BREAKING: President Tinubu Orders Immediate Settlement of Gas, GenCos Debts

President Tinubu has ordered the immediate settlement of Gas and GenCos debts.

 

NewsOnline Nigeria reports that President Bola Ahmed Tinubu has directed the Ministry of Finance to settle the debt owed in respect of gas supplied to the power sector.

This Nigeria news platform gathered that Tinubu has also given a directive for the payment of the debt owed to the electricity Generation Companies (GenCos) with a payment guarantee.

 

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The Minister of Power, Chief Adebayo Adelabu, stated these in Abuja during the ongoing 8th African Energy Market Place with the theme: “Towards Nigeria ‘s Sustainable Energy Future: Policy, Regulation and Investment – A Policy Dialogue for the National Integrated Electricity Policy and Strategic Implementation Plan (NIEP-SIP).”

According to him, the band A electricity tariff that came to force on April 3, 2024 has reduced the cost of production by 40%.

The Minister also revealed that with the generation of 700MW from Zungeru hydroelectric power plant, the Nigerian Electricity Supply Industry (NESI) has recorded a new feat of 5,000MW.

Adelabu, who said the supply of electricity has increased due to the implementation of the Electricity Act 2023 and the band A tariff, added that the electricity Distribution Companies (DisCos) are requesting for more load for onward distribution to the customers.

 

Nigerian Electricity Regulatory Commission (NERC), chairman, Engr Sanusi Garba noted that most of the DisCos are insolvent.

Details shortly…