spot_imgspot_img
spot_img

President Bola Tinubu Approves Gradual Payment of N3.3trn Power Sector Debts to Tackle Power Outages

Date:

President Bola Tinubu has approved the gradual payment of power sector debts estimated at over N3.3trn as part of measures to tackle incessant power outages in the country.

The Minister of Power, Chief Adebayo Adelabu, disclosed this at the 8th Africa Energy Marketplace held in Abuja.

This means that approximately N1.3trn owed to power-generating companies by the federal government will be paid through cash injections and promissory notes, while about $1.3bn owed to gas companies will be settled via cash and future royalties.

Chief Adelabu, while outlining the solution to the power sector’s issues, stated that President Tinubu had directed the Minister of Finance to make an immediate payment of N130bn from the gas stabilisation fund, which is part of the N1.3rtn owed to GENCOs.

The remaining amount is expected to be paid over a period of time.

Leave a Reply

Share post:

Subscribe

spot_img

Popular

More like this
Related

Police Rescue Kidnapped Victim, Neutralize One Suspect in Akwa Ibom

A 63-year-old retired Shell Petroleum Company Worker, abducted and...

Gunmen Kidnap Driver and Police Orderly of Traditional Ruler in Port Harcourt

Gunmen have kidnapped a driver and police orderly working...

Customs Intercepts Illicit Drug Cargo Valued at Millions of Naira in Onne Port

Nigeria Customs Service says contraband drugs worth millions of...

Federal Government Unveils Plans for Solid Minerals Sector to Boost Foreign Reserve

The federal government says the Solid Minerals Sector and...