuja on Tuesday.
The Executive Director, Market Operations, TCN, Jang Bagnall, in a press statement said the disbursement was done during a pilot test of the automated payment system.
The NIBSS, he said, was developed in collaboration with the Central Bank of Nigeria (CBN) to clear the arrears of payment for the power generation and distribution companies as well as other agencies in the electricity supply industry.
He said for the first time in the history of Nigeria, all market participants were paid in a timely manner, with system generated alerts, notification and online view.”
Speaking at the inauguration, the Director, Market Operations, TCN, Ngozi Osuhor, said the NIBSS-PowerCollect Command Centre at the company would provide real-time visibility for the health of Nigeria’s electricity grid.
Osuhor noted that the newly inaugurated Operations Control and Market Support Centre would provide the needed support to the market in the interim period and the near future.
In his address, Nebo said the power sector payment solution was the first of its kind in sub-Saharan Africa.
“You (TCN) have taken a definite step towards the future. You have gone ahead to develop a world class solution for the sector; the first of its kind in sub-Saharan Africa,” the minister said.
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