The Federal Government said yesterday that it would soon release a fresh N701bn intervention fund to the Nigeria Bulk Electricity Trading (NBET) Plc in order to enhance the power sector value chain.
Acting President Yemi Osinbajo said this at the State House in Abuja during the inauguration of the Nigeria Renewable Energy Roundtable, organised by Ministry of Science and Technology in partnership with the Nigerian Economic Summit Group and Heinrich Boll Stiftung, Nigeria.
“We hope that this injection 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,” he said.
The Federal Executive Council had on March 1 approved N701 billion for NBET for power assurance guarantee. Osinbajo said the Nigerian Renewable Energy Roundtable has the duty of championing the new vision for renewable energy “and ensure that we can translate theory to practice for the greater good of the Nigerian people.”
Earlier, NESG Chairman Kyari Bukar said the current generating capacity of about 4,000 MW for a population of 170 million indicates Nigeria is facing an energy crisis.