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N701bn survival lifeline underway for NBET Plc to grow power sector

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The federal government may have concluded plans to release a second batch of the N701bn intervention fund to the Nigeria Bulk Electricity Trading (NBET) Plc as part of moves to grow power supply across the nation.

Acting President, Yemi Osinbajo, on Tuesday gave the hint 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 (NESG) and Heinrich Boll Stiftung, in Abuja.

According to him, government was committed to further restructuring of the power sector and that the effective release of the fresh fund would free up the value chain which has created several problems.

He said “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”.