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CBN Disbursed More Funds Than Previously Approved Under PAIF

 

The Central Bank of Nigeria has so far disbursed more money than it initially approved as loans to the electricity and airline industries under the Power and Aviation Intervention Fund. 

According to figures published in its latest Financial Stabilisation Report, the CBN said it had given out ₦301.37bn under the scheme. 

In its comprehensive disbursement guidelines and circulars, the apex institution said the sum to be dispensed under the scheme was ₦300bn.

The bank noted that ₦3.25bn “was disbursed to one project under the scheme in the second half of 2018, bringing cumulative disbursements to ₦301.37bn, of which ₦180.61bn was for 45 power projects and ₦120.76bn for 24 airline projects.” 

The CBN ₦13.35bn was repaid in the second half of 2018. According to the firm, total repayment made by the debtors stood at ₦145.52bn.

Another credit support extended to the power sector is the Nigerian Electricity Market Stabilisation Facility. 

The bank committed itself to provide ₦213bn to players in the electricity industry in 2013. 

The lender said it had as at December 2018, dispensed ₦183.09bn to companies in the electricity market.

“In the review period, the sum of ₦24.34bn was disbursed to 31 market participants, comprising one distribution company (DisCo), 18 generating companies (GenCos), six gas companies (GasCos) and six service providers. 

“Cumulatively, the sum of ₦183.09bn had been disbursed, of which ₦8.68bn had been repaid, resulting in total repayments of ₦30.46bn,” the report said.

Despite the N513bn loan given to the industry, the CBN had in 2017 created a payment assurance guarantee facility of N701bn to be paid to the Nigerian bulk Electricity trading company on behalf of distribution companies, who till the point of publishing this report still make poor remittances for the volume of megawatts purchased by NBET from generation companies.

The bank said, “₦176.78bn was disbursed under the facility to the Nigeria Bulk Electricity Trading Plc during the review period. 

“Cumulatively, the amount disbursed stood at ₦534.10bn at end-December 2018.”

 

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