CBN’s financial management in power sector yielding results – Experts 

Energy experts have said that the financial discipline introduced by the Central Bank of Nigeria (CBN) in the electricity industry is achieving desired results, especially in the area of transparency in revenue collection.

In a chat with some newsmen in Abuja yesterday, the stakeholders however demanded  improvement in electricity supply, stressing that the sector must not smile to the bank when service is poor.

CBN had yearly directed Deposit Money Banks (DMBs) to take charge of collection of electricity bill payments in the country.

The President, Nigeria Consumer Protection Network (NCPN), Kunle Olubiyo said the transparency in the sector due to the CBN’s initiative was a good step that will allow all the players in the market to closely monitor the revenue coming into the market.

He said: “Right now, every stakeholder in the sector sees the revenue that comes in. There are different lines for expenditures, so government and other stakeholders can recover their money. These have helped in revenue efficiency and collection.”

Apart from transparency, Olubiyo said the move equally ensured discipline in the finances of the sector, thereby increasing the level of revenue into the market.

“The equity for private sector is only 40 with the 60 per cent for government.

“The decline in service is however worrisome for end user. With more money coming into the sector, there should no longer be an excuse for the sector.  No reason for metering for lack of metering,” Olubiyo said.

Under heavy debt, Vice President Yemi Osinbajo had said the federal government has pumped about N1.5 trillion in intervention fund into Nigeria’s power sector in the last two years.

While more loans had been offered to the sector, including funding for metering of consumers, recovering the loan had been a challenge until the accounts were escrowed.