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- Electricity Generation companies (Gencos) sent a Save Our Soul (SOS) connection to the national government
- They appealed to the authorities to assistance lick their currency liquidity situation by repaying the N4 trillion debt
- The authorities has present responded to that appeal, sharing plans to resoluteness and wide the debt
Legit.ng writer Ruth Okwumbu-Imafidon has implicit a decennary of acquisition successful concern reporting crossed integer and mainstream media.
For months, discussions person continued astir the important debts owed by the Federal Government to energy procreation and organisation companies successful the Nigerian powerfulness sector.
For months, discussions person continued astir the important debts owed by the Federal Government to energy procreation and organisation companies.
The GenCos precocious issued a connection urging the Federal Government and stakeholders successful the powerfulness assemblage to settee the debts and supply the indispensable currency liquidity for infrastructure concern and improved powerfulness procreation successful Nigeria.
Source: Getty Images
Speaking nether the umbrella of the Association of Power Generation Companies (APGC), they noted that N2 trillion was for energy supplied successful 2024, and N1.9 trillion was for energy supplied successful 2023.
The radical noted that the important indebtedness had made the GenCos incapable to code assemblage issues oregon fulfill their obligations, the News Agency of Nigeria (NAN) reports.
The statement, signed by retired Colonel Sani Bello, Chairman of the Board of Trustees of APGC, warned that the energy worth concatenation could illness wholly owed to the indebtedness and currency liquidity situation exacerbated by the country’s challenging monetary and fiscal conditions.
Elumelu calls retired FG connected N600 cardinal debt
Last week, Nigerian billionaire and president of Transcorp Group, Tony Elumelu called retired the national authorities astatine an investors forum, implicit the important debts.
Elumelu told shareholders of Transcorp Energy that the national authorities owed the institution N600 billion for energy supplied.
The authorities has present responded to the call-out, giving the day erstwhile the debts would beryllium cleared.
FG shares repayment program to wide N4 trillion debt
Yesterday, the Ministry of Power released details of the program to wage the N4 trillion owed to GenCos and DisCos.
Speaking connected the matter, the Special Adviser connected Strategic Communications and Media Relations to Minister of Power, Mr Bola Tunji disclosed that the minsty had started discussions eith the Ministry of Finance to research outgo indebtedness resolutions options.
Source: Twitter
He noted that the authorities was alert of the indebtedness and moving to code it.
Tunji explained that the Minister had repeatedly stressed the implications of specified immense indebtedness connected the powerfulness sector, and however it impeded the maturation of the Gencos and Discos.
Adelabu had mentioned successful a caller Legit.ng nonfiction that Discos whitethorn beryllium forced to review tariffs to lick the liquidity crisis.
Takeover looms arsenic Discos look immense indebtedness crisis
In related news, Legit.ng reported that an intensifying liquidity situation has enactment much energy organisation firms (DisCos) successful information of being taken implicit by regulators.
The study showed that respective DisCos are successful information of going bankrupt due to the fact that they are incapable to wage their debts, operating expenses, and gross collections.
Their incapacity to precisely measurement and cod income is the main root of the issue, particularly arsenic the authorities besides owes immense sums successful subsidies.
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Source: Legit.ng
