Nigerian Govt Settles N205bn of N1.3tn Debt Owed to GenCos

Posted by Lawal Munirst on August 21, 2024 0

The Minister of Power, Adebayo Adelabu, disclosed this in a statement after an oversight visit from the House of Representatives Committee on Power.

The Minister of Power, Adebayo Adelabu has revealed that the Nigerian government has allocated N205 billion from the N1.3 trillion debt owed to Generation Companies (Gencos) to enhance liquidity within the power sector.

Adelabu stated this on Monday after an oversight visit from the House of Representatives Committee on Power.

He highlighted that the significant enhancement in electricity availability in certain regions of the country was not coincidental, but rather a result of the proactive measures undertaken by the Bola Tinubu administration.

He said, “In terms of markets and liquidity, the government is also owing these companies, but they have started paying them little by little. Just about three weeks ago, out of the about N1.3 trillion we owe the Generation Companies (Gencos), we were able to pay them N205 billion. And they are also happy.

“But I will plead with the members of the House committee to help us mount pressure on the executive to continue to pay these people.”

Adelabu pointed out that the discrepancy in metering is significant, noting that among more than 12 million electricity customers across the country, only slightly more than five million have been metered.

Click to see more posts about 👇 Adebayo Adelabu