The Central Bank of Nigeria (CBN) has revealed that it disbursed N40 billion to Ikeja Electricity Distribution Company (IKEDC),through it’s Real Sector Support Facility Discretionary Cash Reserve Ratio (RSSF- DCRR) to aide IKEDC’s mass metering projects and other developmental projects to enhance electricity distribution and productivity.
The Director, Development Finance Department, Central Bank of Nigeria, Mr. Philip Yila Yusuf, disclosed during the CBNs on-site monitoring and evaluation of Eko Electricity Distribution Company, and the Red and Blue rail projects in Lagos yesterday.
Speaking on the sidelines of the tour, 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 106,000meter 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.
