Shell Nigeria Yudala
Distributors to Senate: Reconsider stopping bond for electricity companies

By News Express on 24/10/2016

Share on facebook Yahoo mail icon Gmail icon

Views: 603


The Association of Nigerian Electricity Distributors (ANED) on Sunday appealed the National Assembly to reconsider stoppage of bond for electricity companies to avoid collapse of the power sector.

Mr Sunday Oduntan, the Executive Director, Research and Advocacy of ANED, made the appeal in a telephone interview with the News Agency of Nigeria (NAN).

Oduntan said that the sector had a huge liquidity gap, which was being bridged by Federal government’s intervention in form of bond, adding that electricity consumers longer show willingness to pay bills.

“Government’s ministries, departments and agencies owe the sector over N100 billion electricity bills.

The executive director said that bond was a form of promissory notes given to power sector in form of loan to cover some shortfalls in the industry.

He told NAN that electricity Distribution Companies (DISCOs) had no chances of obtaining bank loans because banks believed that it would be difficult to recover loans given to them.

“We are appealing to the senate to revisit its stand on stoppage of bond for electricity companies.

“At present, electricity companies need bond to balance the liquidity gap in the sector.

“Government is assisting the sector through this medium.

“With stoppage of this intervention, DISCOs will find it difficult to buy new transformers and meters, while Generation Companies (GENCOs) will not have resources to service their plants.

“The stoppage of this bond will contribute to collapse of the power sector.”

NAN reports that on Oct. 12, the senate passed a resolution stopping the Federal Ministry of Power, Works and Housing from using the Nigeria Bulk Electricity Trading Company (NBET) to give electricity companies a N309 billion bond. (NAN)

•Photo shows Senate President Bukola Saraki.

Source News Express

Posted 23/10/2016 11:05:05 PM

 

Share on facebook Yahoo mail icon Gmail icon


 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

 

You may also like...
NASSI faults FG’s mass sack of heads of...

CBN boosts manufacturing, agricultures, others with $2.83B in...

Two-day training for journalists targets accountability on child...

Appointment: Rivers APC alleges gang-up against Amaechi

Anger in America as man who killed UNARMED...

Anambra Police Commissioner gives new REC success secret...

Crisis Centre proffers solution to oil pipelines vandalisation...

Facebook owner Mark Zuckerberg in Lagos

Real Estate, ICT fastest growing sectors in Nigeria...

Rivers political crisis: Shot Senator flown abroad for...

Striking Osun workers give condition to resume work...

AFRIMA reveals nominees for 2015

 

Latest News PDP will bounce back: Jonathan Sokoto disqualifies Hajj pilgrims aged 70 years and above Troops clear Boko Haram terrorists out of another Borno community Journalist, 4 others die in Osun auto crash APC governorship aspirant accuses Obiano’s aides, APGA faithful of gangsterism, cyber bullying Coca Cola and NAFDAC as public enemies NGO to Bayelsa Government: Clear backlog of workers’ salaries with second tranche of Paris Club refund Insight Redefini, Power of One set for Nigeria unveiling Lola Ashiru: A Life of Service, By Abdulrazaq Magaji Conference on Cryptocurrencies holds April 7 in Lagos Delta Speaker tasks Nigerians on unity, development •Eulogises late Chief Whip MTN loses 714,000 internet subscribers •Etisalat 267,285, Airtel 149,801, Glo 143,787

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (234,700 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (213,286 views) Shameless Genevieve Nnaji exposes breasts in public (177,325 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (161,919 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (150,673 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (133,227 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (116,536 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (115,616 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (103,193 views) Lagos plane crash: Journalist releases victims’ names (98,710 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (97,042 views) APC cries foul as PDP’s Fayose takes early lead in Ekiti governorship election (93,376 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (27) Business (2,496) Business Verdict (14) Columnists (656) Complaints & Requests (82) Enterprise & Opportunities (142) Entertainment (292) Features (409) Global Business Monitor (144) International (1,309) Interviews (116) Live Commentary (28) Love Matters (48) News (22,696) Opinion (663) Pidgin (8) Politics (3,627) Religion (492) Sports (1,245) Stock Watch (15) AMA & Al Jazeera Global Update

 

 

JAMB Sale of 2016/2017 UTME/DE applications

 

CBN Advert

 

Mohammed Anas thanks 'wife and girlfriend' (full interview)

 

APO Newsbreak logo

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!