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FG Ready To Disburse N600bn Power Fund, Says NDPHC

In the next few days, the Federal Government will begin the disbursement of the N600bn power sector intervention fund to key operators in the industry, the Niger Delta Power Holding Company has said.

Power generation companies, gas suppliers, electricity distributors, among others have been looking forward to when the government will commence the disbursement to cushion the severe liquidity crisis in the sector currently.

The Managing Director, NDPHC, Chiedu Ugbo, told our correspondent during an interview in Abuja on Sunday evening that operators in the sector would start getting the money in a few days.

He disclosed this while speaking on the sidelines of an award ceremony and appeal fund raising event for the rehabilitation of the Onicha-Olona General Hospital, organised by the Onicha-Olona Development Union, Abuja.

He said, “The NDPHC is very hopeful of the government’s intervention. It’s been very bad this year in terms of liquidity, but since government mentioned the N600bn payment assurance facility, we’ve been very hopeful and we’ve been managing.

“However, we’ve seen actionable activities on the part of government to realise that and we’ve been told that in a few days from now the payments from that fund will start.

“So, that hope has kept us alive and we know that government by keeping to its word, as it is doing now, we will be able to bounce back.”

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Ugbo said the NDPHC had executed or was currently executing one or more projects in all local government areas in Nigeria.

“The NDPHC belongs to all Nigerians because every local government is a shareholder in the company. We are in every local government in Nigeria trying to connect to the grid those who are not yet connected to it,” he said.

Ugbo added, “We are also in the cities and we are trying to clean up the networks to improve power supply so that Nigerians can get the benefit of investing in the company. We are everywhere.”

The NDPHC boss, however, stated that the firm was faced with some challenges and that the government had been supporting it to address those concerns.

He said, “The challenges we face have to do with community issues and funding constraints. We rely on what we generate from the sale of electricity and there is a general revenue shortage in the industry right now.

“But the Federal Government is rising up to that challenge and we are very hopeful that with the intervention, we will get more funds to serve Nigerians more.”

He appreciated the OODU for presenting him with a special award in recognition of his efforts in the power sector and his community.

Source: Punch

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