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The Central Bank of Nigeria (CBN) has started the disbursement of a total of N18.26 billion to five electricity distribution and generating companies as part of its N213 billion Nigerian Electricity Stabilsation Facility to the power sector.
According to a ThisDay report, the first beneficiaries of the special CBN power sector intervention facility include the Eko Electricity Distribution Company Plc and Ibadan Electricity Distribution Company Plc which received cheques valued at N5.16 billion and N11.36 billion respectively.
Others are the Jebba Hydroelectric Plc, Kainji Hydroelectric Plc and Shiroro Hydroelectric Plc which also received the sums of N816.83 million, N234.81 million and N678.650 million respectively.
The loan facility, which has a 10-year repayment plan, was granted at 10 per cent interest rate.