Central Bank of Nigeria (CBN) said it has disbursed N40 billion through its Real Sector Support Facility Discretionary Cash Reserve Ratio (RSSF- DCRR) to Ikeja Electricity Distribution Company (IKEDC) to aide its mass metering project and other developmental projects to enhance electricity distribution and productivity.
This is as, it said, it expects both the red and blue line rail projects of the Lagos State government to kick off operations by the first quarter of next year.
CBN director, Development Finance Department, Mr. Philip Yila Yusuf, speaking during the CBNs on-site monitoring and evaluation of IKEDC, Eko Electricity Distribution Company, and the Red and Blue rail projects in Lagos, noted that, its interventions towards boosting infrastructure in the country is part of ways to stimulate growth and development.
“The Central Bank as part of this development, finance efforts does disburse funds to different sectors for energy as part of our N8.8 trillion portfolio, 24 per cent has gone into this sector,” he said.
On the progress made by IKEDC in terms of energy distribution and mass metering programme, he said: “ Ikeja Disco across the various interventions, in excess of N40 billion has been disbursed to them and we’ve seen how they’ve utilised the funds for, we’re happy and we are proud with some of the facilities that we see on ground.
“I’m really impressed because, you know, take for instance, initial mass production program, they’ve exceeded the 106,000 meter target that was set for them by Nigerian Electricity Regulatory Commission (NERC).”
He commended the IKEDC management and said the apex bank would continue to support as long as they continue to meet all its requirements.